More of the Same

I guess the big news for November was that Mt. Bachelor opened on time (November 30) with a very healthy base.

On the real estate front, things weren’t quite so exciting . . . it was basically just a bit more of the same. One thing, for sure, the market certainly no longer resembled the super-charged, pandemic-driven months of 2020 and 2021.

Inventory remained low . . . just 1.5 months overall. Median price stayed pretty stable (and unaffordable for many) at $696,000; still quite a bit down from March’s record of $773,000. We did see the sale of 138 houses (single family residential on less than an acre)–not good, not bad. Just sort of “meh.”

Days on the market dropped from 28 to 18, and 43% of Bend sales were cash transactions.

Of peripheral interest, Redmond’s median price dropped for the fourth consecutive month; down to $453,000 (after a high of $542,000 in August).

Low End Bend . . . $163,000

Here we go baseball fans! Just a hop, skip, and a jump from Vince Genna Stadium.

We haven’t seen one like this for awhile. A single family home for less than $200,000! I suppose there’s a reason for everything–located in the “Opportunity Zone,” this 480 square foot home had been entirely gutted, and in its present state was deemed “unlivable.”

Looks like it had a fenced “yard,” a storage shed, a covered back porch and patio.

The home was on the market for 75 days and was originally listed at $290,000. It closed at $340 per square foot.

Interior photos were available upon request. I did not request them.

Luxury Bend . . . $3,125,000

This one again showed the desirability of riverfront property; the only house to sell for more than $3M in November.

The four bedroom, four bath, 3286 square foot house featured panoramic Deschutes River vistas from inside and from the numerous decks.

Two primary suites, an open plan, and upstairs a family-friendly bonus space helped complete the picture. The private dock afforded easy river access and a wonderful spot to watch the endless procession of summer floaters!

The property languished on the market for 202 days (originally priced at a greedy $3,499,00) before closing at $951 per  square foot.

Bend’s Median . . . $696,000

“Privacy and tranquility in the heart of Bend” . . . I’ll take it!

Bend’s median priced home in November would have looked like this 3/2, 1742 square footer in Williamson Park on the NE side of town.

Tons of updates made this home feel newer than its 1984 birth date. New vinyl flooring, a recently remodeled kitchen, custom paint, and a sexy soaking tub to name just a few.

Sited on a pudgy .32 acre lot with a stellar location, midway between the hospital and Sunriver Brewery, the home went pending in 15 days and closed at full list (at $400 per foot).

Note–the home previously sold in June of 2020 at $412,500. Somebody made a pretty tidy little profit!

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

East side   $590,000

West side  $950,000

Looking Ahead

The second half of 2022 has shown how fast a market can change; it has proven to be very different from 2021 (and 2020). The days of  setting a price and waiting for multiple offers are over. For 2023, it will likely be more of the same, as we move towards a more balanced market. “Buyers will pay less attention to what Sellers are asking for and make offers at the price they wish to pay.”

“Sellers who were unrealistic might finally come to grips that the market has shifted under their feet, they’ll adjust their prices and buyers will pounce.”

Interest rates, inflation, softening stocks, and world events will all continue to come into play . . . many buyers (especially first timers) will still be priced out of the market.

In the short term, I think it’s unlikely that we’ll see 100 sales in December.