March 2018

Not entirely sure if it came in like a lamb and went out like a lion, or vice versa. Either way, “Magic March” produced some fine powder days

and some pretty fancy real estate figures in Bend.

The median price reached an all time high . . . soaring to $421,950. For the first time in this pundit’s memory, we also saw a “seller’s market” (less than 6 months of available inventory) across all price points–even in the “luxury” category of over a million dollars. Must be all those darn Californians!

Additionally, we topped the “Mendoza Line” . . . 202 sales; another 237 homes were “pended.” Healthy figures all.

Affordable Bend . . . $200,000

“This home is in need of some TLC.” Despite the disclaimer, still not bad . . . a stick-built, three bedroom, two bath, 1176 square foot house on almost an acre for $200,000 or $170 per square foot.

This single level home was built in 1995; it closed in just 13 days. There used to be a bit of a stigma attached to buying in Deschutes River Woods . . . not anymore!

Of further interest (to me anyway), the home closed on 3/1/18. As of March 15, it’s back on the market at $349,000!

A spiffy new driveway, granite counters, paint, flooring, stainless appliances etc., etc.

New marketing photos too. I think this is what’s called a “flip.”

A Tale of Woe

A little anecdote . . . a recent event regarding low inventory and the lack of affordable product. I received a call from a potential client requesting to see a cute little A-frame cabin very attractively priced at $229,000 (it was small!). Ironically, it was in DRW as well. The client had family visiting, and wanted to see the house in two weeks.

As would any broker, I let her know that any product priced that attractively most likely wouldn’t last two weeks. She sensed the urgency and moved up her timeline, asking to see the home in two days.

I called the listing agent to set a tour time. Even though the house had been on the market only two days, the agent told me there would be no more showings and that they were going to accept an offer that day. He then told me that they had received eighteen offers already! Maybe in the Bay Area, but this is Bend Oregon.

Bend’s Median . . . $421,950

The median priced home in Bend would probably look like this bungalow in River Rim . . . three bedrooms, two baths, and 1799 square feet.

The home offered some good stuff, the kind of stuff the most buyers seek . . . a master on the main level, a three car garage (“gearage”), and a fair-size fenced back yard. It closed in 39 days at $236 per square foot.

As has been especially apparent of late, there was quite a disparity between prices on the two sides of town: on the tonier west side, the median was a lofty $552,000; whereas, on the east side, it was $375,000.

Luxury Bend

A great month for Bend’s high end properties (single family residential on less than an acre) . . . 10 homes selling for more than a million dollars.

The winner though was a one-of-a-kind four bedroom, four bath, 5380 square foot home in River Park Estates (not Broken Top or Tetherow!) featuring river, city, and Cascade mountain views. It sold for $1,557,000.

Per usual, the home offered all the cool stuff . . . hardwood floors, a stacked stone fireplace, knotty alder cabinets, and stainless appliances.

It closed in 71 days at 102% of list price (at $283 per square foot).

Notable Sales in Bend

One very significant sale in March . . . a brand new 3 bedroom, 3.5 bath, 2326 square foot home in The Rim neighborhood at Tetherow.

A wonderful buy at $800,000; it’s now near impossible to find anything at Tetherow for less than one million.

Looking Ahead

Looks like more of the same . . . nonstop in-migration, gradual price increases, a continued lack of available inventory (even with more homes hitting the market as we approach the summer season), perhaps a bump in interest rates, still more traffic at the roundabouts!