March in Bend
The Bend real estate market performed just about as pundits expected in March. No real excitement (no visit from Trump; the Kim Kardashian rumor turned out to be false). The skiing and surfing
were superb; town seemed full of Easter and spring break revelers, locals, and, most fortuitously, some rather serious buyers.
Bend Market Trends
185 homes sold in March (up from 125 in February). I feel like a broken record, moaning about the low inventory of available homes in Bend . . . just 403–at the current sales pace, that’s only 2.3 months’ supply. The National Association of Realtors considers six months of inventory to be a “balanced market.”
Pending sales again soared . . . 256 to be exact . . . indicating a long, hot summer ahead. New construction continued to mushroom, with new homes sprouting seemingly everywhere in town.
Building permits issued likewise remained near an all time high.
Low End Bend . . . $149,000
How can you find a home in Bend for under $150,000? Well, here it is–
A “cute” single level on a hilltop lot on the east side of town, close to medical and shopping.
I don’t care what it’s close to . . . the 3/2, 1080 square foot bank-owned (one of only three distressed sales for the month) home featured a fenced back yard (on a .31 acre lot) and all appliances. It sold for $138 per square foot. Remarkable!
Luxury in Bend . . . $1,325,000
At the other end of the spectrum was a wonderful four bedroom, 4.5 bath, 5053 square foot home on Awbrey Butte that was purchased for $1,325,000 or $262/square foot . . . one of three homes that topped a million in March.
The home, only for “the most discerning buyer,” offered all the expected cool stuff, including unobstructed Cascade views from virtually every living space.
Bend’s Median . . . $346,000
The median price for a home in Bend jumped to $346,000 . . . up from $332,000 a month ago.
For that amount, one could expect something like this 3/2.5, 1743 square foot house in Aspen Rim on Bend’s southwest side. It featured a bright kitchen, stainless appliances, and an extended garage. It sold for $199 per square foot.
HOA fees are $107 per month, and include a community pool. Sadly, I’ll forego the bikini pics this month.
Significant Sales
I guess all sales are significant; these are especially so because we made them.
The first of the cabins at Tetherow . . . 2/2.5, 1766 sq. ft.–$575,600.
A beautiful home on the Butte . . . 4/3.5, 3801 sq.ft.–$880,000.
On the east side . . . 3/2.5, 1666 sq. ft.–$261,000.
A nice month!
Moving Forward
In order to appreciate where we are today, let’s take a look back five years . . . 152 sales (91 of which were distressed), a median price of $188,000, an unemployment rate of 9.6%.
Now, it seems the stars are aligned . . . Oregon’s unemployment rate dropped to just 4.5% (lowest since 1976), interest rates remain around 4%, we’ve got glorious spring weather to look forward to, and, as the latest joke goes-“What’s the fastest growing town in California?” . . . Bend, Oregon!
Check out the full Market Report for the first quarter of 2016.
