Bend’s Median Price Jumps 10% in a Month!

Not sure we’ve ever seen a month like this . . . the wild ride continued! Bend’s median priced home skyed to a nearly unfathomable $651,000 in April–a startling jump of 10% over March’s record price. The luxury market again led the charge with 40 homes (you’re reading that right!) selling for more than a million dollars. That’s 17% of all single family purchases in Bend!

Other notable numbers:

• 237 sales
• Average days on the market (DOM) = 4 days
• Median price per square foot = $325
• Just .35 months of available inventory (that’s about 10 days!)
• 90 building permits issued
• Peripheral damage . . . Redmond’s median price topped out at a record $413,000

Luxury Bend . . . Where Will it Stop?

One of two homes to sell for more than three million dollars, the big winner for the month was a beautiful Artisan Home in (you guessed it) Tetherow. It sold at $3,499,900.

At 4 bedrooms, 5 baths, and 4727 square feet, this one seemingly had it all–Cascade Mountain views, extended vistas down the 13th. and 14th. fairways of the David Kidd-designed course, even water– as it overlooked one of the Tetherow ponds.

An open floor plan with all the expected amenities–a true chef’s kitchen with large island,

a luxurious master suite with large walk-in closet, even a bajillion bottle wine cellar!

Amazingly, for a home at this price point, the property went pending in just three days, and closed at full list at $740 per square foot.

Bend’s Median . . . $651,000

Never thought I’d see this day; pretty easy to look back just a year when the median price hovered around $468,000. And it’s absolutely bizarre to hearken back to 2010; I wonder what we thought of our median price of $177,000?

Regardless, what could be better than a tastefully updated single level home in Tillicum Village on Bend’s southeast side? Again, I feel like a broken record in saying that this 4/3, 1856 square foot house went pending in 3 days, and closed at $61,000 over the list price (at $351 per square foot).

The home felt warm with an open kitchen and a large family game room; a nice yard with hot tub,

water feature, re-finished deck, and paver patio. Still, $651,000 in Tillicum Village?

I hate to even look at this one . . . the median prices on the two sides of town:

East side     $512,000

West side    $920,000

Ouch!

Less Expensive Bend . . . $380,000

I’ve decided to change the heading for this section from “Bargain Bend” to “Less Expensive Bend” . . . it just seems that the former doesn’t exist anymore.

Nevertheless, the least expensive purchase (and one of only 5 for less than $400,000) made was this “super cute” home with lots of upgrades. Three bedrooms, one bath, and 1040 square feet, this listing went pending at full price (at $365/square foot) in just one day . . . par for the course today!

It featured stainless appliances, a snazzy carport, a fenced yard, a nice entry deck, and a slightly covered front porch.

Not a lot of marketing photos (none of the interior!) to choose from.

An interesting history . . . the house sold for $112,500 in May of 2014 when it was certainly a bit of a project;

and, speaking of projects, it also sold in 2006 for $229,000.

Ah, the ebb and flow of the market.

Looking Ahead

This pundit thinks we’ll see the madness continue, with perhaps a bit of a hit to the median price in the month ahead. The in-migration certainly won’t ease as we move into Central Oregon’s most desirable late spring and summer months. More vaccinations and the easing of COVID restrictions will also contribute to the action (and increased traffic).

Though inventory levels will undoubtedly remain problematic, I do think we’ll see more properties coming to market. Here’s an interesting take on the subject.

Hang on!