October in Bend Oregon
October is the month of change in Central Oregon . . . wonderful warm days of Indian Summer
and lovely fall colors, interspersed with frigid winds and early snow. October is never sure which it wants to be.
Bend Real Estate
The Bend real estate market showed no such ambivalence in October. It was full speed ahead. We saw the sale of 170 homes (up 21% from a year ago). Even more impressive was the 188 homes pended (up 54% from 2011), and a great sign for what lies ahead.
Inventory at All Time Low
We also saw the lowest inventory level in over 8 years (as far back as I can track MLS statistics) . . . just 379 homes on the market in Bend! To continue with the comparisons with 2011 (Bend Homes -October 2011), that ‘s down 33%. Here’s a market snapshot:
That’s just 2.2 months of inventory overall. The National Association of Realtors considers six months of inventory to be a “balanced Market.”
Distressed Property in Bend
Just 25% of Bend’s real estate sales in October were “distressed” . . . 16 bank-owned, and 28 short sales. Just a year and a half ago, the distressed figure.was almost 60%. Also encouraging was the paltry number of Notices of Default . . . just 9 for the entire month.
Bend Real Estate Price Range in October
The low-priced leader in Bend real estate for the month was a sexy little 1 bedroom, 1 bath, 666 square foot cottage, built in 1930. It sold for $80,000 (listed for $99,000), or $120/ square foot.
The home, on a commercially-zoned lot, featured a “mature tree for shade” and also a “driveway.” It didn’t exactly have an “open” floor plan.
I shouldn’t poke fun at other agents’ crappy marketing photos.
Tetherow at $1,100,000
At the high end, was a stunning almost 3500 square foot, Sun Forest-built home at Tetherow. The home was sold by Cascade Sotheby’s broker, Sandy Kohlmoos (of Team Kohlmoos), at $1,100,000 or $323 per foot.
The northwest lodge style overlooks the second hole of the David Kidd track at Tetherow. It featured reclaimed antique oak floors, huge windows looking out to the Cascade peaks, log beam accents, and floor to ceiling stacked stone fireplace. The gourmet kitchen
had Viking appliances, 2 dishwashers, island and pantry.
Median Price in Bend . . . $238,000
Median price for a home in Bend rose to $238,000; up 8% from a month ago. That median-priced home might look like this 3/2, 1919 square foot house near Bend Golf and Country Club.
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