The Bend Market . . . October 2021

We didn’t quite see all the ch-ch-changes that David Bowie had predicted last month. Instead, the Bend real estate market rocked on in October. We again saw more than 200 homes (single family residential on less than an acre) purchased . . . 212 to be exact.

The median price remained stable at $645,000. No real change in available inventory either . . . still just about a month’s worth–a strong “seller’s market.”

More than a little shocking to look back just five short years ago to October 2016. Bend’s median was $370,000; there were two sales over $1,000,000 (and 82 under $350,000!).

Luxury Bend

Bend’s luxury market continued to hum . . . no colossal sales in the 3 or 4 million ranges, but, nevertheless, 37 purchases over one million!

Need I even say it? The big winner once again came from Tetherow–surely the hottest ticket in town! This 4/4, 3407 square foot home went pending in 20 days and sold at $2,105,000 ($145,000 under list).

With high end finishes throughout, the house offered a main level primary suite opening to an inviting back patio (with hot tub and fire pit) on the golf course.

The home also featured a large capacity wine cellar and stellar Cascade mountain views.

It sold at $618 per square foot.

Bend’s Median . . . $645,000

Seems like Bend’s median priced home always looks the same. This one was a Pahlisch Home . . . a 4 bedroom, 3 bath, 2154 square footer in the popular Lava Ridges community.

A community pool, front yard landscaping (with really green grass!), and a three car garage! What more could one want? And all this on a postage stamp-sized 3900 square foot lot.

The home sold at full list price and went pending in 19 days.

Median prices on the two sides of town:

East side   $585,000

West side   $930,000

Still taking bets as to when we’ll hit $1,000,000 for the west side.

Less Expensive Bend . . . $325,000

No, not “low end Bend,” not “bargain Bend” . . . we’ll stick with “less expensive Bend.” Though, in this case it just might have been a bargain at $325,000 (one of only two homes to go for less than $400,000); it was listed at $400,000 (explain that one!).

This one bedroom, one bath, 768 square foot cottage in the historic district went pending in just 3 days! It offered a separate office,kitchen, and dining room; with the outstanding  feature being either the unique claw foot tub or the fortress-like rock-walled three bay garage.

Obviously, the owners used the same landscaper (or photographer) as the median priced home. I don’t know how they get their  lawns so green.

It sold for $423 per square foot.

Auspicious Sales

Easily my favorite section of this newsletter!  A couple of notable sales this past month . . .

A remarkable Norman Building and Design custom in North Rim . . . 3/3, 2702 square feet . . . $2,390,000

Room to roam in Deschutes River Woods . . . 3/2, 1720 square feet . . . $730,000

Looking Ahead

As we move into late fall  and approach the early winter holidays, more sellers are bringing their homes to market; but, inventory is still very limited and (correctly priced) homes continue to sell very quickly. Despite inflation worries, the economy appears to be recovering, folks are eager to get on with their post COVID lives, and mortgage rates remain near record lows. There will be little change in the months ahead, and buyer demand will remain high in Bend.

Happy Thanksgiving!