June 2021 . . . hot, hot, hot

And not just the weather . . . quite a month!

250 homes (single family residential on less than an acre) purchased; and, as our fearless pundit had predicted, we actually had a sale that topped the 4 million level ($4,600,000 to be exact . . . but, more about that later) for the first time in modern history. The high end absolutely killed it in June–fifty homes sold for more than a million dollars! Just a bit scary!

Bend’s median price also recorded another all-time high (I’ll spare you the music) at $660,000. Inventory levels increased very very slightly, but we’re still under half a month’s supply overall; so nothing really to cheer about.

And there is no real end in sight!

A Look Back . . . June 2018

Always interesting to take a look back . . . in this case, just three years, to June of 2018 (why didn’t we all buy then?). Things were a bit different:

• Median price set an all-time high of $449,000
• 12 sales over one million dollars
• 47 sales under $350,000
• Highest priced purchase was $1,580,000

Bargain Bend . . . $380,000

The least expensive home purchased in Bend in June was this 3 bedroom, one bath, 1008 square footer on a fair sized (.16 acre) lot on the NE side. One of only 3 houses to sell for less than $400,000, it went pending in just 2 days, and sold for more than list price (as expected!).

The interior left more than a little to be desired, but, in this market, what can you say?

Probably feels  good to actually find (and acquire) a home in Bend for under $400,000. And, on the plus side, the property did feature some mature trees in front and a nice overgrown yard in back. It closed at a hefty $377 per square foot!

Bend’s Median . . . $660,000

When is the madness going to stop? Yet another record . . . our median price topped the untoppable! $660,000!

For that price, one might find something like this rather boring 3/2, 2004 square foot house in Tanglewood on the southeast side.

It went pending in 13 days (an eternity in this market!) and sold at full list price (at $329 per square foot). It did feature a sizable .25 acre lot.

Per each month, here’s our frightening look at the median prices for the two sides of town:

East   $565,900

West  $903,000

Maybe we’ll start taking wagers as to when the west side’s median tops a million dollars.

Luxury Bend . . . Wow! $4.6M

The first home ever to top $4,000,000 (another four topped $3M in June) . . . perhaps a sign of things to come?

This one was an amazing mountain modern home on the river, combining fir and stone accents, with concrete, re-cycled glass, and oil-rubbed metal features. A huge wall of windows framed the magnificent view of the First Street Rapids.

The chef’s kitchen was a gourmand’s dream with lovely walnut cabinetry and top-of-the-line appliances.

Four bedrooms, only seven bathrooms, and 5638 square feet. Amongst other necessities, the house featured a Marquis spa, a custom sauna, and an 800+ bottle wine room.

It closed at a cool $789 per square foot.

Significant Sales

A rather tough act to follow, but we did have a couple of not insignificant sales in June:

An adorable single level in Brookswood Crossing; 3/2, 1837 square feet at $660,000.

A wonderful .78 acre lot in Awbrey Glen at $360,000

Looking Ahead

There’s just a hint of change in the air . . . I seriously doubt that we can top June’s figures. We won’t see another four million dollar purchase (maybe a couple in the threes). We’re starting to see a bit more inventory, more price adjustments, and more days on the market. Maybe it has something to do with the weather (unseasonably hot!); perhaps it’s because COVID restrictions have been lifted and people are involved in other activities. Maybe sellers are aiming a bit too high. Fear of inflation?

On the flip side, interest rates remain near record lows and the visitors have certainly flocked to town.