December 2023

Another funky month (actually a pretty funky year) and not even any photos of Costa Rica . . . we saw the purchase of just 92 homes (single family residential on less than an acre); that’s the second lowest total in more than 15 years. One of a very few months where we failed to reach the 100 transaction level. Our median price remained relatively steady at $737,900 (it had topped out at $800,000 in July), and, to the surprise of many, it showed a year over year bump of 8%. So much for declining prices in Central Oregon!

Our inventory remained tight–just 1.6 months available overall. Interest rates continued to be problematic (probably the biggest reasons for the low sales and inventory figures), hovering a bit above 7%. Perhaps as a result, 31% of purchases were cash transactions.

The above photo is just an attempt to lighten things up a bit.

There were 20 sales (22%) over a million dollars; there were only four under $500,000.

Luxury Bend . . . $2,863,107

Tetherow (Tartan Druim neighborhood) once again, and one of three homes to top $2M in December.

New construction, this four bedroom, five bath, 3967 square foot home offered Cascade Mountain views and the high desert landscape.

An open plan, the requisite gourmet kitchen, primary bedroom on the main level, two additional en suites and large bonus room upstairs. With the high end Tetherow address, this one seemed to have it all.

It closed at a hefty $722 per square foot.

Bend’s Median . . . $737,900

Bend’s median priced home in December would have looked like this well-maintained, boring 3/3, 2090 square footer in the sought after Hollygrape neighborhood on the SW side of town.

Situated on a quiet street, this one featured an open plan and an upstairs flex space; new paint inside and out as well as updated flooring and trim.

The  house sold for $10,000 below list (at $359 per foot); it closed in 167 days.

A look at median prices on the two sides of town:

East side   $639,000

West side   $979,500

Slumming It . . . $375,000

It’s always admirable when a  listing agent is succinct with the description of a home. This one certainly was–“Home was in terrible shape . . . trashed by renters!”  It would actually be humorous if it weren’t kind of sad.

One of only four homes to sell for less than $500,000, and we really don’t have much to show. The photo above is the only one offered in MLS . . . perhaps fortuitously.

Suffice to say the 3/1, 1012 square foot home sold for $371 per foot. I might add that it’s pretty rare these days to find any kind of home in Bend for $375,000.

A cool, convenient location–right across the street from the Bend Poker Room (previously the infamous Pilot Butte Drive In) and the Prickly Pear Skincare and Wax Bar.

I drive by it a few times a week on my way to the Fazio Course at Pronghorn, and often stop by the “Pear” or the “Taproom” for a quick wax or a frosty beer.

Auspicious Sale . . . $470,000

While not quite possible to replicate our colossal sale in the Highlands at $6.75 million (“the most expensive sale in Bend for 2023,” he said modestly), we did manage a cute little log cabin with wonderful river access.

Looking to the Year Ahead

Even though the crystal ball is foggy, I can join in and perhaps do as well as any of  the other prognosticators. Here are few predictions for 2024:

• Interest rates will fall (but not as far as we’d like) . . . perhaps by the end of the year, we’ll see rates in the 6% range
• Home prices will remain high (maybe a slight decline of 1%-2%) . . . lack of inventory being the primary culprit
• More homes will sell . . . especially as we move farther into the year
• We will see more new listings (I know we will!)
• We’ll finally get some snow
• The election? I won’t even hazard to go there.