Dog Days of Summer
Getting harder to make this humble piece interesting . . . too many numbers, the same tired jokes, and a familiarly stilted style, blah blah blah. So, for a change of pace, we’ll go with a little entertainment . . . a couple of summer ditties to liven things up (click on the photos to listen) and make us feel older . . .
And what would summer be without Florence and the Machine?
Summer in the City
July was a hot one in Bend . . . seemed like weeks on end; 21 days of over 90 degrees! And while the local real estate market stayed pretty hot too, there was just a whiff of change in the sometimes smoky air.
We saw the purchase of 237 homes in July . . . a hefty number, but still down 11% from a month ago; another 222 pended, also down about 10%. We’re starting to see a bit more inventory . . . 2.8 months overall (still a strong “seller’s market”). Also, signs of weakness in the mid-range ($500-$800,000), where inventory is up (21%) and sales seem to be lagging (perhaps a result of overly wishful seller pricing).
Homes still sold at an average of 98% of original list, and at a solid $253/square foot . . . the highest all time!
Median Price in Bend . . . $435,000
For you numerologists–median price on the west side of town– $563,500; on the east side–$380,000.
For the rest of us, $435,000 might get you something like this light and bright classic in a NE neighborhood.
Three bedrooms, 2.5 baths, 2000 square feet, and a crazy green lawn . . . all on an end of the cul-de-sac .23 acre lot. Not bad!
The home closed in just 38 days at $217 per foot.
$245,000 . . . Low End Bend
The only home in Bend to sell for less than $250,000! Wow . . . just five short years ago, there were 88 homes that sold for less.
Four bedrooms, two baths, and 1800 square feet, this “handyman special” sold in 14 days for $165 per square foot.
The listing agent used some interesting marketing photos.
Still, looked like a pretty sweet deal . . . a fenced backyard and a .24 acre lot. Just a bit of concern though . . . might get a bit chilly this winter as the only current heat source is a wood stove. Tough to have it all.
In 2010, the home sold as a bank-owned property at $80,000. We should have bought it then!
Luxury Bend
An outstanding riverfront home at a whopping $2,275,000 (the second most expensive residential sale this year). Yahoo! That’s a $821 per square foot . . . an astronomical figure in Bend.
The 3/3, 2770 square foot home
was sited on a primo lot that ran right down to the Deschutes River in an old Bend neighborhood; easy walking distance to everything (the brew pubs!). The property also featured some beautiful outdoor spaces.
Looking Ahead
As mentioned above, for the first time in months, there is the hint of subtle change in our local market. Inventory levels are up (though prices remain historically high) as new construction flourishes, and more sellers get off the fence and put their homes on the market. Going forward, buyers will simply have more choices.
However, it remains unclear (at least to this pundit) what effect the additional inventory will actually have . . . perhaps a cooling of the market, maybe a return to “normalcy.” Whatever the case, it’ll be in-migration (not sloppy lending) that will continue to influence/drive our market.
We’ll put the crystal ball aside now, and enjoy the rest of the summer!
Thinking about buying a home, selling yours, or just want to chat about the market? Give us a call at 541-408-4309!
