Like a Broken Record

Like a broken record . . . the Bend real estate continues to roll on unabated. We hit the 300 purchase plateau for just the second time in recorded history (the previous time was last month) . . . at 303.  Despite the CODID-19 virus and poor air quality,

the median price bumped a bit to $530,000 (another all-time high), up a startling 19% since May.

Lack of inventory is still the elephant in the room; a major concern with just .7 months available overall. Need I even mention, yet another record? A very tough and competitive time to be a buyer.

A little more commentary on the prevailing state of urgency in the market . . . the three homes cited in the paragraphs below went pending in a cumulative total of 10 days! A very tough and competitive time to be a buyer (or a buyer’s agent).

Luxury Bend . . . $2,185,000

The performance of the luxury market in Bend continues to blow minds–with fully 39 homes selling for more than a million dollars (I can remember looking back to the start of the year, and being excited when almost 10 homes sold in that price range).

The big winner for August was a cool “westside oasis”–a blend of vintage farmhouse and modern design.

The 5/4, 3401 square foot house featured a wrap around porch; the main living area offered wide plank hardwood floors and a masterfully designed kitchen; also, a 504 square foot cottage.

Amazingly, the home, located in the Shevlin Ridge neighborhood, sold for $300,000 over list price (at $642/square foot) and went pending in just 5 days.

Bend’s Median . . . $530,000

The median priced home in Bend might look like this 3/3, 2550 square foot home on a rather puny lot in River Canyon Estates.

Located near the community park, the home offered a functional open floor plan; kitchen with with central island and stainless appliances.

The community offers a pool, clubhouse, fitness center, and tennis/pickleball courts.

This one, too, went pending in less than a week at $208 per square foot.

Affordable Bend . . . $304,000

Sadly, once again this month, no homes in Bend sold for less than $300,000. More than a little tough for first time buyers.

The least expensive home purchased in August was this “rare investor opportunity” (surely a euphemism for something or other!)–one bedroom, one bath, and a quaint 690 square feet. This one sat on the front corner of a large (.16 acre?) city lot. It might be possible to convert to an ADU and later build ones dream home.

With some recent renovations, this one went pending in just three days at $441 per foot.

Looking Ahead

There’s no end in sight . . . things continue to look pretty solid moving forward.

We saw 248 homes pended–again with the luxury market leading the way (25 homes over one million). Bend continues to be viewed as a safe haven (smoke or not) and a veritable paradise for remote-capable workers. Interest rates remain at record lows.

A possible shift in the fall? Not likely . . . even when “political, economic, and health-related uncertainties” will abound.