AI and the Bend Real Estate Market
AI (Artificial Intelligence) and Real Estate
The astute reader might notice that this post lacks the usual flair, the elan, and the casual dry wit of previous pieces. This month’s newsletter was written totally using AI and ChatGPT. A good month to test, but my apologies in advance . . . I won’t try it again, I promise.
June 2023
In June 2023, the Bend real estate market continued its positive trend with the sixth consecutive month of increased sales, totaling 180 transactions. Out of these purchases, approximately 25% were cash transactions, indicating a significant portion of buyers had sufficient funds to make full cash payments.
The median price in the Bend surged to $770,000 in June 2023. This figure represented the second-highest median price ever recorded, surpassed only by the March 2022 figure of $773,000. The rise in median price suggests a robust demand for properties in Bend, likely driven by factors such as a desirable location, amenities, or investment potential.
One notable factor influencing the market was the limited inventory available. The Bend real estate market had just 1.7 months of available inventory. This means that, based on the current sales pace, it would take approximately 1.7 months to exhaust the entire inventory of properties if no new listings were added. Low inventory levels generally indicate a seller’s market, where demand exceeds supply, potentially leading to increased competition among buyers.
Overall, the Bend real estate market in June 2023 experienced moderate sales growth, high median prices, and a limited inventory. These conditions suggest a competitive market with increased demand for properties, potentially leading to favorable conditions for sellers.
Luxury Bend . . . $3.2M
The luxury market in Bend continued to perform surprisingly well! With 43 homes selling for more than a million dollars, it seems that there is a demand for high-end properties in the area. The big winner, another home in Tetherow priced at $3,200,000 was impressive.
With 3 bedrooms, 5 baths, and a spacious 4,788 square feet, it offered ample living space for its residents. Luxury homes like these often feature upscale amenities, high-quality finishes, and desirable locations, attracting buyers looking for exclusivity and comfort.
The description of the home at Tetherow sounded truly elegant and dramatic. The 19.5-foot great room ceilings created a sense of grandeur and spaciousness, adding to the overall luxury feel. The floor-to-ceiling windows not only brought in an abundance of natural light but also provide breathtaking views of the David McClay Kidd golf course. Additionally, the panoramic vistas of the Cascades added to the picturesque setting.
The chef’s kitchen with an induction cook top served as a desirable feature for those who enjoy cooking. The large island
with a prep sink offered convenience and ample workspace for meal preparation. The walk-in pantry, complete with a third sink, provided additional storage and organization options, making it easier to keep the kitchen tidy and well-stocked.
The home sold in 35 days at $175,000 below list ($668 per square foot).
Bend’s Median . . . $770,000
The median priced home in Bend, with 3 bedrooms, 3 baths, and 1901 square feet, would likely have had a different set of features compared to the luxury home at Tetherow. While it not having the same level of grandeur and extravagance, it still offered a comfortable and appealing living space.
This Pahlisch home on the SW side featured a functional layout, well-designed rooms, and standard amenities. It had a spacious living area, a kitchen equipped with essential appliances,
and a sufficient number of bathrooms for the household’s needs. The finishes and materials weren’t as high-end as those found in luxury homes, but they were still of good quality.
The size of the median priced home reflected a more typical and affordable option for buyers in the area. It provided a comfortable living space while being mindful of cost considerations. The home went pending in just 3 days, and sold at full list ($410 per square foot).
As always a contrast of median prices on the two sides of Bend:
Bargain Bend . . . $450,000
One of 9 homes to sell for less than $500,000 in Bend, this mid-century single-level ranch in Midtown sounded like a great opportunity for a refresh and potential investment. The existing hardwood floors, if uncovered from beneath the crummy carpeting, perhaps could bring back the charm of the era in which the home was built. The wood-burning fireplace and vintage built-ins further contributed to the character and nostalgia of the property.
3/2, and 1376 square feet, the house featured a large, fully fenced yard spanning 0.28 acres offering plenty of space for various outdoor activities. The presence of a storage shed and a dog run added convenience and potential for customization based on the homeowner’s needs.
The detached double car garage with a shop area, accessible through a short breezeway, provided additional storage and workspace. This feature would be beneficial for those who enjoy hobbies or require extra space for projects.
The central Midtown location of the property offered easy access to various amenities and attractions. Proximity to parks like Orchard Park and Hollinshead Park, as well as recreational facilities like Midtown Yacht Club and Juniper Swim & Fitness Center, provided opportunities for outdoor activities and leisure. Being close to Downtown Bend also offered convenience in terms of accessing shops, restaurants, and entertainment options.
Overall, this mid-century ranch home in Midtown offered a combination of vintage charm, a spacious yard, and a central location, making it an intriguing prospect for renovation and investment. It sold in 81 days at $50,000 below list.
Looking Ahead
I think enough has been written already!