Shoulder Season in Bend

Shoulder season in Bend . . . when’s it gonna snow? Seems like we’re all just waiting. We did have a bit of a teaser in late October.

Just enough to get us sort of excited; but it was just a teaser, nothing more.

The threat of an El Nino winter does not make this guy too happy. On the other hand, fall golf has continued to be great . . .

sunshine and no wind. In the absence of snow, I’ve been running a little personal contest to see how low I can go (temperature wise, certainly not in regard to my score) and still play in shorts. Current mark is 45 degrees!

October’s Real Estate Performance

As the pundits predicted last month, October’s performance rallied, and was actually quite impressive.

We saw the purchase of 223 homes (up 15% from September). Inventory levels remained scary low . . . just 2.3 months overall (remember, 6 months of inventory is considered a “balanced market).

Median price remained pretty stable at $432,900 (our all time high was $449,000 in July). Surprisingly, 100 new building permits were issued . . . the highest number in more than four years. Not sure there’s an explanation for this; except maybe that builders want to get foundations in before the hoped for snow.

Homes continued to sell at 95% of original list price at an average of $252 per square foot.

A couple areas of concern: a fairly sizable drop in the number of pended sales and a rather inordinate number (to put it euphemistically) of “price adjustments.”

Luxury Bend . . . $2,125,000

After a lackluster September, the luxury segment of the market knocked it out of the park last month . . . a two million dollar sale, and 10 sales over a million dollars (single family residential on less than an acre).

The big winner was another Norman Building and Design custom on one of the biggest lots in Broken Top.

This one seemingly had it all . . . privacy, a large lot, both golf and mountain views.

The 4/4.5, 4964 square foot home sold for $428 per square foot.

Affordable Bend

Oxymoron aside, the lower end did quite well . . . 15 homes sold for less than $300,000. But to put things into context, just look back five years–when full 47 homes sold for less than $200,000 and the median price was $259,5000.

What’s past is past . . . the loss leader turned out to be a centrally located little (2/1, 938 square feet) house . . . sited on a quiet (sort of) cul-de-sac very near the neighborhood runway (no joke!).

What a great home for a private pilot . . . fly in, fly out!

The home was built in 1968 and needs some updating. It sold for $230,000 (or $245 per square foot) and featured a very cool basketball hoop.

Bend’s Median . . . $432,900

Median priced home would look like this 4/2.5, 2210 square foot house in Northpointe; kinda boring, but very nice.

The modern farm house style offered a main level master, hardwood flooring, custom cabinets, and stainless appliances. It sold for $195 per square foot.

Lately (as we’re dealing with so many relocations), it’s been interesting to compare the median prices on the two sides of town . . .

Significant Sales in Bend

One auspicious sale last month. A three bedroom, two bath, 1900 square foot home on over an acre. A great buy at $490,000

Looking Ahead

More than just a bit unpredictable trying to look ahead.

The drop in pending sales is troubling in the short term. Political uncertainty, a vacillating stock market,and rising interest rates all seem to say “caution ahead.”

Pray for snow! Enjoy Thanksgiving with friends, family, and those you hold dear.