Interesting Times

It’s an interesting time we’re in . . . rightfully,  the process of selling real estate in Bend has taken a backseat to the coronavirus issues; maybe the reason this newsletter is so late in coming out.

Still, life needs to go on, and, while I’ll try to refrain a bit from (my) flippant humor, here’s the most recent Bend real estate market report. Maybe the writing of it is even a little therapeutic in itself.

February 2020

Looking back, we saw one of the warmest Februaries on record, very little snow, an amazing ice storm,

and lots of bluebird groomer days. Real estate in Bend was a little blah as well.

We did see the purchase of 128 homes (about the same as last month); pending sales were solid at 219.

Our inventory woes worsened . . . just 253 homes available (that’s down a whopping 36% from a year ago). That translates to just 2 months of inventory (six months represents a “balanced market”) . . . an extreme seller’s market.

As a result, homes continued to sell at 96% of original list price. Median price stayed the course at $462,155.

Affordable Bend . . . $277,480

Seems pretty much the same each month! Once again the low priced leader comes from The Hiatus, a community of 22 modern 598 square foot cottages. The neighborhood feels like a park–a network of paver pathways, ponds, gardens, native trees, and cozy  fire pits.

This one bedroom, one bath unit sold for $277,480 (or $464/sq. ft.). It was one of just five homes that sold for less than $300,000 in February.

Luxury Bend . . . $1,575,000

Tetherow again! The big winner was an exquisite 4/4, 3740 square foot single level custom home with sweeping Cascade views.

A wonderful open plan featuring walnut, maple, and alder accents with a 20′ vaulted ceiling.

A fabulous entertainer’s kitchen with quartz countertops and a huge slab granite island. And just what we all need–two dishwashers and tow wine fridges!

The home sold for $421 per square foot.

Bend’s Median . . . $462,155

Like a broken record–the median priced home in Bend might look like this Pahlisch (again!) home in The Bridges on Bend’s SE side.

A 3/3, 1712 square foot great room plan with great separation between bedrooms; a chef’s kitchen with stainless appliances; front and rear landscaping.

The home sold for $269 per square foot.

A rather shocking comparison of median prices on the two sides of town:

East side     $390,000

West side    $710,000

Looking Ahead

After last month’s performance (“Short a black swan event (coronavirus) or global disaster (Australian bush fires), we can expect a continuation of current trends in looking ahead at our Bend market”), I think I’ll refrain from making any sort of forecasts.

Though we won’t try to predict the future, despite the virus and accompanying economic turmoil, we are still seeing a surprisingly active market. We have homes closing, new listings coming online, and buyers writing offers. Also, interest rates remain near record lows!

Life has certainly changed for all of us, and, as  we navigate these challenging times ahead, Sandy and I wish you and your families health and well-being.

We are  grateful to be a source of knowledge and realistic information on the Bend real estate market. We are in this with our community! Please stay healthy, and reach out to us as needed.