Bend in December
Well, we got the predicted cold weather in Bend in December. Check out those geese (above) on the partially frozen Deschutes near the Old Mill District.
But, none of the snow we wanted. It’s enough to make a man cranky!
Bend Real Estate Snapshot
And, speaking of cranky . . . the Bend real estate market showed some slight signs of crankiness.
Market Indicators
After six consecutive months of more than 200 residential sales, the numbers fell to 168 in November, and 147 in December. The unusual (of late) performance of the Bend real estate market made even the pundits wonder if this were just a “seasonal adjustment” or a preview of things to come:
- 3.5 months of inventory overall (still a “seller’s market” . . . the NAR considers 6 months of inventory to be a “balanced market”)
- Number of homes sold was down 12.5% from November’s figure
- “Pending” sales (an indicator of future closings) off 34% from November
- Median price dropped from $290,000 to $269,000
- Inventory at highest level in two years; 52% higher than a year ago
- No home sold for more than $799,000
- “Distressed” properties accounted for just 8% of sales
Range of Residential Prices in Bend
At the low end of the market was a “charming” 3 bedroom, 2 bath, 1896 square foot home on Bend’s southeast side.
It featured an upgraded interior, a garage converted to a game’s room, and a cool theater room.
The home sold as a short sale (after spending 588 days on the market) at $119,000 or just $63/square foot.
High End Bend . . . $799,000
A tough month for the high end. As mentioned above, the most expensive home purchased in Bend was new construction in Northwest Crossing (Not in My Backyard).
Four bedrooms, 3.5 baths, and 3273 square feet; that shakes out to $244/ square foot.
The home was sited on a sloping .35 acre lot, overlooking Skyliners Road on the westside. I sneaked out and took this photo . . . fun to compare it to the computer rendering above.
Median Price in Bend . . . $269,000
A Pahlisch home in Pheasant Run . . . 3 bedrooms, 2.5 baths, and 1865 square feet (that’s $141 per foot).
It featured bamboo flooring, granite counter tops, and a fence yard.
What’s Ahead in Bend Oregon Real Estate?
Difficult to say what lies ahead. We’ll pull out the crystal ball anyway, but make no guarantees.
We saw some pretty positive recovery, and some optimism in 2013. Prices will continue to rise in 2014, but at a much slower rate. Unfortunately, interest rates will also bump up . . . probably to 5% or 5.5%. Unemployment rates (a real problem in Central Oregon) should decline slightly.
Building permits are still running strong . . . we’ll see a continued boom in new construction; more first time and move up buyers, fewer cash-wielding investors.
It’ll be a great time to be a home owner in Central Oregon!
