“There’s Something Happening Here . . .”
There’s Something Happening Here (in Bend)
As the astute reader has probably realized, we actually missed our May edition of this newsletter/blog . . . just the second time this has happened in the last five years! This time, the reason was bonafide (not some bogus excuse like too much great powder, biking the Via Francingina, or windsurfing in Brazil). We’ve, very simply, been too busy . . . the Bend real estate market has gone nuts!
June Numbers
June saw the purchase of 231 homes (single family residential on less than an acre) in Bend; up substantially from the rather dismal 137 in May. Pendings were also pretty solid at 199.
The median price hung tough at $464,000; again, up from $445,000 in May.
One dark cloud in this shiny forecast . . . there’s no inventory–just one month available overall. Six months of inventory is considered to be a “balanced market.”
High End Bend . . . $3,200,000
The luxury market absolutely killed it in June . . . fully 23 homes sold for more than a million dollars. That’s a number the likes of which this pundit has never seen!
The big winner was a true “riverfront masterpiece.” Located between downtown and the Old Mill,
the home offered 5 bedrooms and 5 baths, and 4109 square feet. It sold for $3,200,000 (or $779/square foot . . . oof!).
The great room featured a cool 16 foot bank of folding doors to bring the river in. The decks and patio offered two private docks . . . not a bad spot to launch your standup board!
There was even a short term rental permit included.
Pretty sweet.
Bend’s Median . . . $464,000
Seems to me that Bend’s monthly median priced home is often rather boring, lacking the pizzazz of the luxury leader or the sense of scoring a great deal like the least expensive home. Last month was no exception.
The median priced home would have looked like this 3/3, 2357 square foot home in Bend’s Aspen Rim neighborhood.
A great room plan, gas fireplace, laminate flooring, and a large master. It sold for $196 per square foot.
And now our favorite feature: for those contemplating relocation (and who isn’t?), a look at the median prices on the two sides of town–
East side $370,000
West side $650,000
Bargain Bend . . . $237,5000
Nope, not another “tiny home” from The Hiatus . . . this one is even smaller!
I have to say that I love the marketing photos (nary a one of the interior) for this home that went for $618 per square foot. It featured one bedroom, one bath, and who knows what else in its 384 square feet. It did offer a newer roof and paint inside and out.
A bit of a stretch perhaps, ” a large lot and room needed for your potential primary residence and call this your ADU.”
Auspicious Sales
Of course, these are auspicious because we have made them. And we’ve been busy . . . remarkably fortunate too. Since the COVID-19 shutdown, we’ve sold the following:
A contemporary single level in Tetherow–$1,925,000
European design blended with a comfortable floor plan in Awbrey Park–$1,500,000
A classic custom in The Woods neighborhood of Broken Top–$785,000
A stunning family home in The Parks–$750,000
A great buy on the east side–$337,000
Another beauty in Tetherow–$1,425,000
A funky craftsman in the heart of it all– $875,000
What It Is Ain’t Exactly Clear
I guess we’ve got to enjoy the ride for now. The Bend market is bonkers! It appears that a few other markets are as well. Hard to say how long it will last; so difficult to anticipate what will happen moving forward. Lack of inventory will certainly slow sales. The virus isn’t going away anytime soon, and without a new stimulus plan and an extension of unemployment benefits, some question whether we’ll see a market drop or a new batch of foreclosures.
Stay tuned . . .