A Bit of a Dud

August real estate in Bend was a bit of a dud . . . maybe it was families wrapping up vacations or kids prepping for a return to school; maybe it was the smoke,

or perhaps the  continuing concerns about inflation or rising interest rates. Whatever the reasons, August was kind of nondescript as we bumped slowly along. Sure, on a bit of a positive, we did see the purchase of 165 homes (single family residential on less than an acre)–pretty much in line with the previous four months.

As predicted, median price corrected to $744,500 (down from the outlandish $800,000 in July). Inventory remained pretty steady at just 2 months overall.

Cash remained king . . . 48 purchases (29%) were cash transactions as buyers attempted to mitigate troublesome interest rates.

Bargain Bend . . . $458,000

The low priced leader, and one of 10 homes to sell for less than $500,000 in August, was this three bed, one bath, 1036 square foot single level on a quarter acre in SE Bend.

A classic, built in 1979, the home featured large picture windows with tremendous views of Kiwanis Park across the street. The kitchen was sort of bright and kinda open.

A large fenced back yard, a tiny back deck, and, for baseball aficionados, a location close to Vince Genna Stadium (an interesting read) completed the picture.

The house closed in 25 days, $27,000 below list (at $442 per square foot).

Luxury Bend . . . $3,800,000

The luxury market continued to perform quite well in an otherwise drab marketplace. Three sales over $3,000,000; forty over one million. With the big winner being a five bedroom, four bath, 4564 square foot home in where else . . . Tetherow!

This wonderful contemporary home was originally listed at $4,195,000, and, as expected, rested on the market for 274 days through multiple price reductions.

The exquisite house offered great separation of spaces, a gourmet kitchen to die for,

hardwood throughout, an abundance of floor to ceiling windows, and magnificent Cascade, golf, and lake vistas.

The home closed at $833 per square foot.

Bend’s Median . . . $744,500

The $55,000 drop in median price  really was not overly significant; it just meant that buyers sought more lower priced homes in an effort to counteract higher interest rates.

August’s median priced home would have looked like this single level, 3/2, 2186 square foot house in the much-loved Timber Ridge (I love the sound track!) community. It was built in 1978 and extensively updated in 2020.

The home featured an open plan and plenty of storage. A huge plus . . . a half acre lot, sited amidst 52 wooded and landscaped acres, abutting Bend Golf Club.

The house sold at $341 per square foot.

As always, a look at median prices on the two sides of Bend.

East side     $647,000

West side   $968,110

Looking Ahead

These attempts at prognostication are not getting any easier. I guess I shouldn’t feel bad, as even the experts can’t seem to agree on anything. My best  guess is that  we can expect a bit more of the same. I’ll simply leave you with this —Home Buyers are Waiting.