Too much turkey?

Too much turkey, or maybe too much funky weather . . . whatever the reason, the most recent look at  the Bend real estate market did not paint as rosy a picture as in months past. Hard to say if it’s an aberration, merely a bit of a seasonal adjustment, or a sign of things to come.

143 sales for the month . . .  down by almost 30% from October; “pending” numbers were also off by 20%. Somewhat astonishingly, distressed properties (bank-owned and short sales) accounted for barely 1% of sales.

I’ve whined for months about the lack of affordable housing in Bend; but never has it been illustrated so clearly as by the chart above . . .  not one sale under $200,000 (just five years ago, with a comparable number of transactions, more than 50%  of sales fell into that price point). Inventory levels remained low . . . just 3.5 months overall.

“Architecturally Exquisite” . . . $1,325,000

One of three homes to sell for more than a million dollars, the big winner for the month of November was a wonderful cottage design on almost an acre in Wyndemere, on (you guessed it!) Bend’s west side. The three bedroom, three bath, 2786 square foot single level home went for a whopping $476/square foot.

Built in 1997, the home’s large picture windows captured breath-taking views of the Cascades.

NE Bend at $207,000

A completely renovated house on Bend’s NE side was the least expensive home sold for the month. 3/2 and 1150 square feet, it sold at $180/square foot; it languished on the market for 479 days.

It featured an open plan, vaulted ceilings, and a fully fenced back yard. Also, backed to busy 27th. Street

Again, my amazement . . . in five years of tracking Bend’s monthly sales (single family, residential, on less than an acre) and writing this pithy blog, this is the first month where there has been nothing under $200,000!

Bend’s median . . . $322,000

As expected, Bend’s median price took a hit as well . . . down to 6% to $322,000. The median priced home would maybe look like this single story on one of the largest lots in Mountain Pines.

3/2 and 1487 square feet, the home went for $217 a square foot. It offered a welcoming covered front porch, a sexy master suite with dual vanities and a walk-in closet, a cozy fireplace, and alder cabinets.

Extraordinary Sales in Bend

3/2, 2376 square feet . . . $675,000. Cool home in the heart of it all (walk to the breweries!!); wood floors, lots of windows (most taken from Bruce Willis’s ranch in Hailey, ID), brick accents, a detached music studio!

Looking ahead . . . Bend real estate

Despite the disappointing numbers for the month and a move toward a “buyer’s market” (according to NAR, more than 6 months of inventory) in the higher price points, the stars are still pretty well aligned . . . interest rates remain low, job growth is solid, building permits (56) look good, new construction booms, and people want to live here. Things continue to look bright.

Enjoy the holidays!