The Report . . . March 2023

The Real Estate numbers for Bend improved a wee bit in March . . . the weather did not (though Mt. Bachelor offered some of the best late season powder riding in memory, with a base of near 140 inches)!

We topped 100 sales (single family residential on less than an acre) for the second consecutive month–with 125. The  DOM (Days on Market) decreased pretty radically to just 13 days (down from 51 a month ago) . . . certainly a positive sign, indicating the presence of ready, willing, and able buyers waiting on more inventory.

Speaking of inventory . . . we’re still hurting–just one month available overall; a continuing “seller’s market.” Our median price bumped to $685,000 (up more than $25,000). Interestingly, the number of million dollar plus purchases decreased from 27 to just 20.

With interest rates continuing to be pesky (6.5%), 32% of purchases were cash transactions.

New Listing in the Highlands . . . $6,950,000

Without a doubt, the headliner for the month is our exquisite new listing in The Highlands . . . a wonderful four bedroom, 6.5 bath, 5869 square foot home, on 11.4 acres; just minutes from downtown, featuring easy access to the Phil’s Trail network (how nice to ride right from the house!) and the road to Mt. Bachelor.

The home, built by Norman Building and Design, is a northwest contemporary masterpiece–highest quality craftsmanship, wonderful Cascade mountain views, nearly unparalleled privacy, a saltwater pool, a five car garage (with an additional 35′ RV bay), and sophisticated smart home technology. But, I rave on.

Here’s a great link to a single property website featuring the home; it offers some excellent photos, a 3D tour, as well as descriptions and an amenities list. Check it out: 61664 Belmore Loop

We are super excited to be representing the sellers in bringing this home to market.

Affordable Bend . . . $450,000

The low-priced leader for March was this clean, nicely updated home on a cul-de-sac in Nottingham Square; one of only six homes to have sold for less than $500,000.

The 2/2, 1236 house featured nice bones . . . stone and tile in the bathrooms, granite counters and stainless appliances, laminate flooring, and a fresh coat of paint.

The home closed in 59 days at $10,000 below list (or $364 per square foot).

$2,575,000 . . . Luxury Bend

The big winner for the month was an Awbrey Butte classic featuring stellar mountain views and a very steep heated driveway.

This three bedroom, 6 bath, 4227 square foot beauty featured a main level primary bedroom, great room, formal and informal dining areas, an office, and a cool “hunting room” with a great collection and some impressive trophies.

Downstairs offered two more bedrooms and a bonus room.

The garages were something else . . . an upper 2-space unit with shop and meat storage walk-in fridge; a lower unit with two additional spaces. The home was extensively updated by Timberline Construction.

Ironically, we sold this home for $1,150,000 in 2014. This time, it went pending in just 4 days and closed in two weeks at near list ($609 per foot).

Bend’s Median . . . $685,000

The median priced home in Bend in March would have looked like this 3/3, 2250 square foot home in the Orchard District on Bend’s NE side.

The light and bright Palmer Home was originally featured in the 2015 Tour of Homes. It offered spacious living areas, a primary suite with vaulted ceilings, and even a surprise peek at Awbrey Butte and Mt. Bachelor.

Rather amazingly, the home was initially offered at $965,000. It “rested'”on the market for 254 days, before selling at $685,000 or $304 per square foot.

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

East side    $584,000

West side   $940,000

Looking Ahead

Though we’re dealing with some issues (tech layoffs, painful interest rates, inflation, lack of inventory, homelessness . . . if I keep writing this, I’m going to feel bad too), there is a bit of optimism as we move in to spring. The grass will be greener, the flowers blooming, and (maybe) the reservoirs will fill. We’ll see more available inventory, and interest rates may continue to dip a bit.

We’ll “slip the surly bonds” (apologies to John Gillespie Magee) of winter, and welcome the Bend we all know and love. We’ll also welcome lots of new buyers and sellers interested in moving on with life.

Hang on! I think we’re in for a ride!