Maybe It’s The Water
Maybe it’s the weather; maybe the water (or perhaps the beer!) . . .
whatever the case, the desire for the “all Bend has to offer” lifestyle and the continued rampant in-migration caused the local real estate market to post some pretty frisky numbers in June.
It’s really not necessary to watch this cheesy video again (though the music makes for a soothing background) to appreciate (or rue) these all-time highs:
- 261 homes sold (besting the mark from June of 2015)
- $449,000 median price
- $249–average sales price per square foot
Other June Tidbits
While not records, Bend’s June real estate performance yielded some other impressive stats:
- 257 homes pended
- Just 2.3 months of available inventory
- A “seller’s market” across the board (less than 6 months inventory in all price points)
- 12 sales over $1M
- 71 building permits issued
Not Everyone Is Happy
As expected, the heavy price bumps further exacerbated the affordable housing dilemma. Not everyone is happy. Check out this link to a recent article on News Channel 21 ( KTVZ) . . . then go a step farther, and read the comments at the conclusion of the piece; they are more interesting than the article itself; some unique insights into growth in Bend.
Significant Sales
A couple of auspicious (we made them!) sales this month in Bend:
A classic on Awbrey Butte . . . 4/3.5, 3426 square feet . . . $1,000,000.
And, a stunning custom home at Brasada Ranch . . .
3/3.5, 3936 square feet, backing to the golf course, magnificent mountain views . . . $1,200,000.
Bend’s Median . . . $449,000
That’s a remarkable 8% higher than last month. Of course, looking at just one month’s data can certainly skew numbers . . . nevertheless, pretty crazy!
The median priced house in Bend would now look like this immaculately maintained 3/2.5, 2442 square foot home on Bend’s NE side . . .
The traditional design, built in 1998, offered a tandem three car garage and a great back yard.
It sold for $184 per foot.
Also, in June, the disparity in price between east side and west side seemed to widen. For the former, median price was $389,000; on the west side, it was an obnoxious $600,000.
Low End Bend
My partner would prefer the less demeaning “affordable Bend.” In any case, here’s the least expensive home sold in Bend in June . . . a bank-owned (the only one this month!) “gem” that went for $255,000.
The 3/2, 1575 square foot single level house, on an oversized (.44 acre) lot, sold for $162 per square foot.
A cool motif–each room was a different color . . . there was a yellow room, and a pink room (below), even a blue room. Don’t worry, I won’t post them all.
The home needed a bit of TLC.
Luxury Bend . . . $1,580,000
Segments of the luxury market performed well . . . we saw the purchase of 12 homes for more than a million dollars. However, properties on acreage and with irrigation (neither tracked here) seemed to lag.
The monthly prize went to another home in Broken Top. This three bedroom, 3.5 bath, 3982 square footer sold for. it backs to the par three sixteenth hole of Weiskopf/Morrish design. Suffice to say, I’ve spent a fair amount of time in the backyard of this home.
The Steve Madsen home was completely rebuilt in 2007. It closed in just 49 days at almost $400 per square foot.
Looking Ahead
The pundits say that we’ll be looking at a lot of traffic in Bend this summer.
Don’t worry . . .
