Market Report . . .  September 2023

This is starting to get kinda boring . . . as predicted, we did get more of the same in September. Though often considered a healthy month (181 sales in 2022; 242 in 2021), this past September just didn’t make it. Rising interest rates (topping out around 7.7%) continued to impact performance–we saw just 138 purchases (single family residential on less than an acre); the third consecutive month under 150. Inventory level stayed pretty steady (low!) at just two months overall.

On a slightly positive note, 35% of transactions were cash deals. Our median price also rose very slightly to to $750,000 (and required a household income of roughly $150,000 in order to purchase a median-priced house).

Luxury Bend . . . $4,100,000

A further division between the “haves” and the “have nots” . . . as the luxury market continued to roll with 40 purchases over a million dollars.

We’ve seen this big winner before (it sold for $3.2M just three years ago at Tetherow). This time it took awhile–279 days to be exact–but still closed at a hefty $4,100,000 ($400,000 below list price) or $725 per square foot.

The four bedroom, six bath, 5652 square foot home was a true work of art . . . sleek lines, pristine finishes, and lots of big windows.

Overlooking the signature 17th. hole of the David Kidd designed track, and with startling Cascade Mountain vistas, the home casually blurred the lines between indoor and outdoor living.

Slumming It . . . $424,900

Not many bargains to be had in September! Only three homes sold for less than $500,000. Tough for first time buyers!

The lost leader for the month was this “great fixer” (ominous words!) with tons of potential. It offered three beds, one bath, and 1572 square feet, on a large one half acre lot.

The single level offered a large living room, an open kitchen with mismatched appliances, tile flooring, and a spiffy brick wood stove hearth.

The home went pending in just three days and closed at $5000 over list (at $270 per square foot).

Storage shed or outhouse?

Bend’s Median . . . $750,000

Bend’s median price hung pretty tough; for $750,000 one could have purchased something like this cool little (1444 square feet) 2 bedroom, 2 bath home tucked into the trees in NW Bend.

The downstairs featured a “cozy” great room, a bedroom, kitchen, and laundry.

Upstairs was the larger primary suite.

Two east-facing decks highlighted the outdoor space. Additionally, the home featured a much-coveted “short term rental operating license” and a tiny, low maintenance lot.

The home went pending in 6 days, and closed at $20,000 below list (at $519 per foot).

Here’s a scary (if you’d like to buy on the west side of town) look at median prices on the two sides of Bend:

East side    $616,000

West side  $1,157,000

Looking Ahead

More interest rate concerns, inflation, continued uncertainty on the world stage, and approaching winter weather are all going to contribute to the general malaise affecting the current Bend market. Going forward, we’ll again most likely see less than 150 sales (even with more price reductions).

One of our prime feeder markets calls it a Jeckyll and Hyde market. This metaphor could apply to us in Bend as well . . . it’s extremely hard to predict how homes will sell–some go quickly, others “languish” on the market. And it seems that  our market is “not following trends in the same type of way it usually would.”

I’m not sure that October will be any different.

Enjoy the fall weather!