January 2024

January brought us some much needed snow, a bit of rain,  and a wild ice storm that made roads near impassable and the emergency room a regular meeting place, but the Bend real estate market started the new year much like it ended the old one. Kinda boring . . .

• We once again failed to reach the 100 sales plateau (the fifth consecutive month of declining sales numbers)–there were 91
• Our median price dropped to $694,515; down from a high of $800,000 in July of 2023
• 19% of sales were over $1,000,000
• 34% of purchases were cash transactions; a continuing effort to mitigate troublesome interest rates
• Perhaps not surprisingly, of the 17 million dollar plus sales, 13 were cash deals
• Only 1.4 months of available inventory; down a bit from the previous 7 months at 2.0 months overall
• Interest rates approached 7% . . . a ten week high.
• Days on Market (DOM) increased to its highest level in almost a year . . . 43 days

A month like this one makes me wonder why I spend the time researching the numbers . . . seems I could use AI (I promised I wouldn’t!) and write the same thing each month. Regardless, here’s a look at January’s performance  in detail.

Sort of Affordable Bend . . . $450,000

One of just five homes to sell for less than $500,000 in January, the low priced leader was this 3 bedroom, 2 bath, 1300 square foot single level, located conveniently near the hospital on the east side of town.

The home, built in 1979, featured a decent sized lot (7400 square feet), a fully fenced back yard, a nice oversized two car garage, and a nifty wood burning stove.

The house closed at full list price ($346 per square foot) in 79 days.

As of July 2023, all stick built listings within Bend city limits require a Home Energy  Score (as above).

A pretty casual buy for an investor or a first time buyer!

Bend’s Median . . . $694,515

Bend’s median price declined for the sixth consecutive month . . . more than anything, an indication that potential buyers continue to be repelled by the perceived high interest rates and have turned their searches toward lower priced properties–specifically in the $500,000 to $600,000 range (where 22 homes sold in January).

The median priced home would have looked like this “Arcadia” plan by Pahlisch Homes in  the Petrosa community. 3/3, 2010 square feet, an open plan with primary on the main level, a loft and two bedrooms up. Sited on a bit of a postage stamp (3600 square feet) lot.

The home was “crafted with the integrity and quality that the brand is known for.” I think I have a bit of a stomach ache. Though I have to admit that the community does have  some nice “resort style” amenities.

This lovely “Acacia” (excuse me, “Arcadia”) sold at list price in 253 days (including construction time) at $346 per foot.

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

East side   $632,000

West side   $980,000

Luxury Bend . . . $3,150,000

Tetherow again! Or rather . . . Tetherow, Tetherow, Tetherow! The three most expensive sales for the month all came from that community.

The big winner was a beautiful single level built in 2020. It overlooked the thirteenth fairway of the David McLay-Kidd designed track; it also featured lovely Cascade Mountain views.

Three bedrooms and four baths in a convenient 3232 square feet, the home sold almost immediately in a cash transaction at a hefty $975 per square foot.

I’d settle for the garage!

Looking Ahead

I think we’ll see boring for another month or so. In the short term, February’s numbers will mimic those of January. We’ll be lucky to see 100 sales, and it doesn’t appear that interest rates are going anywhere anytime soon.

We’ll start to see more inventory (hopefully) as the weather improves and thoughts turn to spring. Well priced, well cared for homes will continue to sell. The buyers are out there (many with cash).

Pricing will remain quite steady.

Curious about the value of your home or just want to chat about the market . . . give us a call at 541-480-8131