November in Bend
Don Mclean’s 1971 hit “Bye Bye, Miss American Pie” lamented “the day the music died,” a Wednesday in mid-November in Bend may be sadly remembered as the day when local favorite and craft brewer, “10 Barrel,” reached agreement with the world’s largest brewer, Anheuser-Busch.
A classic tale of “local boys make good” or the ultimate sell-out. I guess it all depends on ones perspective.
Real Estate in Bend
Maybe it was the wild weather, or too much turkey, perhaps a too rapid uptick in pricing, or maybe just not enough available inventory (225 fewer single family homes on the Bend market than in August!) . . . whatever the case, after a stellar October, we saw things fall off across the board in November.
150 Sales in Bend
Per the chart above, the low end of the market (under $200,000) has all but disappeared. Just for comparison sake, only two years ago (November 2012), 44% of sales (66 of 150) were in that price range.
The high end of the market didn’t fare well either . . . in November, there were no sales over one million dollars.
Granted, one month can sort of skew figures, so a single month’s seasonal decline is nothing to get too excited about. Nevertheless, here’s a quick look at some of our market trends:
- Only six sales under $200,000
- 3.3 months of inventory overall–a strong “Seller’s market”
- No sales over $1M; only one at $900,000
- Pended sales down a bit too . . . 186
- Distressed sales accounted for less than 3% of all sales
- Interest rates held near record lows
- New construction continued to thrive
- Unemployment stats were improved
The Low End . . . $175,000
The least expensive home sold in Bend was a 3/2, 1276 square foot house in Empire Crossing on Bend’s eastside.
It sold for $137 per square foot. The single level featured an open plan with fireplace, a fenced, landscaped yard with a cute little pool, and a reasonable view of the train tracks.
Awbrey Butte . . . $900,000
Awbrey Butte (see all available homes on the Butte) was again the site of the most expensive sale . . . a custom Craig Johannesen craftsman design.
The four bedroom, four bath home went for $181/square foot. It sold in 124 days at roughly 95% of list price.
The home featured all the usual good stuff . . . granite slab, Douglas fir cabinets, wood floors, mahogany decking, and a three car garage.
Bend’s Median . . . $295,635
Bend’s median price hovered just below the $300,000 plateau. A typical median-priced home would look like this new 3 bedroom, 2.5 bath, 1930 square footer (well, maybe not the same color!)
in Eagle’s Landing . . . a convenient location (near St. Charles and just a quick skip to Mountain View Park) on the east side.
It went for $153/square foot, and should make a great rental!
Notable Sales
By now, you know the exercise . . . these were “notable” because we made them. These three are a bit unusual because they don’t all fit the normal single family residential (on an acre or less) criteria.
A classy condo in The Plaza at $379,000
One of our favorites . . . a single level Norman Building and Design on three acres in Lane Knolls at $745,000.
The least expensive home sold on the westside; a cool project on an interesting parcel at $200,000.
What’s Next?
Rather than worrying too much about where we’re headed or where we’ve been, I think this month we’ll just sit back . . . cherish the holiday season, be thankful that we live here in Bend (or want to!), and spend time with family, friends, and those we hold close.
Want to know how much your home is worth?
