Summer in the City

The weather was great . . . but it wasn’t all “summer in the city” . . . Bend enjoyed some interesting weather too. Check this out from August 10 (the hail destroyed much of the multi-million hemp crop in the Tumalo area . . . it also put a few dents in my paddleboard)–

And still, the refugees/migrants continued to flow in (though I’d hesitate to call it an “infestation”) . . . more traffic at the roundabouts, difficulty  getting a reservation in many restaurants, even the Cascade Lakes felt more crowded. It certainly was summer!

August in Bend

I’m starting to sound like a broken record, but the Bend real estate market rocked it again in August–256 homes purchased (highest monthly total this year!), another 229 pended.  Our median price set yet another all time high–$475,000. And I don’t know why I continue to run the top row in the chart below.

Homes continued to sell at 97% of list (at an average of $266/square foot). Aside from the ongoing affordable housing issue, still very low on available inventory–just 2.4 months overall. As a reminder, six months of inventory is considered a “balanced” market.

Bend’s Median . . . $475,000

The median priced home might look like this 3/2.5, 2166 square foot Northwest style in Lava Ridges on Bend’s east side. As always, the creative hyperbolic description: “The excitement continues . . . this home is not for the faint of heart.”

I have to admit, it did look pretty good . . . a corner lot, quartz countertops, alder cabinets, etc.

With all the in-migration and the number of folks considering Bend as a relocation destination, the division between the east and west sides of town continues to be of consideration; quite a disparity in median price for the two sides of town.

East side  $395,000

West side  $635,000

Luxury Bend . . . $2.65M

13 homes sold for more than a million dollars . . . two topped two million!

The big winner was a beautiful home in North Rim that never officially made it to the open market. It was a “pocket” listing, with the transaction conducted between two brokers from Cascade Sotheby’s International Realty. Sorry about the lame photos, but with this being a pocket (no info in MLS), your trusty correspondent was forced to disrupt his daily work schedule, jump on his motorcycle,

and cruise all the way out by himself to take his own photos!

The 4/5, 5890 square foot home went for $450/square foot.

Low End Bend . . . $220,000

Looks like the low priced leader for the month was a public auction; certainly not much info on the transaction in MLS.

The 4 bedroom, two bath, 1732 square foot house sold for $220,000 (at $173/square foot) . . . fully $60,000 below the next least expensive home. Sadly, it was one of only four homes that sold for less than $300,000 in August.

On a positive note . . . it was conveniently located next door to the Brightway Daycare and Preschool. And, no, I did not take the funky photo above.

Significant Sales

We had another stellar month with these auspicious sales (as always, click on the photos to see more detail)–

A fully updated 3/2.5, 1590 square foot home in Sunriver. Offered turnkey and backing to trails and National Forest. $495,000.

A wonderful single level in Awbrey Glen . . . 3/2, 1789 square feet . . . privacy and a four car garage! $565,000.

A stunning executive home, also in Awbrey Glen . . . 4/3.5, 4025 square feet. $1,140,000.

Looking Ahead

This pundit’s crystal ball is still a bit cloudy (another fed rate cut, an assault on Saudi oil, tariffs and a trade war) . . . and, despite the great numbers in August, there is perhaps a hint of change in the air. We’re not calling it a recession, but for the first time in recent years, we’re starting to see a slight softening in the cherished feeder markets (San Francisco Bay Area, Seattle, Southern California, and Portland) that have been driving our prices here in Bend.

For next month, I believe we’ll see a rather significant drop (perhaps up to 10%) in our median price; I’d also be surprised if we reach 200 sales for the month. But really, who knows what lies ahead?

In the meantime, let’s get out and enjoy the fine autumn weather!