Stable Market (?)

The media said that the Bend real estate market “stabilized” in August. I guess I’m not really sure what that means. We still saw the purchase of 248 homes . . . surely not a record, but still a pretty respectable number. A year ago in August, 303 homes sold.

The inventory situation improved a very little bit (just ask any buyer!)–just about one month available overall.  So, still an extreme “seller’s market” . . . six months of inventory is considered “balanced,” and where we’d like to be.

As predicted, the median price took a bit of a hit . . . now at $635,000. Again, a year ago it was $530,000!

Notable Sales (because we made them!)

We had a pretty solid (stable?) month, with a few sweet sales as summer started to wind down:

A fabulous single level (4/4, 3440 square feet) in Broken Top; designed by Neil Huston and  built by the renowned Bill Muldoon. It went pending in just seven days and closed at more than list. $1,835,000

A traditional beauty in the City View neighborhood, on the south flank of Awbrey Butte. 3/3, 3165 square feet  . . . it closed at $1,200,000.

A great buy on the east side of town near the hospital; 3/2, 1548 square feet.

Bargain Bend . . . $410,000

Nothing under $400,000! But, interestingly, a big chunk of homes between $400,000 and $500,000. The least expensive home sold was this 2/1, 1213 square footer in the “heart of midtown.”

An open plan and a 2015 remodel–hickory flooring, Milgard windows, and a fenced back yard. The exterior was kind of  funky, but inside was surprisingly nice! The air conditioning unit was included in the sale.

It closed at $350 per square foot.

Luxury Bend . . . $2,950,000

Just as it has all summer, the luxury market continued to flex its muscles . . . 41 homes sold for more than a million dollars (maybe a testament to the continuing influx of California transplants).

The big winner was an elegant contemporary in Shevlin Commons.

Stunning architectural details, unobstructed views of the Cascades, and wonderful proximity to the trails at Shevlin Park. In short, a very cool house . . . 3/3, 3813 square feet. It closed at $250,000 (wow!) over list price at a whopping $774 per foot.

Bend’s Median . . . $635,000

We’re still taking bets as to when the west side of town’s median price hits $1,000,000. Here’s where things stand now–

East side   $586,000

West side  $970,000

The median priced home in Bend in August may have look like this immaculately maintained house off of Boyd Acres on the east side. 3/3, 1802 square feet, the home had all bedrooms up. Sited on a corner lot, the home fetured a fully fenced yard complete with mature trees, lawn, and a fire pit.

It closed at $10,000 over list, at $352 per foot.

Looking Ahead

I don’t think we’ll be seeing major price drops anytime soon. As inventory increases a bit as we move into the fall, we may see more stabilization (that word again!) in pricing. However, demand will continue to outstrip supply and interest rates should remain near record lows. Looks like the ride is going to continue (though at a  slightly slower pace)!