Dog Days of Summer in Bend . . . July 2015
Dog Days of Summer in Bend
“Dog Days of Summer” always makes me think of Florence and The Machine’s classic-
Bend rocked it in July . . . two Phish concerts, Melissa Etheridge, The Cascade Cycling Classic. The streets downtown were crowded; there was real “traffic” at the Reed Market roundabout; an inordinate number of out of state plates.
Our town is changing!
Like A Broken Record!
The Bend real estate market showed no signs of letting up in July. 253 sales . . . the fourth consecutive month to top the 200 sale plateau.
“Pending” sales stayed solid (257 . . . up 17% from last month) ensuring some hefty commission checks, at least through the end of the summer. Median price remained at $330,000.
Even with the number of available homes up (618–the highest level for any month this year), there still remained just 2.6 months of inventory available for sale. As always, NAR (National Association of Realtors) considers six month to be a healthy, balanced market.
Looking at other trends . . . the number of building permits issued remained big, interest rates stayed steady, new construction continued to flourish, and distressed properties accounted for less than 4% of overall sales.
A Look Back 5 Years . . . July 2010
How short our memories are! It’s pretty amazing to look back just five years . . . as Jerry Garcia put it so succinctly, “what a long strange trip it’s been.” 140 homes sold in July of 2010 (52% of those were distressed–either bank-owned or short sales), and and the median price in Bend stood at $211,000.
I think I like today better!
High End Bend . . . $1.5 M
The high end did quite well in July . . . seven homes sold for a million dollars or more.
The big winner was a four bedroom, six bath, 5750 square foot “modern prairie style with panache.” The house, sited on a large lot in Wyndemere (west side of Awbrey Butte) featured an open plan with grand Loggia (no, I didn’t know what it meant either) entrance.
Zebra wood cabinets, Viking appliances, Italian tile flooring, a wine cellar, and even an indoor driving range!
it sold for $261/square foot.
Affordable Single Level in NE Bend
Not! It’s getting harder and harder to find the animal described above. We’ve spent a lot of hours over the last few weeks in search of this elusive beast . . . affordable properties for first time buyers and investors alike. The low end of the market in Bend has definitely ratcheted up a notch (see the chart at the top of the page–only 6 listings under $200,000), whereas, five years ago 47% of sales were under that figure.
Whatever, the low priced leader was a perky little home off Butler Market Road. Three bedrooms, two baths, and 1296 square feet, it was listed at $199,00 and sold for $160,000 . . . or just $123 per square foot.
It offered oak cabinets, tile flooring, and a closet.
I love the marketing photos!
Median Price in Bend at $330,000
The median priced home in Bend in July looked like this one . . .
a home that we know all too well (we listed and sold it a year ago for $317,000). I have to go on record saying that I liked our photos better
than theirs.
1827 square feet, 3 bedrooms, 2.5 baths, it sold at $187/square foot. It’s set in a traditional neighborhood, within walking distance of Pine Ridge Elementary.
Notable Sales
One especially notable sale in July . . .
a beautiful home in Awbrey Glen that went for $665,000.
Looking Ahead
Things look good for the next couple of months based on the number of building permits issued, the continued strength of pending sales, and the overall desirability of Bend. But there are a few clouds on the horizon:
- Unrealistic expectations by some sellers
- The inevitable increase in interest rates
- Concerns about the NYSE (what will be the impact on real estate if the market crashes?)
Let’s enjoy what’s left of the summer!