October in a Nutshell

In October, we got exactly what we expected from the Bend real estate market–to put it bluntly–more of the same old slop! 129 sales (single family residential on less than an acre) . .  . the fourth consecutive month under 150 (with no sign of that changing). To put things into perspective, a rather scary look at October sales over the last few years–

• 2022   160
• 2021   210
• 2020   248
• 2019   220
• 2018   222

The median price took a rather insignificant hit . . . down to $734,000 (after a high of $800,000 in July of this year), as folks attempted to somewhat mitigate the troublesome interest rates by seeking lower priced homes (fully 28 homes sold in the $500,000’s . . . surely some kind of record).

As interest rates hovered at near 8%, we continued to see a hefty number (35) of cash transactions . . . that’s 27% of all purchases.

And, for a change, even the high end of the market seemed to suffer a bit–only one sale over $2,000,000; just 21 topping a million. . .  that’s only 16% of all purchases (last month, it was 35%).

Inventory levels stayed constant (unfortunately) at just two months overall.

Auspicious Sales

Now for the good news . . . a couple of auspicious sales this month (auspicious because we made them):

The ultimate retreat . . . wonderful private setting on 10 acres east of town; 3/2, 2467 square feet at $1,340,000

A casual home backing to common land in Broken Top; 4/3, 2446 square feet at $1,200,000

Luxury Bend . . . $2,100,000

Nothing in the 4 million range, nothing in the 3’s either. . . the big winner for the month of October was an updated single level with excellent views of the pond and 17th. fairway of Broken Top’s Weiskopf/Morrisch track.

The three bedroom, three bath, 3120 square foot home offered an open plan with windows framing the outstanding golf vistas. A nice blend of sophistication and ambiance–a Montana moss rock wall, wood flooring, custom lighting, and fresh paint.

The kitchen featured all the good stuff too . . . stainless Dacor fridge, oven, microwave, a Wolf cook top, island and breakfast bar (I’m trying to sound like I know what I’m talking about!).

The home went pending in a month, and sold at $125,000 below list (at $673 per square foot).

Bend’s Median . . . $734,000

In October, Bend’s median priced home would have looked like this 3/3, 1761 square footer in Starwood.

Offering a “serene environment” with access to trails, parks, and even dog parks, this house featured wood flooring, a floor-to-ceiling stone fireplace, and a cool hot tub on the patio.

Primary suite was on the main level with two additional bedrooms downstairs.

The home went pending in 36 days and closed at full list price (at $415 per square foot).

A contrast of median prices on the two sides of town:

East side   $640,645

West side  $900,000

Bargain Bend . . . $275,000

We really did find a bargain in October! I don’t think we’ve seen another home priced below $300,000 in a number of years.

Unfortunately, it’s rather difficult to ascertain much about this one from the info available in MLS. To start, it was a short sale (a rarity in itself) . . . the only one in October.

The home, built in 1977, on a .57 acre lot, featured three bedrooms and two baths, and 1662 square feet. Initially, it also appeared to exist in an area of  southwest Bend that featured its own micro climate . . . the only area of town that featured snow in September and October!

A bit more investigating and a later search of the “street view” on google earth showed this not to be the case.

Interestingly, the house sold just two years ago at $425,000. This time, with listing agents out of Grants Pass (why?), it sold for $275,000 or $165 per square foot–a true bargain in Bend!

Looking Ahead

We’re not out of the woods yet. Actually, maybe we aren’t even into the woods yet. So many factors coming into play . . . troublesome interest rates, lack of inventory, inflation worries, political unrest (at home and abroad). A bit of a mess.

Home prices probably won’t drop much until more inventory becomes available. Why would a current home owner sell when he’s sitting on an interest rate at or below 6% (90% of existing loans are in that range)? Same question for those who own their homes free and clear (42% of homes).

Another interesting article giving yet another reason for folks to stay in their current homes.

Oh well, Mt. Bachelor will be opening soon!