The Bend Market

Of course things are different now, and the true impact of the Coronavirus on the Bend real estate market probably won’t be decipherable until next month (the majority of the March transactions were already in process before the “sheltering in place” mandate was made). Still, in March, the market performed quite well.

We saw the purchase of 188 homes (single family residential on less than an acre) . . . up from 129 last month. On a scarier note, just 155 homes went pending; perhaps a foreshadowing of things to come. Lack of inventory, likewise, remained a problem (for buyers)–just 1.8 months overall.

Homes continued to sell at 97% of original list price. Median price remained steady at $459,900.

New Listings

Despite the pandemic, we’ve been active, and fortunate to have taken three great new listings:

A wonderful, small country property in Tumalo. 4/3, 3200 square feet, a 36’x36 foot barn and shop, 2.2 acres fronting the TID canal, and offering superb Cascade views. Priced at $915,000.

A serene listing in the sought after Woods neighborhood of Broken Top; the home backs to common space and the natural park at Tetherow. 3/3, 2422 square feet, priced at $799,000.

An iconic Craftsman on a private corner lot just west of the Deschutes River and downtown; a quick jaunt to beer and restaurants on Galveston and Newport. 3/2, 2376 square feet. Professional photos are being taken, and the home will hit MLS on 4/30.

Call or text Sandy (541-408-4309) for more detail on any of these homes.

An Auspicious Sale

We also had an excellent closing–a classic SunForest custom on 5.5 acres in Tumalo.

3/3, 4200 square feet, and a stellar Cascade panorama. The horse property (barn, stalls, paddocks, corral) sold for $1,800,000.

Affordable Bend . . . $290,000

One of only three homes to sell for less than $300,000, this home certainly offered great potential . . . for something anyway.

The three bedroom, 1.5 bath, 1946 square foot house was built in 1950, and moved to its present location in the early 70’s. It featured a main level master, a welcoming front porch, a cool pellet stove,

all on an almost one half acre lot.

Quite a bargain . . .  the home sold for 105% of list, at just $149 per square foot.

Median Price in Bend . . . $459,900

The median price hung steady at $459,900. For that amount, one could expect something like this 3/2, 1288 square foot single level, just a quick jaunt from the Old Mill and the Les Schwab Amphitheater. It closed in just 22 days, at $357 per foot.

The house had been tastefully remodeled; it featured an abundance of natural light, a spacious back deck, and even a bit of a “peekaboo” view of the mountains.

More than a bit shocking this month to compare median prices of the two sides of town:

East side     $404,990

West side    $663,450

Luxury Bend . . . $1.9M

Nope, not Tetherow this month! Instead, a stunning (and huge) two level on Awbrey Butte. If one had to be quarantined, this would surely be the spot!

The 5/5.5, 6532 square foot home seemed to invite entertaining and large family gatherings. The gourmet kitchen featured high end appliances and multiple ovens.

The home also offered all the necessities–a 9000 bottle wine cellar, an indoor pool, and a four car garage. If weren’t enough, even the patio offered some great stuff– a hot tub, a fire pit, and an outdoor kitchen.

It sold at a reasonable $291 per square foot.

Looking Ahead

No doubt, we’re living in uncertain times. There’s no way to predict what the future will bring . . . but, we’ll try anyway.

Sellers seem to be remaining calm and hopeful (albeit, with some changes in showing protocol), though we have seen a decline in listings and a decrease in buyer interest. These trends will most likely continue for at least the next month to sixty days. Hopefully, as things begin to open up again, we’ll see a fair degree of pent up demand.  We, optimistically, see a big increase in activity and bit of a sprint forward for the 90 days following. Bend will still be considered a safe haven, and an attractive option, for folks wishing to leave some of our more urban (Seattle, Bay Area, Southern California) feeder markets.

Stay safe! We’re here for you . . . about six feet behind you.