And The Beat Goes On . . .

And the beat goes on . . . maybe not quite like the frenzy of the summer, but still pretty darn dynamic. If only we had some homes to sell!

Available inventory again hit an all-time low–just .4 months overall (for new readers, sixth months of inventory constitutes a “balanced market”)  . . . an extreme seller’s market. Still, we saw the purchase of 252 homes . . . in any other year, a fantastic October. Another 241 went pending . . .  an indication of a pretty good November ahead as well. Also, seemingly impossible, the median price took another slight bump to $562,000 (it was $471,000 just a year ago); it was $445,000 at the start of the COVID-19 virus in March.

Low End Bend . . . $288,600

My wife really prefers that I say “affordable Bend” . . . maybe she’s right.

Whatever the case, a miracle in October in this crazy market . . . just imagine, a home in Bend actually selling for less than $300,000!

RM zoned, this three bedroom, one bath 688 square foot “cottage” (and I use the term loosely) featured a covered deck and a fenced yard. It also offered a welcoming front porch with a chair, sort of an open plan, and not a chef’s kitchen.

Despite my condescending comments, the home sold for 103% of list price, went pending in just 9 days, and closed at $325 per square foot.

Luxury Bend . . . $2,600,000

The high end market continued to kick butt . . . 30 homes sold for more than a million dollars!

This is crazy! More of the Tetherow (easily the hottest community in Bend) show. This one, listed at $2,375,00, went pending in a day and closed at $2.6M . . . more than $200,000 over list!

The home was nice (duh) . . . a wonderful contemporary design with floor to ceiling windows looking out to the Deschutes National Forest;

luxurious finishes–honed quartzite countertops, oiled white oak and porcelain flooring; an oversized kitchen with Thermador appliances. All the necessities–a temperature-controlled 700 bottle wine cellar, a four car garage, and a cool dog wash.

Five bedrooms, five baths, 3935 square feet; it closed at $661 per square foot.

Bend’s Median . . . $560,000

Whew, back to a bit of reality. As cited previously, Bend’s median hit another high at $560,000. For that price, one could hope for something like this white picket-fenced bungalow . . . a cute little 1940’s midtown number, featuring original hardwood floors, an updated bathroom, and a quaint galley kitchen.

The 2/1, 798 square foot house also offered fenced front and rear yards, and even a crazy, partially finished 600 square foot basement.

It closed at $720 per square foot.

As always, a comparison of median prices on the two sides of town:

East side  $464,900

West side $799,000

One Auspicious Sale in October

“La Maison Bleue” . . . a great single level (with 3 car garage) backing to the community park in The Woods neighborhood of Broken Top; 3/2, 2007 square feet . . . multiple offers, it closed above list at $735,000.

Looking Ahead

Always a cloudy subject . . . it appears we could have some turbulent/unsettled times ahead; uncertain how that will affect real estate. There’s been some relief (sort of) with the election result. But we’ve started another shutdown due to a spike in Corona virus cases; more uncertainty; cold weather, snow and winter (yay!) ahead.

For our local market, in the short run, I think we’ll see a bit of a correction or even a fair hit to the median price (maybe to the $500,000 range); sales will slow as well–largely due to the lack of inventory. Longer term, we’ll see continued demand (based on non-stop in-migration and the ability to work remotely), more price escalation (3% maybe), and perhaps a new sense of optimism (vaccine).

Enjoy your Thanksgiving, virtual or otherwise, with thoughts of family, friends, and those whom you hold dear.