Bonkers!
The Bend real estate market is absolutely bonkers! For July, amidst the pandemic, we saw numbers never even dreamed of–the median price soared to $529,000 (up from $464,000 in June); and we saw the purchase of 318 homes!
Both of these numbers are all-time highs, and have me contemplating a re-post of that lame Rita Coolidge song;
Things are moving so incredibly quickly–homes hit the market and they’re gone! What a great time to be a seller (provided you have some place to land); a little tough to be a buyer. We’ve currently got less than one month of available inventory (as an unnecessary reminder, 6 months of inventory indicates a “balanced” market), and it seems that every transaction is a battle; multiple offers are the rule.
Auspicious Sales (because we made them)
We’ve been fortunate to continue our streak of excellent sales:
A classic in Broken Top . . . golf course and mountain views at $1,950,000
A country winner on Old Bend Redmond Highway at $800,00
A custom single level, backing to the park in The Woods neighborhood of Broken Top at $795,00
A great view lot on Awbrey Butte at $317,000
Luxury Bend . . . $2,300,000
Modern elegance at Pronghorn; the big winner in a wild month (that saw the purchase of 29 homes for over one million dollars) was this northwest masterpiece from BendTrend homes.
The four bedroom, six bath, 4682 square foot home featured outstanding views of the 12th. and 13th. holes of the ultra private Fazio track. It sold for $491 per square foot.
An open plan offering main level living, an amazing chef’s kitchen, guest suites, and a den/office. Even a 1500 square foot garage.
I’ve admired this home for years . . . and I’ve done my best to try to hit golf balls into the backyard (to no avail)!
Bend’s Median . . . $529,000
Bonkers is right! $529,000 seems almost obscene . . . a bump of $65,000 over June’s median. And for that price, one might be lucky enough to find something like this single level beauty in sought after Mountain High.
The 3/2, 2437 square foot house offered some nice upgrades–a pleasant kitchen with slab granite, recessed lighting, and a large bay window. Even a dead zoo of sorts; the acacia hardwood flooring nicely complementing the zebra hide rug.
Tiled baths, new carpet, and a new roof and skylights completed the package. The home went pending (at full price) in just two days; it sold for $217 a foot.
Median prices on the two sides of town:
East side $410,000
West side $699,000
Bargain Bend . . .
Yeah, we’re back at The Hiatus again! And I thought we’d escaped forever. I suppose we’ve got to give credit where credit is due . . . these tiny (598 square feet) homes have closed incredibly well; I’m just tired of writing about them each month.
22 private lots with modern cottages; simple and functional, with high quality fixtures and surfaces.
This one went for $287,400 (list was $276,500) or $481 per square foot. Sadly, it was one of only two homes to sell for less than $300,000 in July.
Moving Ahead
Anybody’s guess! The market is hot . . . the inventory is not!
Interest rates continue to be at historic lows. Pending sales for July were solid (portending good things for another month or two). In-migration (and the desire to be here) continues to drive the market. And, the COVID-19 virus has made clear the feasibility of working at home. All these are signs that the strong demand will continue.
On the negative side are the pronounced lack of inventory and the uncertainty surrounding the upcoming election. I guess we’ll just wait and see.
