The Bend Market Cooled

Despite the hottest July on record, fully nineteen days over 90 degrees,

the Bend real estate market cooled just a bit (a very little bit) for the month. Granted, we still saw the purchase of 245 houses (single family residential on less than an acre), but some of the multi offer madness of the early summer seemed to mellow. We certainly saw more price “improvements” (a euphemism for “reductions”) than in previous months. There was even a bit more available inventory–a whole month’s worth to be exact. Maybe not enough to get too excited about, but, nevertheless an improvement.

On the flip side, we did see another record for our median  home price–up to a very chunky $668,000. A testament, I think, to all the million dollar plus sales (there were 42).

Low End Bend . . . $310,000

Sadly, the only home to sell in July for less than $400,000; this one went pending in just 6 days and sold for 13% above list price.

The two bedroom, two bath, 1000 square foot attached home on a tiny lot (low maintenance you say) did offer a fine location–inches from the railroad tracks, a hop and a skip to Kiwanis Park, and just a short drive to shopping and dining at the Old Mill.

Still, amazing in this market, that a home in Bend (attached or not) could sell for just $310,000 (or $310 per square foot).

Luxury Bend . . . $3,200,000

Our fearless pundit actually called one right . . . nothing over four million in July; two great homes in the 3’s, and a couple of score over a million.

The big winner was a Duey Brothers custom on the river, one block north of Columbia Park.

Aside from the river views and easy  access, the modern home featured PV solar electric (I’ll just act like I know what that is), solar hot water, and radiant floor heat throughout the lower level.

The remarkable home went pending in just seven days at full list (amazing for house at this price); it closed at $905 per foot.

Bend’s Median . . . $668,000

Another all-time high! Bend’s median priced home might look like this cool 5 bedroom, 2.5 bath, 2080 square foot house in Deschutes River Woods. It’s always interesting when the listing remarks lead off with “MOTIVATED SELLER.”  Who knows what to expect?

The home featured a main level primary bedroom. The grounds were sweet as well. The roomy .82 acre lot was landscaped and fully fenced; it also included a 30′ x 45′ shop and RV parking.

Motivation or not, the property closed in 11 days, at $321 per square foot.

Median prices for the two sides of town:

East side     $590,000

West side    $900,000

Auspicious Sales (made by John and Sandy)

A couple of notable sales in July.

An exquisite Norman Building and Design custom in Tetherow; 3/5, 377 square feet . . .

$3,100,000

Country living at its best . . . 4/4, 3201 square feet, on 9.49 acres . . . $1,125,000

Looking Ahead

We’ll see a continued slow cooling of the market (we’ll top 200 sales, but probably won’t reach the totals of June or July); perhaps more days on the market; median price will certainly take a hit. Hopefully, we’ll see a bit more inventory. I doubt if we’ll see a sale over $2.5 million.

Listing agents will need to be very strategic with their pricing. Correctly priced homes will continue to move quickly; priced too high and homes will languish on the market.

Curious about the value of your home? Give us a call at (541) 408-4309