691,000 People Moved Out

Almost 700,000 people left California last year, and, despite our feeling otherwise, not all of them moved to Bend. Here’s data from an article in the SF Chronicle   (originally from the US Census Bureau) showing that some of the ex-Californians actually went to other locations.

Traffic Issues in Bend

So much concern about continued in-migration, growth in Bend, and the resultant traffic issues that city leaders have at last taken some definitive action to mitigate. Below is a shot of a recent innovation at the much-maligned Reed Market/Brookswood  roundabout.

Not really sure how successful it will be.

The Bend Market . . . October 2019

The weather was sort of chilly in October (this shot of Mt. Bachelor’s snow stake from October 19).

The market was hot!

The high end performed (to borrow a phrase) “like we’ve never seen before”–18 sales over one million dollars . . . an all-time record! Seems the “looky-loos” were here during the summer; the real money arrived in the fall! Want proof? Just check out the bottom row  of our monthly chart.

A bit shocking to see just 3.6 months of inventory at the one million dollar plus price point.

We saw the purchase of 222 homes; another 220 pended. That makes six consecutive months of over 200 sales. An extremely strong “seller’s market” in all price points, and just 2.2 months of available inventory overall. Likewise the median price per square foot hit an all time mark at $254. Median price hung tough at $471,250

The only area that suffered was in the issuance of building permits; there were only 25. Surprisingly, that’s the lowest number in over four years . . . something I cannot explain.

Low End Bend

Unlike the high end, the other end of the market  presented a rather a sad picture–there were only two sales for less than $300,000. A remarkable contrast to just five years ago, when 112 homes sold in that price range.

Here’s  a rather sad  story from The Source that is certainly worth a read.

The least expensive home sold last month in Bend was a 3/2, 1656 square footer in Aero Acres that actually backed to the runway (no joke); it closed in just 14 days at $237,500 (or $143/square foot). Not much info in MLS.

The second least expensive home purchased was yet another “tiny” home in The Hiatus at $268,500 ($449/square foot). For more information on that community, check out last month’s report.

Luxury Bend . . . $2,100,000

As alluded to above, Bend’s luxury market knocked it out of the park in October–18 homes over one million dollars! The big winner was a modern design at Tetherow (again!), featuring golf course and mountain vistas, that was purchased for $2.1M.

4/3.5, 3500 square feet; with expansive windows and large sliding doors, the home also featured a private front courtyard

and a back terrace with wonderful views.

It closed in just 39 days (at full list price) at a cool $600 per square foot.

Median Price in Bend . . . $471,250

Bend’s median price remained constant at $471,250 (though that’s up about 9% from October of 2018). If you want to feel really bad (for not having bought something), just look back to a short five years ago when the median price was $295,000 and homes were selling at $169/square foot.

Regardless, today’s median priced home would look like this boring, but well cared for home in Sagewood, on the road to Mt. Bachelor. 3/2.5, 1675 square feet, the home featured wood floors, tile and slate, and a large efficient kitchen.

It sold for 99% of list price (at $282/square foot).

Can’t forget our monthly feature contrasting the median prices for the two sides of town:

East side =  $386,250         West side =  $588,000

Looking Ahead

Bend has changed a lot in the last twenty years; it’ll change even more in the next twenty! We continue to draw a wide range of demographics. Quality of life, more than abundant recreational potential, incredible natural beauty, four distinct seasons, generally nice people, and the ability to work remotely have helped to put Bend on everyone’s radar. A recession like that of 2007 seems highly unlikely.

As we move into winter, we may see a bit of the typical seasonal slow down. But, I think we’ll continue to see steady appreciation and a continued rise in home pricing, both fueled by in-migration and a scarcity of inventory. Hang on . . . the ride continues!