Bend and Telecommuting

Sitting in “traffic” at the roundabout on Reed Market, have you ever wondered  where, so suddenly, all these people have come from?

A recent article in the local Bend Bulletin seeks partially  to explain things. It proclaimed Bend as the “US capital of telecommuting.” It went further to report that Bend’s telecommuting work force now stands at a hefty 12.1%.

Singin’ the Blues

For me personally . . . I’m in the doghouse (again). One of the photos from last month’s piece was deemed by the HOA  at Mirada as an unacceptable representation of the family-friendly community pool

on Bend’s eastside campus. However, the reprimand also stated that sales for the community had never been better, internet inquiries were through the roof, and the phone had not stopped ringing. Not sure if these phenomena are related to my photo or not.

December News . . . Bend Real Estate

Despite outstanding skiing and big crowds at Mt. Bachelor,

assessing the real estate numbers, it appears that Bend’s  performance has joined me at the pound.

We did see the purchase of 162 homes (single family residential on less than an acre) . . .

that’s down 6.5% from November, and pretty closely mirrors the decline in national figures for existing home sales. “Pendings” were also off by 11.5%. But, probably most troubling (and certainly most impactful), available inventory was off by more than 13% . . . just 2.5 months overall.

Median price remained relatively stable (as it has for the last six months or so) at $425,350. There were 63 building permits issued, and homes continued to sell at 95% of original list price.

Low End Bend

No data (or photos) of the least expensive home sold in Bend in December; so we’ll just use one that’s close.

A charming three bedroom, one bath, 1088 square foot home on a relatively quiet cul-de-sac off of Wells Acres on the NE side, it sold for slightly more than list at $264,000 or $243 per square foot.

It featured laminate wood flooring, a tile entry, and granite tile countertops; also, a large fenced backyard.

As an aside, it sold for $149,900 in 2013.

Bend’s Median . . . $425,350

Bend’s median priced home in Bend at the end of 2018 would look like this “adorable” craftsman in Yardley Estates, again on the eastside.

The  3/2.5, 2114 square foot house sold for a little over $200 per square foot. It featured a master on the main level, solid surface counter tops, and tons of storage space.

As always, it’s interesting (especially for those contemplating relocation to Bend) to see the median price breakdowns on the four sections of Bend:

SE  $390,000

NE  $350,000

SW  $530,000

NW  $600,000

Luxury Bend . . . $1,850,000

The big winner for the month was a bit of a surprise to me (I’d shown it many times, with very mixed reaction) . . . a Tuscan style home in North Rim.

The home languished on the market for 567 days (not really that uncommon for this price point). With 3 bedrooms, 3.5 baths, and 4639 square feet, it featured main level living,  wonderful Cascade views, and a monster (not sure that’s the appropriate adjective) wine cellar.

There was even a cool turret room (stocked with fine liquor!)–one had to be rather svelte to mount the access ladder–that would make for some magnificent star-gazing!

It sold for just a hair under $400 per square foot.

Looking Ahead

Interest rates aren’t bad (a little under 5%) . . . lack of inventory is.

Short term, I think we’ll continue to see the market slide a bit (fewer sales in the next couple of months); I’m sure we’ll see our median price take a pretty good hit.

Long term, though, prices will rise slightly. Not sure that our current performance is sustainable (even with the continued rampant in-migration).

The uncertain political scenario and the recent government shutdown also could affect consumers’ spending habits.

The skiing continues to be great (and, no, that’s not me in the above photo)!

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