Bend’s Median Price Jumps $78,500 in a Month
May 2023 . . . In a Nutshell
Makes for an exciting, perhaps hyperbolic, headline . . . a bump in median price of over $78,000 from April’s figure. But, I’m not altogether sure how much significance should be attached to the increase. . . we’re just about even with our median price from one year ago. And, I think you’d be safe to bet on a correction next month.
Performance in May was adequate (the fifth consecutive month of rising sales figures), but nothing really to write home about; in fact, just a little disappointing. We did see the purchase of 159 houses . . . not really bad, but well off the 2022 figure of 218.
Available inventory increased ever so slightly to 1.7 months; still a strong “seller’s market” (remember, 6 months of inventory is considered a “balanced market”). Days on market fell to just 7–the lowest figure in more than a year.
Cash purchases accounted for 41% of all transactions as buyers continued the quest to mitigate hefty interest rates (hovering between 6.5 and 7% last week).
Luxury Bend . . . $3,750,000
The luxury market continued to perform surprisingly well; 36 homes (23% of sales) topped the once formidable million dollar level.
The big winner, and the only home to top $3,000,000, once again showed the desirability (and scarcity) of riverfront property,
as this 4 bedroom, 4 bath, 3838 square foot home closed in just 21 days (albeit at $200,000 below list) at $977 per square foot.
The house offered an open plan with floor to ceiling windows, a chef’s kitchen, radiant floor heat, some funky blue tile, and a primary suite on the main level.
Interestingly, in June of 2022, the home was offered at $5,250,000 . . . it didn’t sell then!
As Discussed . . . Bend’s Median . . . $747,500
The median priced home in May would have undoubtedly resembled this turn of the century Craftsman.
Two bedrooms, two baths, 720 square feet, this “cute” little home sold in just a day at full list (at over $1000 per foot!).
It reeked of “authenticity” (actually, not my word)–wood windows, a sunny parlor, even a cool dark, damp root cellar.
The home had remained in the same family for generations, and had never been offered previously for sale.
As always, a contrast of the median prices on the two sides of town:
East side $625,000
West side $927,450
Bargain Bend . . . $355,000
13 homes sold for under $500,000 in May . . . must be some kind of record! This one went for $355,000 . . . such a deal! Also, looks like this one had its own micro climate.
The single level “charmer,” built in 1962 offered almost endless possibilities for cash buyers. The 2/2, 1040 square foot house featured sort of a fenced back yard.
It sold in 41 days at $10,000 below list price (at $341 per foot).
This one was another home owned by the Randall Schoning Trust.
The Highlands
A couple of nice “web gems” (run them in full screen mode) and an updated photo of our exquisite listing in The Highlands.
Looking Ahead
Always the toughest section of this newsletter; the crystal ball is still foggy.
The median price will certainly correct (let’s try $695,000). We’ll see more sales . . . but I doubt we’ll reach 200. Hopefully, a bit more inventory, and maybe interest rates will stabilize.
I’ll leave you with this tidbit concerning one of our prime feeder markets, the Bay Area It’s a long article . . . make of it what you will.
Enjoy the “summer” weather!