July Numbers

The hoped for “big July” failed to materialize in Bend, as once again we fell short of the “Mendoza Line” (200 sales). In fact, with just 142 purchases (single family residential on less than an acre), after 6 consecutive months of increasing sales, we failed to reach the numbers of May and June. Just for reference sake, July 2022 saw 175 sales . . . for 2021, it was 246 . . . 2020 saw a colossal 296. And, if we want to get really crazy, let’s look back 10 years to July of 2013

I guess the most significant news was Bend’s median price reaching a heretofore unfathomable and scary figure of $800,000. Yes, of course, an all time high (and more of that crummy music . . . just check it out!).

46 homes topped a million dollars (also a record), and, in a continuing effort to mitigate rising interest rates (6.91% last week), 30% of transactions were all cash. Available inventory remained scarce at just two months overall.

Luxury Bend . . .$4,050,000

Not Tetherow, not Broken Top . . . it’s the river that wins again!

A nearly flawless 3 bedroom, 3 bath, 2945 square foot home that perfectly fit its iconic (and small) Deschutes River setting. But, give me a break . .  over $4M for a home of under 3000 square feet . . . that’s pushing $1400 per square foot! We’re not in Kansas anymore!

The main living area and primary suite were completely transparent to the river on one side and a private courtyard on the other. Very cool!

The third bedroom was  used as an office, and, surprisingly, was kinda small. The primary suite cantilevered towards the river, providing an unmatched bird’s eye view of the thousands of visitors floating the river each day.

Actually, Tumalo Creek Kayak and Canoe (a riverfront shop selling and renting rafts, paddle boards, kayaks, and tubes) reported upwards of 1000 renters coming through their shop on July weekends. Total estimate of 6000 floaters on the river per day!

The home went pending in 127 days and closed at almost $100,000  over list.

Bend’s Median . . . $800,000

As stated above, a few years ago, a median price of $800,000 was beyond the realm of possibility; but, here we are!

A three bedroom, three bath, 2328 square foot Pahlisch (what else?) home in The Bridges. I promised no more ChatGPT, but somebody else didn’t get the message . . . “highlighted by a white kitchen adorned with new pendant lighting and sleek countertops.

Seamlessly connected, the living and dining areas create seamless flow for everyday living.” Seamlessly, I don’t get it!

Have to admit though, The Bridges is kinda cool; residents enjoy an indoor basketball court, pool, hot tub, game room, clubhouse, playground, and gym.

The home went pending in 15 days, and closed at a hair over list price at $344 per foot.

As always, a comparison of median prices on each side of town:

East side   $635,000

West side   $1,211,450  (WOWIE!)

Bargain  Bend . . . $444,000

One of just five homes to sell for less than $500,000, the lost leader was a nice single level nestled at the end of a charming cul-de-sac (more AI?).

The 3/2, 1231 square foot house featured an open plan, vaulted ceiling, laminate flooring, and tile countertops.

It offered a cluttered fully fenced back yard.

With an excellent location close to the Bend trifecta of Mountain View High School, food trucks, and the hospital, the house went pending in just  a day and closed at $20,000 over list price (at $361 per square foot).

Looking Ahead

The market feels just a bit fickle. I think perhaps we’ll see a median price adjustment for next month.

For Sellers, it’s imperative to price accurately. We’re seeing listings sitting for 30 to 90 days if not in good condition and priced well.

And, though still a strong “Seller’s market”  (especially  at the lower price points) with just two months of available inventory, it appears that Buyers do have a bit more room to negotiate.