End of Summer (in the City)

While the “Dog Days” (don’t worry, no more Florence and The Machine) are now behind us, the August weather in Bend continued to scorch . . . as we moved into “smoke season”

with 22 days of over 90 degrees, to be exact. What’s that you say about “climate change?” Despite the weather, the real estate market in Bend remained lukewarm.

We did see the purchase of 187 homes; not really a bad number, especially when viewed in the context of other life events (end of vacation, start of school, continued interest rate hikes). The median price in Bend took a pretty big hit–down to $717,000 (from a high of $773,000 this past March).

The high end seemed to suffer a bit . . . more days on the market and some pretty substantial price reductions (or, as some of us Realtors euphemistically like to say, “price improvements”) . . . in some cases, as much as $200,000-$300,000. That said, we still saw the purchase of 42 homes over one million dollars; 26% of sales were cash transactions.

We also saw a slight increase in available inventory . . . up to two months overall (the most since October of 2019).

Of peripheral interest, Redmond’s median price hit an all time high of $542,000. But I digress.

Luxury (Waterfront!) Bend . . . $2,200,000

This one shows how rarely homes on the Deschutes River in town become available, and how much in demand they are. Just imagine– a 2023 square foot home with 3 tiny bedrooms, built in 1965, on a relatively small (6000 square feet) lot, going for over $1000 per square foot! And the home went pending, in just 7 days, at full price.

Located near the noisy Galveston Bridge,

a quick gavotte to the nearby pubs, and just a hop, skip, and jump from Drake Park, the home featured a large sun room (which substantially added to square footage) with wonderful river views .

The home itself wasn’t fancy, proving again that it’s all about “location.”

The property also included its own private dock, affording easy access for paddling the river, or for serving as an idyllic platform from which to sell expensive margaritas (or lemonade) to the myriad of well-heeled floaters passing slowly by on any given summer’s day!

I exaggerated a bit with the above photo (as is my wont); this is more like it.

A cool place!

Bend’s Median . . . $717,000

A bit difficult to analyze the reason for the hefty drop in median price for August. Maybe a result of more picky buyers (as we drift very slightly towards a buyer’s market) and their quest to find homes for under $600,000. There were 43 that sold in that range.

I don’t know why I usually feel that the median priced home is “boring.” This single level contemporary in Hidden Hills was different. The 3/3, 1890 square foot home featured a nice corner lot location, a spacious front patio, a semi-private rear deck, and some pretty close neighbors; all on a 6534 square foot lot.

The open plan offered a light primary suite with vaulted ceiling, a luxurious bath, and a large walk-in closet. As an added bonus, the new Alpenglow Park is just over the footbridge and includes 37 acres of fun, including a splash pad, dog park, and open lawn space.

The house was built in 2018, went pending in just 4 days, and closed about $10,000 over list price (at $379/sq. ft.).

Perhaps a silly comment, but this kitchen looks quite a bit nicer than that in the two million dollar home!

An every month feature . . . the median prices on the two sides of town:

East side     $645,000

West side    $949,000

Slumming It in Bend ($415,000)

Another home located in the “Opportunity Zone,” this 2/1, 784 square foot bungalow offered some intriguing options. Perfect for an investor, developer, or those looking for a small, cheap (affordable) residence in Bend.

The home featured new paint, carpet, sprinkler system, and fridge.

The 6098 square foot lot also qualified for an 800 square foot ADU (perhaps a bit of a stretch, but the unit could possibly offer second story Cascade views).

Also part of the property–a cool water-tight alley-accessed garage.

The home went pending in 47 days and closed at just a bit below list (at $529 per square foot).

Looking Ahead

Continued distractions–the return to school,  football season, the death of the Queen, more political uncertainty– will take precedence  over our local real estate market. It happens each September. So, don’t expect big numbers.

Going forward, successful sellers will be those who understand the significance of accurate pricing.

Dusting off the crystal ball and peering at September. . . I don’t think we’ll see 150 sales; no more than two months of inventory; a median price in Bend of around $720,000.