February . . . “You’re My Little Valentine!”
You’re My Little Valentine
First, the good news . . . we topped the 100 sales plateau for the first time in three months (with 109); still a far cry from the halcyon (pandemic) days of 2021 when we saw seven consecutive months of more than 200 sales. On the not so good side, Bend’s median price fell for the sixth month in a row (down to $680,000 after an all time high of $800,000 in July of 2023).
Even the upper end of the market (historically a pretty stalwart sector) suffered a bit in February . . . we saw only one sale over two million dollars; just 17 over one million. Days on the market stayed pretty constant at 40; inventory remained tight with just 205 total available listings (single family residential on less than an acre) or 1.5 months overall. As an aside, six months of inventory is considered to be a “balanced” market.
29% (32 of 109) of purchases were cash transactions.
Also on the plus side . . . Mt. Bachelor finally received some much needed snowfall and some crazy crowds after a pretty sketchy start to the season . . . powder pigs rejoice!
Affordable Bend . . . $375,000
Just five homes sold for under $500,000 in February . . . another tough pill for first time buyers to swallow. And this one, more than $100,000 less than the next least expensive. Quite a bargain at $375,000!
Methinks more AI as this one bedroom, one bath, 651 square foot beauty boasted “an incredible location, with effortless proximity (effortless proximity?) to the bustling midtown area.”
The corner parcel featured a “charming cottage” and two separate storage buildings.
The house had also been a rental for many years, and the tenant had a dog! Dog or no dog, the home went pending in a day, and sold at $10,000 over list at $572 per foot; it didn’t even require interior marketing photos!
Bend’s Median . . . $680,000
Not sure that the sag in median price is really a reason for too much concern. The drop appears to be the result of buyers’ changing attitudes and their focus on less expensive properties in an effort to thwart painful interest rates. One need only look at the hefty number of sales in the $500,000 to $600,00 range (20) and the $600,000 to $700,000 category (33).
Whatever the case, Bend’s median priced home in February would have looked like this rather interesting 4/3, 1943 square foot contemporary on the SE side of town . . .
an open layout featuring a chef’s kitchen (I guess I’m not sure what that actually is), stainless appliances, and abundant natural light. All bedrooms were up.
Perhaps the highlight of the home was the expansive backyard–“a haven for relaxation, recreation, barbecues, a garden, maybe even an ADU.” Sounds good to me!
The home was on the market for 45 days and sold for full list price at $350 per square foot.
A comparison, once again, of the median prices on the two sides of town:
East side $651,000
West side $929,000
Luxury Bend . . . $2,075,000
Nope, not Tetherow this time. the big winner for the month of February (and the only home to sell for more than two million) was a five bedroom, four bath, 3889 square footer in Broken Top.
Elegant finishes, superior craftsmanship, and attention to detail pretty much summed it up. Built in 2006, the main floor featured an exquisite dining area, chef’s grade kitchen (again!),
the requisite wine room, an office, and a private guest suite.
The primary (we don’t use “master” anymore), featuring a “quaint balcony, a bonus room with wet bar, and two additional bedrooms were up.
The home closed in 25 days at $23,000 below list ($534 per square foot).
New Listing
We’ve got an exciting new listing coming soon in The Parks. It’s a wonderful single level facing the community park . . . an open plan, two bedrooms, two baths, 1472 square feet.
It will be offered at $849,000
Looking Ahead
We’ll certainly see quite a rebound in Bend’s median price. And as we move into spring, hopefully we’ll see more much needed inventory hitting the market. However, as the media has made abundantly clear, on a national level, there is also some very real uncertainty ahead. But, that’s a topic for another time.