Meteorological Summer

Well, we’ve finally reached the end of “Meteorological Summer” (don’t worry, I’d never heard of it  either)–the three months of June, July, and August; used primarily by climatologists for providing a consistent means of collecting, measuring, and reporting  climate data. We’ll see just how this concept can be applied to measure the performance of our Bend Oregon real estate market.

Looking back, it was a long hot summer  (sort of a catchy title for a film or perhaps a song!) with  27 days over 90 degrees. We made it through the dog days (without even any help from Florence and The Machine), but the results weren’t pretty. Actually, they were kind of boring . . . really sort of a long wait for not much to happen.

In any case, here’s a condensed look at Bend’s summer real estate performance:

                                                 JUNE                            JULY                               AUGUST 

# of Sales                                    169                                  180                                    169

Median price                             $690,000                      $744,500                      $769,000

Months of inventory                  5                                       4.5                                     4

Days on market                         24                                       21                                     31

Cash transactions                     48 (28%)                          59 (33%)                        55 (33%)

# of homes under 500K           6                                          12                                      8

# over $2,000,000                   4                                           7                                        9

Luxury Bend . . . $4,075,000

The penultimate home to be built in the Tartan Druim neighborhood of Tetherow, this 4 bedroom, 5 bath, 4900 square foot contemporary featured a dream kitchen, complete with a 48″ gas range, two dishwashers (everyone should have two of these!), and a huge island. It was also, by quite a margin, the most expensive home sold over the summer.

The home also featured remarkable views from a variety of interesting decks; the primary suite offered a groovy open bath, soaking tub, a second laundry, and a massive closet.

The home closed at $824 per square foot.

Bend’s Median . . . $735,000

The median priced home in Bend this summer might have resembled this 4/3, 2405 square footer in NE Bend.

Built in 1998, this one owner house on a .25 acre lot featured a casual bonus and living  room, also a private back yard– perfect for pets or entertaining! Though I’m always surprised by the amount of snow on Bend’s east side during the summer . . .

New exterior paint in 2022; RV parking and a 3 car garage. Even a tool shed included!

The home went pending in 35 days and closed at just $4000 below list ($306 per foot).

Just for kicks, here’s a look at this summer’s median price comparison for the two sides of town:

East side   $634,800

West side  $1,050,000

Bargain Bend . . . $380,000

Pretty rare to find a home in Bend for less than $400,000. And this one, in the middle of town, was certainly a “fixer” offering two bedrooms, a bath, and 984 square feet.

The package boasted a spacious yard, a single car garage, a “fun, funky kitchen,”

and superb neighbors who love their street! New windows in 2024, new roof in 2021. The house recently commanded rent of $2100 per month.

The home went pending in 4 days; it sold for $9000 below list (at $386 per foot).

Auspicious Listings

A wonderful single level at Brasada Ranch . . . Caballo Court–$2,265,000

West side beauty . . . Aspen Rim–$875,000

Looking Ahead

We’d like to stay cautiously optimistic, but it’s a bit difficult given political uncertainty, potential layoffs, inflation, and rising prices. Available inventory has fallen off a bit, and will continue to do so as we move into fall. Sales numbers will remain tepid (numbers similar to the summer). The median price will take a hit (probably moving to the $720,000 range). There will continue to be a bit of a gap between what sellers want and what picky buyers are willing to pay . . . thus homes will stay on the market longer.

Despite a decline in interest rates (a positive!),  cash will remain  king as 30-35% of transactions will continue to be all cash.