Bend Market Report . . . 158 Sales, Median Price Hits $705,000
April 2024
We got the April showers! We got the sunshine (maybe not 300 days per year)! We managed to snowboard a bit.
We maybe played a round or two of golf as well.
We also had a pretty active month in the Bend real estate market.
We saw the purchase of 158 homes . . . that’s the second highest total in two years; so perhaps we’re on to something. Our median price dropped a bit to $705,000 (sort of insignificant) . . . mainly due to the large number of homes selling in the $600,000’s (49).
Buyers continued to mitigate interest rates that hovered around 7%, as 25% of purchases were cash transactions (including five of the top six most expensive). 33 homes sold for more than one million dollars (that’s 21% of all transactions).
Days on market decreased substantially . . . dropping from 20 days to just 10. We also started to see more multiple offers. Even though more homes hit the market, inventory still remained tight at just 2 months available overall. A “balanced market” is considered to be six months of inventory.
Sort of Affordable Bend . . . $445,000
One of just 5 homes to sell for less than $500,000, the most affordable house to sell in Bend in April was this 3/3, 1460 square footer, built in 2013, on the NE side of town.
The house featured vaulted ceilings and lots of windows; cool stuff (not usually seen in an affordable home) like quartz counter tops, stainless appliances, and tile floors. All bedrooms were up.
Rather a tiny lot (to be expected) at .09 acres, and a skimpy side yard; but with an alley-accessed two car garage with plenty of storage. The HOA fee of $60 per month included front and rear landscaping and a nice community park.
The home went pending in 33 days and closed at just $5000 below list price (at $305 per foot).
Bend’s Median . . . $705,000
This one was unique!
Bend’s median priced home in April would have looked like this former Bed and Breakfast, perched on a high hill (actually, I didn’t know there were high hills in NE Bend) in NE Bend.
The four bedroom, three bath, 3834 square foot home featured a “unique” layout . . . first and second floor ensuites and two additional bedrooms. The design really lent itself to multi-generational living or a youth hostel . . . with a 960 square foot second floor space with vaulted ceiling and a great Mt. Jefferson view.
A fully fenced backyard with lots of lawn completed the picture.
“A wonderful foundational home from which opportunities abound.” I couldn’t have said it better myself!
The home went pending in just 9 days, and closed at $19,000 under list at $184 per square foot.
Now, as always, a contrast of the median prices on each side of town:
East side $654,900
West side $995,000
Luxury Bend . . . $3,825,000
The three most expensive homes to sell in Bend were all cash transactions; I suppose to be expected with interest rates at they are. Still it appears that there is some serious money out there!
The big winner for the month was a magnificent custom–sited above Shevlin Park and offering wonderful Cascade Mountain views.
The 3/4, 3841 open plan featured a relaxed, unpretentious feel combined with a scenic and private setting.
An efficient kitchen with oversized island,
Wolf gas range, Miele coffee station (not just “maker,” but “station”), and even a mirror-tiled “whiskey room” (just like in my house!).
Built in 2020, the house sold for $25,000 over list (at $989 per square) foot.
Looking Ahead
I think we’re headed for a big summer season. Though interest rates may remain problematic, the post pandemic surge (maybe too strong a word) will accelerate and continue. As weather warms in Bend, we’ll see more inventory (hopefully). Unfortunately (for Buyers), there is little chance of prices dropping.