How’s the Bend Market?
Doesn’t matter where it is in Bend . . . the grocery store, riding the chair at Mt. Bachelor, cruising on Tiddly Winks or Funner, hanging at the river or one of the Cascade Lakes, enjoying a beer with friends; not a day goes by when we’re not asked the same question . . . how’s the Bend market? I’ve tried to prepare a succinct (honest, optimistic, yet devoid of hyperbole) thirty second “elevator” answer; still, it elongates and usually becomes complicated.
The Market is Stellar!
And it’s getting better . . . May saw some good numbers. While we did not reach the predicted 200 sale plateau, we did garner 248 pended sales . . . that’s the highest number in more than 9 years, and bodes exceedingly well for the rest of the summer ahead, as most homes close 45-60 days after going into contract.
Despite the fact that inventory levels are up a startling 35% (595 homes versus 440) from May a year ago, overall there’s just 3.2 months of for sale inventory. It’s a great time to be a seller . . . especially if the home is priced correctly.
And distressed properties continue to be a thing of the past (where’s that shadow inventory we’ve heard so much about?). In May, barely 6% of the 191 sales were bank-owned (4) or short sales (8). Amazing what short memories we have . . . two years ago the percentage of distressed sales was running at almost 65%.
Low End Bend . . . $112,500
The low end leader was a bank-owned beauty . . . needing sheetrock, an electrical box, appliances, and various and sundry carpentry issues.
I guess you could say it was a project. But, the 3/1, 1040 square foot home sold for $112,500 ($13,000 more than the list price) or $108 per foot.
Interestingly, in 2006 this house in Bend sold for $229,000. Here’s what it looked like then.
I love that photo!
The home, in up and coming midtown, is close to everything that Bend has to offer . . . Jaycee Park, the railroad tracks, and Vince Genna Stadium!
Awbrey Butte . . . $1,422,500
At the other end of the home-buying spectrum was a 5 bedroom, 5.5 bath behemoth (7071 square feet) on Horizon on Awbrey Butte . . . one of three homes this month (two on the Butte, one at Pronghorn) that topped $1 million. The home, featuring breathtaking Cascade views, and built in 2005, went for $201 per square foot.
It featured all the good stuff that I don’t need . . . a grand theater room with butt-thumping speakers, a huge wine cellar
(we drink our wine!), and a fitness room with steam shower.
Truly a beautiful home!
Bend’s Median Price . . . $295,000
The median price in Bend bumped again, this time up more than 5% from April’s figure; it’s now at $295,000.
The median price home in Bend might look like this 3 bedroom, 2.5 bath, 2088 square foot Pahlisch home,
built in the resurgent Lava Ridges community on Bend’s east side.
It went for $141 per square foot and offered stainless appliances and a three car garage.
The Summer Ahead
As the weather continues to be nice, the tourists (potential new homeowners) flock to town . . . one can feel the anticipation of the summer ahead. Interest rates remain low (near 4%), building permits continue at a near record pace, the sounds of new construction are in the air. There’s a lot to be excited about . . . I think we all know we’re lucky to live here!
