What’s Going On?

A good question! Prices continue to rise, rise, rise . . . Bend’s median price hit another all-time high at $595,000 (a hefty bump from  last month’s $515,000; and up a startling 33% from January 2020). It pains me a bit to look into the archives (my posts) from five years ago when the median price hovered around $317,000. We all should have bought then! Sold median price per square foot also hit a Bend record–$283  per square foot.

We saw the purchase of 151 homes (single family residential on less than an acre) . . . the demand was certainly there, the inventory was not–just .3 months overall. That remains an all time low. Homes also went pending in an unbelievable average of just four days. With all the competition, buyers needed to be fully prepared and ready to jump; it’s an extremely tough time to be a non-cash buyer.

On a positive note . . . interest rates remained extremely low (under 3%) and the skiing has been great!

Bargain Bend . . . $340,000

I guess we really can’t even call it that anymore! The low priced leader for January was another “tiny home” at The Hiatus. And though the one bedroom, one bath house  went pending in just  a couple of days, it certainly was no bargain at $569 per square foot.

This was the first  resale in the community, and it did offer some nice original owner upgrades–a KERF storage display wall,

a Frigidaire reefer, sleeper sofa, stackable washer and dryer, and an outdoor pergola. It sold for just a bit above list at $340,000.

Interestingly the tiny home sold originally in July 2020 for $287,400. That’s our market!

Bend’s Median . . . $595,000

The median priced home in Bend might have looked like this timeless custom on a cul-de-sac in NW Bend.

The 3 bedroom, 3 bath, 1672 square foot house featured the requisite open plan with soaring ceilings and skylights; the large main level master offered a walk-in closet and access to a rather funky sauna.

The kitchen included a breakfast bar, those sought after Corian counters, and stainless appliances.

The home went pending in four days (now par for the course), and sold for $11,000 over list price at $353 per square foot.

Median prices for each side of town get scarier every month:

West side  $805,000

East side   $454,995

Luxury Bend . . . $2,075,000

A rather pleasant change . . . not Tetherow, not Broken Top . . . but rather a rare opportunity to live on (some would say) Bend’s most distinctive street–Drake Drive.

Right across the busy road from iconic Mirror Pond.

Completely remodeled in 2006, this 3/4, 4425 square foot relic now offers every modern convenience–a fancy chef’s kitchen with high end appliances, European style bathroom vanities (not exactly sure what that means), and period piece Chrystal chandeliers.

The home went pending in 13 days, and sold for $468 per square foot.

Looking Ahead

Never an easy task to look into the cloudy crystal ball, but  I believe we’ll see a bit more of the same in moving ahead. The Bend luxury market will continue to do well; based on continued in-migration from more expensive feeder markets (and the vast individual wealth recently generated in those areas), low interest rates, and affordable jumbo loans.  The economy (and jobs) will begin to recover (slowly), but not until vaccines are more completely distributed. Unfortunately, we’ll continue to see extremely low inventory, but a slight expected rise in interest rates will act as a bit of a headwind to runaway price escalation.

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