The Bend Real Estate Market
Delving more deeply into the most recent statistics for the Bend real estate market, we see the emergence of a new subset of buyers.
While the low end (under $200,000) has all but disappeared, and the “luxury” market remains unpredictable, the $500,000 to $800,000 price range has begun to offer a level of comfort, not only to our stereotypical “active retiree,” but also for a clan of younger professionals who identify as “high earners, not rich yet” (thus the acronym HENRY’s).
HENRY’s in Bend
This demographic is bringing professional class jobs to the area–transcending the typical Central Oregon economy, heretofore largely dependent on the tourism and building trades.
With some pretty hefty spending power, HENRY’s are driving some cool cultural innovation . . . including more diverse educational opportunities,
exciting new restaurants, and even greater recreational selections.
Stay tuned!
October’s Performance
Though we failed to reach the 200 sale plateau for the first time in five months, we got pretty close . . .195. Pending sales also stayed surprisingly strong at 237 (up 10% from a month ago). Median price stayed constant at $340,000. Available inventory remained tight at just 3 months overall . . . still a strong “seller’s market.”
Affordable Bend . . . $157,500
I won’t further whine about the lack of affordable housing in Bend; suffice to say that the low-priced leader for the month was a quaint little (euphemism for what?) home in “downtown” Tumalo . . . 2/1, 1056 square feet, on an almost one half acre parcel.
Knotty pine walls, a new stove, an open plan . . . sounds good! The down side . . . a weird solarium, a matching dog house,
and a failing septic system. Still, a deal at $149 per square foot.
High End Bend . . . Tetherow at $1,650,000
Always a bit unpredictable, the luxury market performed a bit better in October with five sales over one million dollars. The winner was another Tetherow masterpiece . . . four bedrooms, 3.5 baths, and 3326 square feet.
The home, which sold at almost $500 per square foot, was a contemporary plan that combined “sleek lines and crisp finishes, juxtaposed with rustic design elements.”
It flowed beautifully between indoor and outdoor areas. Perfect for Central Oregon!
Bend’s Median . . . $340,000
Bend’s median priced home might look like this 3/2, 2028 square foot, single level rancher. Built in 1976, and sited on a .82 acre parcel, it sold for $168/square foot.
Set amidst the tall Ponderosas in SW Bend, the home felt almost like a mountain lodge.
Notable Bend Sales in October
Again, notable because we made them.
A beautiful Mike Hasenroehl home in Tetherow that went for a shade under a million.
A awesome split level house with mountain views on Broken Top’s 13th. hole that went for $795,000.
Looking Ahead
No lame prognostications this month . . . let’s just all enjoy the holidays with family, friends, and those we hold closest!
