Is the Bend Market Softening?

It’s summer time in Bend (just check the photos above and below) . . . talk on the street and whispers in the the offices of various Bend brokerages hint that the Bend real estate market is softening a bit–suffering from a too quick price escalation and lack of satisfactory inventory. The actual data still shows otherwise. Sure, the overpriced homes are sitting on the market  longer (and are responsible for the price reductions that get the rumor mill going); the homes that are priced correctly sell quickly at list price (or more).

239 Homes Purchased in Bend

Granted, the low end is in trouble . . . bad news for first time buyers or investors seeking those bargain basement deals of a few years back.

Once again we saw the pending sales soar . . . to 279. Realtors should be able to eat for a few more months.

Inventory is still problematic–just 2.3 months overall. As we all know, the National Association of Realtors considers six months of inventory to be a balanced market.

High End Bend . . . $1,245,000

An exquisite home by Hasenoehrl Custom Homes; on almost an acre on Awbrey Butte.

Great views and lots of sun; 4 bedrooms, 3.5 baths, and 4228 square feet . . . that shakes out to $294/ square foot.

What more could you want? The three car garage even has a dog wash.

For a little perspective–this home sold for $977,500 in 2011.

Affordable Bend . . . $125,000

Near impossible to find a “home” in Bend for $125,000 . . . thus, I don’t know what to say about this one. Maybe I’ll just plagiarize (seems like a common theme today) a bit, and use the listing agent’s words–“Small car, I mean cottage, in fantastic midtown . . . cottage is one room with bath; it’s possible to cook dinner and bathe at the same time!” Sounds intriguing. I wish there were a few interior photos.

The zero bedroom, one aforementioned bath, 384 square foot home went for $125,000 (that’s $326/square foot) . . . the same as it sold for in 2004, when it looked like this.

It closed in just 15 days!

Bend’s Median Dips to $366,400

The median priced home in Bend in June would like sort of like this boring 4/3.5, 2470 square foot Hayden Home in Eagle Crossing on Bend’s far east side.

A good value at $148 per square foot.

Notable Sale

One especially notable sale this month . . . wonderful new construction in NorthWest Crossing. A great floor plan . . . four bedrooms, 2901 square feet; purchased for $844,500.

I apologize for the artsy attempt . . .  when we get to this category, my substantial creative instincts just seem to take over!

Moving Forward

Inventory woes aside, this thing isn’t going to end anytime soon . . . with interest rates remaining near all time lows and building permits topping out at all time highs. Summer is in full swing, and Bend does not suck. What a great place to live!