Sunriver Real Estate Update for October 2008

I am going to provide monthly sales updates for Sunriver real estate on this blog. This data is for Sunriver only and does not include Caldera Springs or Crosswater. This is an effort to give you more frequent and up-to-date information about what is happening in our marketplace.

Current Month Data

October 2008 Sales Data
Total transactions: 12
Total $ volume of transactions: $6,945,000
Bare Land: 0
Shared ownership: 2
Condos: 1
Homes: 9 Over $1 million 2
Average percentage of list price: 92.49%

October 2007 Sales Data
Total transactions: 19
Total $ volume of transactions: $12,662,000
Bare Land: 1
Shared ownership: 2
Condos: 3
Homes: 13 Over $ 1 million: 5
Average percentage of list price: 96.03%

Previous Quarter Sales Data

Q3 2008 Sales Data
Total transactions: 25
Total $ volume of transactions: $ 12,818,500
Bare Land: 1
Shared ownership: 3
Condos: 4
Homes: 17 Over $1 million: 2
Average percentage of list price: 94.3%

Q3 2007 Sales Data
Total transactions: 61
Total $ volume of transactions: $ 33,948,452
Bare Land: 2
Shared ownership: 4
Condos: 7
Homes: 48 Over $ 1 million: 4
Average percentage of list price: 94.8%

I am sure it is no surprise that Sunriver”s sales numbers are down on a year over year basis, but what is important is that people are still buying and selling homes. The buyer traffic is off about 70% from normal. Many people are still not sure if the market in Sunriver has bottomed or if it could still go lower. Most brokers here feel that prices are not going to go much lower, but are counseling clients that if they want to sell their home in this market it is going to have to be priced aggressively or it will have to be something very special to get the buyer's attention. Sunriver's inventory of homes on the market is down 30% from the summer highs of almost 230 home. We currently have 162 homes on the market, 15 lots and 45 condominiums. We are all hopeful that the government intervention into the housing and banking market will start to have a positive effect by early next year.

I will also be doing updates on real estate issues that effect our local area as they happen, so tune in often. I will also do a number of updates on Caldera Springs. Feel free to send your questions to jdw48@mac.com.

John Watkins, broker
Bennington Properties, LLC.