August in Bend
Great August weather . . . sunny, warm days and cool nights–the way it’s supposed to be.
The Bend real estate market showed no sign of cooling off though . . . 227 homes sold. That’s up about 10% from July’s figure.
The median sales price in Bend dropped bit . . . to $266,000. It seems strange to hearken back to those halcyon days of 2006, when that number was $396,000!
Inventory Level–2.8 months
We’re still in a pretty heavy “seller’s market,” and overall inventory levels remain low . . . just 2.9 months. But, a rather interesting phenomena revealed in the “lower mid range” ($200-$350,000). In that price point, there were 100 more homes listed in August than in July!
The number of distressed sales likewise stayed pretty low . . . right around 9%. An indicator that the move to “judicial foreclosures” is perhaps having an effect. A year ago, in Bend real estate, that number was between 55 and 60%.
Bend Real Estate–The High End
The most expensive home sold in Bend in August was a 3 bedroom, 4.5 bath, 4587 square foot home on Awbrey Butte that went for $1,295,000 (list price!). The beautiful home was listed and sold by Cascade Sotheby’s; it went “pending” in one day!
It sold for $282 per square foot. Aside from wonderful Cascade mountain views, an open floor plan,
and great outdoor spaces, the home featured a 1300 bottle, climate-controlled wine cellar.
What would you do with a 1300 bottle climate-controlled wine cellar?
On The Modest Side
The lowest priced home sale in Bend was a short sale at just $85,232 (I don’t like round numbers either!). The photos don’t do much for me, but the one bedroom, one bath, 864 square foot home
did sit on one acre and featured its own private bridge to separate it from Red Market Road. It went for $100 per square foot.
Median Price at $266,000
The home closest to the median price was this 3/2, 1356 square footer off Shevlin Park Road.
Surprisingly, to me, it went for almost $200 per square foot; it sold in less than 30 days! Wow! Goes to show the desirability of a single level home on the westside of town.
Going Forward . . . Real Estate in Bend
Looking ahead to the end of the summer, here are a few of my fearless prognostications:
- Increased inventory available at the low end because of the expiration of the 6 month “right of redemption” on the early judicial foreclosures. This low end product, in many cases, will have sat for six months . . . it may not be in the best of shape
- More high end sales (million dollar plus)
- A slowing of price increases because of increased inventory
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