Ch-Ch-Changes

Fall in Bend, and there’s more than just a whiff of change in the air for the local real estate market. It won’t happen immediately, and September was still pretty solid. We saw the purchase of 242 homes; median price hung tough at $650,000; overall inventory remained at just one month . . . a strong “Seller’s market.” Still, cracks are beginning to appear . . . fewer multiple offers, we’re seeing more price adjustments,  homes are sitting for longer on the market, and some are actually selling for less than list price.

Bargain Bend

Man, imagine a home in Bend for $350,000! We haven’t seen that in a while  (one of only 7 this year).

This 1950’s “charmer” offered all kinds of development opportunities (just not for me!) . . . zoned RH (residential high density), located in an Opportunity Zone, conveniently close to shopping, dining, parks, and Bend High.

The 1/1, 672 square foot house featured a funky facade, but was surprisingly nice inside.

It also offered a quaint basement/cellar/dungeon; just “use the ladder with caution and at your own risk.”

The home went pending in four days and closed at $25,000 below list (at $521/square foot).

Luxury Bend . . . $3.4 M

It’s the Tetherow show again! Certainly no doubt, it’s the hottest community in Bend! This stunning contemporary home was sited on a rise on a premium lot (overlooking the Broken Top golf course no less).

The 5 bedroom, 6 bath, 4756 square foot house did sit on the market for almost three months (not entirely unusual at this price point, but, nevertheless, perhaps an indication of a changing market ahead) before going into contract and ultimately selling for $95,000 below list.

It sold for $3,400,000 or $735 per foot.

Of further note . . . this house sold at $2,595,000 in May of 2020 (a cool 31% increase in less than a year and a half). What a ride it’s been!

Bend’s Median . . . $650,000

A year ago, it was $549,900!

Located on a large corner lot, this one offered all kinds of flexibility. 4/4 and 2280 square feet, with a “peaceful, playful character and an artistic soul.” Must have sounded like fun as the home went pending in just two days, and sold for $50,000 over list with multiple offers!

The home featured a permitted converted garage–perfect as a guest suite, in law quarters, or a teenager’s space! All bedrooms in the main house were up. It sold at $285/foot.

As the listing agent succinctly put it, “No more showings at this time! Multiple offers received!”

And, no the median price on the west side of town did not reach $1,000,000. Here’s the scoop . . .

East side   $595,000

West side  $952,415

Auspicious Sales

A couple of nice sales in September.

One of my favorite homes in all of Central Oregon . . . 5/5, 5328 square feet, 18.75 acres . . . $2,620,000

A wonderful buy in NorthWest Crossing . . . 3/4,  3059 square feet . . . $1,598,000

Looking Ahead

Nothing to be alarmed about (yet); but, we’ll continue to see changes (some purely seasonal in nature)–a softening of the rental market, certainly a decline in the number of sales (I doubt we’ll hit 200 for the month), more days on the market, a continuing adjustment of pricing, and, hopefully, a disappearance of multiple offers and escalation clauses (thank goodness!).

Curious about the value of your home? Give us a call at 541-480-8131.