A “Blah” Month

It seems that October is always sort of dull, for lack of a better term: a rather “blah” month. The excitement and frenzy of summer is past, the tourists are gone; the anticipation of snow and a good winter is just that–anticipation. But, I guess there’s always high school football (especially this year!).

Sales were adequate in October . . . we saw the purchase of 161 homes (single family  residential on less than an acre); that’s the lowest figure in eight months. Median price fell again to just (just?) $680,000. That’s down from $725,000 last month, and from the all-time high of $770,000 in March.

Available inventory remained pretty steady at two months overall. Days on market increased to 28 . . . the longest in 2.5 years. Just about 25% of sales were cash transactions . . . about par for the course.

Of peripheral interest, Redmond’s figures took a bit of a hit too–median price at $478,000 (down from $528,000 a  couple of months ago).

Luxury Bend . . . $3,100,000

The good stuff (priced accurately) continued to move. Case in point, this three bedroom, five bath, 3490 square foot single level in Shevlin Commons which featured wonderful outdoor living spaces and magnificent Cascade views.

The home also offered outstanding custom woodwork and built-in cabinetry. Three outdoor patios, two outdoor fireplaces, an outdoor kitchen, and an outdoor hot tub. A lot of outdoor stuff!

The home went pending in just two days and sold at $100,000 over list (at $888 per square foot). I like this one!

Slumming It in Bend . . . $385,00

A rarity these days . . . a home in Bend for less than $400,000!

This bad boy had it all! A charming, two bedroom, one bath, 912 square foot single level in Bend’s “Opportunity Zone,” the house, built in 1952, featured a great room plan.

Both bedrooms had windows and hardwood floors. Additional amenities included a kitchen, a fenced backyard and even a covered front deck.

This one went pending in 16 days and closed at $40,000 below list (at $422 per foot).

Bend’s Median . . . $680,000

We mentioned previously that our median price took a dip in October; largely due to the increased number of lower priced sales, as buyers attempted to evade increasing interest rates by targeting more value-based properties. Interestingly, we saw 19 homes sell for less than $500,00; another 67 between $500,000 and $700,000.

The median priced home would have looked sort of like Beaver and Wally’s home . . . 4/3, and 1954 square feet in the Riverstone neighborhood on Bend’s NW side.

The house, constructed in 2004, featured a fine location with easy access to the River Trail, Riley Ranch, and North Star Elementary.

Recent upgrades included new paint, carpet, and vinyl flooring. All bedrooms were up–perhaps the reason that the house required 39 days to go pending, and closed at $40,000 below list at $348 per square foot.

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

East side   $587,000

West side  $1,072,500

A Big Month (Personally)

Personally, October was kinda of a big month too. We made a couple of new acquisitions:

A new set of wheels . . . we’re pretty excited about our new Revel.

Also, I’d been experiencing a really slow pulse rate (perhaps a result of  being the self-proclaimed “finely tuned athlete”). The cardiologists deemed otherwise, so I’m now the owner a of shiny (I think) new Medtronic pacemaker.

I’m pretty excited about that too. Now just waiting for Mt. Bachelor to open!

Looking Ahead

I don’t believe that the sky is falling, but the  media isn’t doing us any favors. Of course, interest rates are problematic (now around 7%) but folks still need to buy and sell homes. Sellers are, out of necessity, being more flexible. Buyers have mitigating options as well . . . adjustable rate loans, cash transactions, more money down, a seller’s credit to buy down ones rate.

Life goes on . . .