After a stellar 2015, January  in Bend real estate performed just about as anticipated . . . the Bend market is stagnant.  Continuing issues with lack of available inventory (just 403 homes on the market . . . the lowest number since 2011) and the dearth of affordable product hindered sales volume.

162 Homes Sold in Bend

Sold numbers were down more than 25% from December; and we saw just 2.6 months of available inventory (as always, the National Association of Realtors considers six months of inventory to be a “balanced market”) . . . what a great time to list!

Pending numbers were relatively solid at 174 (boding better things to come). The median price for a home in Bend dropped to $317,450. And for all of you out there seeking those tasty foreclosures, distressed properties accounted for about 9% of overall sales.

High End Bend . . . $1,529,000

The big winner for the month (and one of four homes selling for more than a million dollars) was yet another Broken Top home . . . a single level Northwest contemporary by Norman Building and Design.

The four bedroom, 4.5 bath, 3720 square foot home was located just beyond hook range on the sixth hole of BT’s Weiskopf/Morrish-designed eighteen hole track.

The site used to feature unobstructed Cascade views; now, with continued development at Tetherow, it looks over rooftops (I’m just being nasty–the views are still superb!). The home  went for a hefty $410 per square foot after languishing on the market for almost two years with a variety of brokerages. Just goes to show the current level of demand for a well-appointed single level with views!

Least Expensive Sale in Bend . . . $100,000

The “most affordable cottage in Bend” . . . no doubt!

This two bedroom, one bath, 748 square foot home needed some big-time TLC. Nevertheless, it sold in 510 days (that’s no typo!) at $134/square foot.

The marketing photos appear to have been taken about the same time the house was built (1925). It featured a detached garage and a central location . . . between bustling Third Street and the railroad tracks. Still, one can’t argue with $100,000.

Bend’s Median . . . $317,450

The median priced home in Bend sand to $317,450 (don from $325,000). For that price, one could expect a home like this 3, 2.5, 2357 square foot Hayden  Home on Bend’s NE side.

Meticulously cared for, the house offered some cool stuff . . . an awesome “dig proof” dog enclosure, and an extra deep garage. It sold in 239 days at $135/square foot.

Significant Sale in Bend

One notable sale for the month . . .

A classic 3/2 bungalow in the heart of it all–$460,000.

Looking Ahead

Though Bend home prices have increased more than 50% since 2010 (why didn’t we by then?), things have flat-lined over the last quarter. Low inventory levels remain the driving force for pricing. Interest rates remain remarkably low, and with the “spring buying season” just ahead, we should see some new inventory hitting the market and the subsequent resumption of brisk sales.

Search for your dream home in Bend; call us about listing your home!