April Showers . . .
April Showers
The big excitement for Bend in April certainly wasn’t the performance of the real estate market. Instead, it was the weather–cold and wet, a seemingly endless string of powder days at Mt. Bachelor, a rainy/slushy/sloppy Rendezvan,
maybe even the end of the drought. All this abruptly punctuated by a couple of summer-like days (April 28 and 29) making it appear that every resident of Bend owns a paddle board!
The Market in April
The market performed about as expected in April with 130 sales (now three consecutive months of modest gains and more than 100 sales). Still, nowhere near the numbers of previous years:
2022 183 sales
2021 237 sales
The market sort of limped along, plagued by a continued dearth of inventory, uncomfortable interest rates (topping out at 6.39% last week), and general economic uncertainty. Here are some notable numbers for April.
- Median price dropped slightly to $672,050
- DOM (Days on Market) = 10
- 1.4 months of available inventory
- Median price per square foot = $347
- Redmond’s median price = $456,000
- 30 new building permits (most in 6 months)
- Cash transactions = 27% of all purchases
Luxury Bend . . . $3,150,000
Tetherow again! Confirming its reputation as Bend’s hottest high end community.
The big winner was a four bedroom, five bath, 4317 square foot “mountain modern” home, inspired by architecture at Martis Camp near Northstar at Lake Tahoe.
A unique large three panel sliding door system allowed for a wonderful indoor/outdoor symbiosis.
The kitchen continued the “open” theme, featuring a Wolf range, dual dishwashers, Sub-Zero fridge; even a built-in espresso machine.
The home closed in 201 days at $150,000 below list (at a hefty $730 per square foot).
Bend’s Median . . . $672,050
Bend’s median price took a slight (insignificant) hit in April; down to $672,050. For that price, one could expect something like this 4/3, 2469 square foot house in Deschutes Crossing on Bend’s southwest side.
Located just a couple of blocks from Pine Ridge Elementary, the home featured an open plan with hardwood and carpet. The kitchen included a breakfast bar, stainless appliances, and a cool “recipe desk.”
All bedrooms were up (I think). The tiny lot offered an equally tiny fenced yard and sprinklers. A great family neighborhood!
The home closed in 150 days at $10,000 below list ($271 per square foot).
As always, a look at median prices on each side of town:
East side $615,021
West side $899,900
Semi Affordable Bend . . . $425,800
One of just seven homes to sell for less than $500,000 in April, the 3/1, 1022 square foot house was sited on a south-facing half acre lot. However, this “investor/contractor special” was not without its baggage. Located in the Desert Woods neighborhood, it was offered to cash buyers. It had to be hooked up to city sewer by June 26, the septic system was failing, and it was tenant occupied (necessitating a 90 day notice to vacate).
There must have been more than a few investor/contractors out there, as the home closed in just five days (at $25,000 over list) at $417 per foot.
Interestingly, this property was one of a gaggle (24) owned by Randy Schoning–a well known Realtor and investor who passed away in 2022. At one time, Randy owned upwards of 75 homes in Bend.
The Highlands . . . $6,950,000
Our wonderful listing on Belmore Loop in The Highlands is receiving substantial interest and requests for more info (but still no offers). Check it out:
Looking Ahead
Just to lighten the mood, a shot of the late April dismantling of the iconic Skyliner Express lift at Mt. Bachelor (to be replaced by a new “six pack).
Our Bend market historically comes to life in the spring. Buyers emerge as the weather improves and things green up. However, this year feels just a bit different–the market appears to be stuck in a partial “deep freeze.” The real culprit, of course, is a lack of sellers (inventory).
A recent survey by Realtor.com showed that more than 75% of potential sellers felt “locked in” by their existing low mortgages. More than 50% said that they planned to wait until rates fell before putting their homes on the market.
Locally, to increase available inventory, to motivate more sellers to list, and to get things moving again to historical levels, it appears that interest rates must hit the “magic rate” of 5.5%.