2017 . . . A Stellar Year For Real Estate In Bend - Best Bend Homes for Sale
Post image for 2017 . . . A Stellar Year For Real Estate In Bend

2017 . . . A Stellar Year For Real Estate In Bend

by John and Sandy Kohlmoos on January 23, 2018

Bend Real Estate

It seems as though 2017 has simply flown by. Now, after eight consecutive months of 200 plus sales, we saw a rather scary number (only 149 pendings) in November . . . an aberration or a normal seasonal adjustment?  Fortunately, the Bend real estate market (single family residential on less than an  acre) bounced back a bit in December with 190 sales, 161 pendings (ouch!), and just 2.3 months of available inventory.

fullsizeoutput_2131

Our median price slumped to $394,500 . . . that’s 5% off August’s all time high of $418,000.

Affordable Bend . . . $244,000

One look at the top row of the chart above seems to say it all about affordable housing in Bend . . . there simply isn’t any! For contrast, going back just 5 years to 2012, fully 34% of sales  were under $200,000; our chart looked like this:

Real Estate in Bend

We didn’t even have a luxury category and 23% of sales were distressed (bank-owned or short sales).

A Palmer home at $244,000

I’ll forego the reminiscing. The low priced leader for the month was a two bedroom, one bath, 900 square foot cottage in the Paradise Lane neighborhood off of Wells Acres; it sold for $244,000 or $270 per square foot.

Fenced back yard in bend

The house, built by Palmer Homes on a 50′ x 85′ lot, closed in just 32 days.

Median Price in Bend . . . $394,500

Continuing with our “back to the future” theme, five years ago Bend’s median price was $247,000 (we all should have bought then!); last month it was $394,500.

2017 . . . a stellar year for Bend real estate

Sort of boring, but for that price one could perhaps find a home like this new Hayden Home in Bailey Estates. It offered an open plan, a great kitchen, two masters, and a three car garage.  It sold for $162 per square foot.

Bend's median . . . $394,500

Luxury Bend . . . $2,045,000

Wow! Not often that a home in Bend, on less than an acre, sells for more than two million. But, this one-of-a-kind Pac West creation sits elevated above the second hole of Tetherow’s David Kidd-designed track. It features gorgeous Cascade mountain views.

Gorgeous Cascade views from Tetherow

The three bedroom, 3.5 bath, 5181 square foot home went for $395/square foot.

Over 2 million in Tetherow

Incidentally, the only other two million dollar plus sale this year was a spectacular 8247 (that’s the house size, not the lot size!) square foot riverfront home that sold in February after languishing on the market for two and a half years.

Looking ahead

2017 was another stellar year for real estate in Bend. We saw 2483 homes purchased . . . a total that nearly parallels 2016 numbers. Here’s what the fearless pundit sees ahead for 2018.

  1. The combination of continued in-migration and the dearth of available inventory will continue to drive the market and pricing in Bend.
  2. Prices will climb, but at a slower rate. We’ll go out on a limb and predict 4.4%.
  3. Interest rates will remain low . . . around 4.5%
  4. The “outlying” areas . . . Prineville, Redmond, Powell Butte, and La Pine . . . will see significant growth and subsequent price increases.
  5. We’ll see a welcome shift to smaller homes.
  6. The effect of tax reform? Your guess is as good as mine!

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: