March 2024 . . . Spring Has Sprung!
Spring Has Sprung!
Quite the original heading! And I’m having a rather difficult time getting this newsletter off in a timely fashion once again. Too much work you say? Maybe a bit too much time on the mountain or at Pronghorn (below). Whatever the case, bottom line is that we’ve only missed a couple of months ever; and a bit shocking to realize that we’ve been doing this pithy monthly piece for more than 15 years!
A bit of extra time on your hands? Here’s a quick trip down memory lane . . . check out links to a few popular posts from years past:
Elk in Bend (authored by Mackie)
March 2024
The data are in . . .
- Median price hit $769,450 . . . second highest all time
- 116 sales . . . highest total in 4 months
- Monthly inventory held steady . . . 2 months available overall
- The high end flourished . . . 5 purchases over $2,000,000
- 23% of sales were cash transactions
- 28 sales over one million
- Interest rates hovered around 7%
- Days on market dropped sharply from 40 to 20
Bargain Bend . . . $465,000
One of only three homes to sell for less than $500,000, the best bargain in Bend in March was this 3/1, 1100 square foot home on the SE side of town.
It featured tile flooring in the kitchen and dining area and a granite vanity in the bathroom.
The listing agent kindly pointed out that “certain photos had been staged using AI to help show potential.” A good thing,
otherwise these are some pretty funky marketing photos!
The house went pending in just 7 days and closed at $15,000 below list price ($423/square foot).
Bend’s Median . . . $769,450
As mentioned above, Bend’s median price shot up $87,000 over the previous month . . . topping out at $769,450. For that price, one could hopefully find something like this 3 bedroom, 2.5 bath, 3200 square foot home on the NE side.
Features included a primary with a spa-like ensuite and gigantic walk in closet, a dedicated office, and a cool bonus room with an expensive world class shuffleboard table.
The fairly large lot offered RV parking, a rustic shed,
a hot tub, and a mounted TV . . . making this house the hit of the neighborhood on outdoor movie nights!
The property went pending in 45 days; it sold at $30,000 below the original list price (at just $241 per foot).
As always, a scary look at median prices on the two sides of town:
East side $670,000
West side $1,050,000
That west side number may just be a record!
Luxury Bend . . . $2,755,000
The big winner, one of 5 homes to sell for more than two million, showed once again the magic and charm of living on the Deschutes River in town. 3 bedrooms, 2 baths, and just 1548 square feet at $2,755,000 . . . that shakes out to a pretty robust $1779 per square foot.
The lovely single level featured an open plan with large windows offering wonderful views of the thousands of floaters and paddlers, as well as spectacular views of sunsets over the Deschutes.
The cash purchase went pending in 72 days and sold for a hair over list price.
Looking Ahead
We’re certainly not out of the woods yet; and to say that we’re faced with conflict, change, division, and the unknown would be a wild understatement. Still, there’s a glimmer of hope for the local market. Sure, the lack of inventory and continuing elevated interest rates will remain problematic. But, with warmer weather in Central Oregon, we should see an increase in inventory (and maybe a return to a more traditional post-pandemic selling season). “Hope springs eternal!”
Here’s kind of an interesting article to close out this piece.