What’s Up?

Despite the racy headline regarding our ascending median price, in Bend, it’s been a rather “interesting” three months. I guess you could say that “uncertainty” is the operative word in describing our current real estate market. Or, as Jimmy Kimmel summed it up pretty succinctly, “We’re living in a historic era . . . we have an American Pope and a Russian President!” Yeah, the times they are uncertain.

The Facts

It’s springtime, when a “young man’s fancy turns to thoughts of love”(from Tennyson’s ‘Locksley Hall‘); also a time for the Bend real estate market to show some promised signs of improvement.

We did see the sale of 144 properties (single family residential on less than an acre) . . . a bit of an upswing from the dreariness of January, February, and March (sales numbers of 111, 94, and 122 respectively). Perhaps an aberration, but the high end performed shockingly well with 52 purchases over one million dollars (that’s 36%) and four over three million!

Not surprisingly, given the rather hefty interest rates, 34% of all sales were cash transactions. Pretty obvious that there is some real money out there. We also saw our available inventory stock rise to 4 months overall  . . . giving potential buyers more choices. Also, the highest inventory total since August of last year.

Bend’s Median . . . $837,619

Not sure we’d ever see this number! We torched the old median record of $800,000 as April’s figure topped out at an eerie $837,619.

For that price, one could expect a home like this three bedroom, three bath, 2269 square foot modern farmhouse in SE Bend.

The home was featured in the 2023 COBA Tour of Homes. Aside from actual Cascade mountain views, it offered an open plan, an efficient chef’s kitchen with a quartz island and custom cabinetry.

The main level primary featured a walk-in closet and a spiffy spa-like shower.

The home went pending in 40 days, and closed at $12,000 over list (at $371 per square foot).

Want to see some really scary, never before seen numbers? Check out the wild disparity in the median prices on the two sides of town:

West side    $1,253,000

East side     $607,000

Low End Bend . . . $399,000

We’ve seen these before . . . Clarendon Place (“Where quaint charm meets modern living in beautiful Bend”). Three bedrooms, two baths, 112 square feet . . . not bad for $399,000!

The home boasted a sleek kitchen with those ubiquitous quartz countertops. It also offered a fine central location in the up and coming east side.

It sold at full list price ($359 per foot). For perspective, the next least expensive house sold for $100,000 more than this no HOA Clarendon Place beauty!

Luxury Bend . . . $3,650,000

I mentioned that the high end performed well with four homes topping three million dollars (three of the four were also cash transactions!). The big winner was a brand new custom home in the Tartan Druim neighborhood of Tetherow.

Overlooking the fifth fairway of the superb David Kidd-designed track, the 4/5, 4316 square foot home featured an open plan with vaulted ceilings

. . . a lot of other good stuff too! But, I’ve rattled on enough.

The home closed at $846 per square foot.

A Couple of Auspicious Sales

Certainly auspicious because we made them.

A stunning riverfront home nestled in the heart of Bend . . . $3,280,000

A classic Tuscan-inspired home in Broken Top . . . $2,000,000

Looking Ahead

Always a tough call; in this case made even tougher by the rather chaotic, shoot-from-the-hip leadership decisions being made. I guess I’m simply going to have to play the “uncertainty” card again. And, as they say, we’ll see what happens.

Just for giggles, here’s kind of an interesting article:

Sellers Asking More Than Buyers Are Willing To Pay