What’s Up? June 2022

In past months, we’ve hinted at change ahead in our market. Well, that change is here . . . reflected by a rather substantial increase in our available inventory. While still a strong “seller’s market,” we’ve seen our available inventory jump to 1.9 months overall . . . the first real increase in over two years (since the onset of the pandemic in April of 2020). A quick look at the data–in June of 2021, there were 151 homes on the market; this June, there were 383.

Rising interest rates and the threat of further federal adjustments have priced many buyers out of the market, and have served to scuttle sales as well. Buyers, too, have simply become a bit more picky with more available choices. Hopefully, the days of multiple offers, escalation clauses, and too hasty decisions are behind us. Perhaps a return to some semblance of normality.

Despite the perceived gloom and doom, all certainly wasn’t lost in June. On the more positive side, we did see the purchase of 197 homes; and 26% of those sales were cash transactions. Forty-one of them topped one million dollars!

Bend’s Median . . . $722,800

Bend’s median price shrank to $722,800 (after an all time high of $773,000 in March of this year).

For that price, Mr. Buyer would hope to perhaps secure something like this 4/3, 2600 square foot home in NE Bend. This one was built for fun and entertaining–the 1/4 acre lot featured a hot tub, patio, built-in bbq, lots of seating options, a large turf yard space, even a corn hole court.

Primary bedroom on the main level; open plan with guest bedrooms and large bonus room up.

The home went pending in 5 days an sold at list price ($278/ft.).

As always, a comparison of the median prices on the two sides of town:

East side     $642,463

West side   $965,000

Luxury Bend . . . $3,250,000

Sort of mind-blowing . . . the big winner for June was a stunning contemporary in Broken Top. It was listed at $2,750,000, but closed at a full $550,000 over that. That made it $3,250,000, and one of two homes to top the $3M mark. Wow, more than $500,000  over the asking price. I need to do some investigating!

Four bedrooms, four baths, and 4241 square feet. Lots of windows and tremendous views of the Weiskopf/Morrisch track.

The expansive kitchen island, custom pullout wall pantry, cooktop, double ovens, wine frig, and two sinks all make this a kitchen to die for. The home featured main level living– includng a den, office, exercise room, and two primary suites, (one that boasted it’s own sauna).

$500,000 over list! It went pending in just three days, and closed at $766 per square foot.

Slumming It in Bend . . . $475,000

The low priced leader (and one of only four homes to sell for less than $500,000) was a 3/2, 1008 square foot single level home sited on a half acre in NE Bend. The house could maybe be described as “vintage” . . . it was built in 1973. Not exactly an upscale neighborhood, nevertheless a wonderful home for that unique buyer wanting a bit of elbow room or some very low ceilings.

We have only a few interior photos of the home. Suffice to say that it went pending in just three days and closed at $25,000 over list. The property was sold AS-IS, at a bulky $471 per square foot.

Looking Ahead

Despite the additional available inventory, we’re still in the throes of a strong  “seller’s market.” Increasing interest rates, political uncertainty, and COVID will continue to dampen sales (we’ll be lucky to see 175 sales in July), especially for buyers in the lower price points. Cash buyers will continue to realize wonderful opportunities.

The exodus from California will continue . . . they won’t all move to Bend!