A Long Hot Summer!

In the past, I’ve bragged too much (moi?) about never missing a month (well, maybe one or two) in over 15 years of writing this pithy newsletter/blog. That inimitable record flew out the window with our long hot summer (in July, 29 days over 90 degrees in Bend!) . . . also, there was just so much other cool stuff to do . . . Sandy thinks I  saw too much of the golf course,

perhaps spent too much time on the river,

and maybe rode my new e-bike too often.

And thus, a paean to procrastination was born. My apologies!

The Bend Market

We had high hopes for the summer’s real estate market in Bend. Granted, it did produce, sort of. But not in the manner expected or hoped for. Performance was really pretty tepid, with perhaps the biggest news being the arrival of some long awaited additional inventory.

Reality was, taking a good look at the numbers, the market wasn’t just boring . . . it actually kind of sucked. A far cry from the pandemic-fueled days of 2020 and 2021 when the number of sales ranged as high as 318 (July 2020); when a month of less than 200 sales (The Mendoza Line) was a rarity, and “list price” was just a starting point.

Here are the pertinent figures for the months of June through September:

• Number of monthly sales ranged from 143 to 148 (blah)
• Days on Market (DOM) hung right around 25
• Cash sales represented 28% of all transactions (including the 5 most expensive)
• 3 months of available inventory . . . the highest figure in 5 years!
• 27% of sales topped $1,000,000
• Median price hovered around $739,900

The Good, The Bad, and The Ugly

Why the poor numbers? A tough question with a range of possible answers:

• Hefty interest rates
• Low inventory levels
• Difficulty for buyers in getting homeowner’s insurance
• Continued inflation
• Political uncertainty
• New NAR settlement (perhaps a topic for its own post)
• Ambivalent buyer motivation

The Summer Stars

The most expensive home sold was this beauty at Tetherow . . . 4/4, 5181 square feet . . . $3,775000 ($729/square foot). Great mountain views, a chef’s kitchen with an enormous island, state of the art appliances, a chunky great room, even an elevator. It closed previously in 2017 at a piddly $2,045,000.

Cumulative median price for the summer in Bend was $739,950. Not bad, but still well below the all time high of $800,000 in July of 2023. Median priced home would have looked like this stunner on  the NE side . . . 4/3, 2641 square feet, featuring an open plan with all bedrooms up; fully-fenced front anddback yards. It closed at $20,000 below list (at $283 per square foot).

The only home to sell for less than $400,000–this 3/2, 1112 square footer in Clarenden Place (“where quaint charm meets modern living in beautiful Bend Oregon”) just squeaked in at $399,999. The house featured a great location, a sleek kitchen (?), and more quartz countertops. It went pending in just 3 days, and closed at $360/foot.

Auspicious New Listings

Along with a bit more inventory in general, we’ve got some wonderful new listings . . . call or text Sandy (541-408-4309) for more detail or to schedule a showing on any of these:

19292 Green Lakes Loop (Broken Top) . . . 4/5, 3418 square feet . . . $1,795,000

19599 Lost Lake Drive (The Parks) . . . 2/3, 1816 square feet . . . $939,000

65580 Sisemore Road (West Tumalo) . . . 4/2, 2718 square feet, 13.2 acres, $1,350,000

19486 Green Lakes Loop (Broken Top) . . . 4/4, 3765 square feet . . . $2,225,000

Looking Ahead

I think it’s anybody’s guess. Let’s check again after November 5.