A Recap of 2021

Despite the pandemic and its associated difficulties, 2021 was another stellar year for real estate in Bend. Here’s a quick recap, broken down into quarterly sales:

Quarter     # of Sales   Median Price

Q1                 449                 $590,000

Q2                 723                 $640,000

Q3                 708                 $650,000

Q4                 596                 $675,000

A total of 2476 sold; median price for the year was $646,000. Interestingly, 24% of purchases were cash transactions (for purchases over $1,000,000, that percentage jumped to 42%) . . . a testament to the influx of buyers coming from California and other more expensive feeder markets.

Inventory Woes (Continued)

And it appears there is no end in sight. Demand continued to wildly outstrip supply . . . even with the amazing amount of new construction in to. With just about 10 days of total available inventory, we saw the return of multiple offers, escalation clauses, and frustrated buyers.

We saw the purchase of 129 homes (single family residential on less than an acre)–about what one would expect for January, perhaps the slowest month of the year. Median price hung tough at at near record high–$675,000; likewise the median price per square foot at a pretty colossal $356.

As an aside, the continuing dearth of inventory in Bend has had peripheral affects as well . . . the median price in Redmond skyed to a record $500,000 (up from the previous high of $467,000).

Bargain Bend . . . $415,000

Wow . . . so much for affordable housing! Another uncomfortable milestone, as there were no homes that sold for less than $400,000 in Bend in January.

In fact, the low priced leader was this 3 bedroom, 2.5 bath, 1328 square foot house, listed at $429,000, but closing at $415,000 ($312 per foot). One of only 8 homes to have sold for less than $500,000!

I’d like to show you the home, but exterior photos were pretty sketchy; interior photos were non-existent in MLS. The listing agent did say that the property was well-maintained, and featured a great room with vaulted ceiling and a gas fireplace; breakfast bar and hickory cabinets. I guess we’ll just have to take his word on that.

Luxury Bend (I mean Tetherow) . . . $2,144,750

I could probably just rename this section “Tetherow.” Seems it’s the same each month; and new construction there–who could want more?

The most expensive property sold in January was another chic, modern home in the Tartan Druim neighborhood, this one sold before it was completed. The three bedroom, four bath, 3466 square foot house featured a primary on the main level, luxuriously finished hard surfaces, custom cabinets, high end appliances, and the requisite three car garage.

The home was listed at $1,869,750, but closed at 15% above that ($619/ft.).

In other Tetherow news, sadly, on January 26, a wicked early morning fire destroyed a multi-million dollar home on Meeks Trail. Fortunately, no one was hurt

Bend’s Median . . . $675,000

The median priced home in Bend in January might have looked like this charming 2/2, 1414 square foot cottage in Braeburn, a west side neighborhood on the road to Mt. Bachelor. Looks like a snowy part of town!

The house had a nice custom feel–hardwood floors, wood blinds, new carpets, and stainless appliances. The large primary suite offered a walk-in closet and bath with a hefty soaking tub.

Hard to find a home priced like this on the west side. It went pending in just 4 days and closed at $50,000 over list price (at $477 per square foot) . . . the current Bend market!

For giggles, a look at the median price for the two sides of town:

West side  $862,000  (with 30% of sales over $1M)

East side   $599,900

Looking Ahead

Housing prices rose nearly 19% nationwide in 2021 . . . what lies ahead for 2022?

The pox of low inventory levels will certainly insure continued high demand and subsequent (albeit slowing) price escalation. Rising interest rates (now in the 4% range) may hinder things a bit. In the short term (February), in Bend, I think we’ll see a decreasing number of sales and a median price that will most likely jump to $700,000.

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