Bend, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
With snow falling in the Cascades, it is becoming harder to find places to take a long hike in Central Oregon without snow shoes or cross country skies. Last Saturday we decided to re-hike the 1.4 mile, 500 foot elevation gain Bessie Butte trail located off China Hat and then take the Swamp Wells Trail through the Deschutes National Forest to Kelsey Butte, located roughly 5 miles south of Bessie Butte. The trail, lightly covered with snow, was easy to follow and our research on the hike showed it to be one for mountain bikers as well as hikers.  The Swamp Wells Trail, if followed its entire length, eventually will end at Newberry Crater after 20 plus miles with a lot of elevation gain in that final push.  During our hike through the woods we saw only one other person, a woman with her d...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR New Home Prices Expected to RiseThe demand for Bend Oregon housing over the past year has broken records. With less than a month supply of single family homes for sale, builders have been working hard to bring new product onto the market. However, the demand has not kept up with the supply and more and more buyers are not able to purchase a home they can afford.Besides the changes that great demand has made to Bend new home prices, there is another important issue connected with housing affordability - the price of lumber. Since the beginning of the pandemic in March when lumber prices dropped initially, the price of lumber has climbed at a tremendous rate, reaching a high of almost $1000 per thousand board feet in September before prices dropped in October. However, with decent...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
A Tantalizing Wine Experience in Downtown BendWe were very excited to be able to try out this new little wine shop, tucked away in downtown Bend. It has only been open for about 6 weeks (what a time to open!), and Dave has done an incredible job of putting together a diverse portfolio of varietals at reasonable prices.We made a reservation for one of two outdoor dining tables to do the weekly signature flight. The seating was appropriately distanced, and each table came with its own heater; we hardly used our blankets we brought. This week’s selection was Gamay- a varietal we are personally not very familiar with, so this was an extra treat!Our tasting experience had us traveling from France to the Willamette valley and between sparkling, carbonic maceration, and a mix of carbonic macer...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Prices Up With Inventory Levels DownThe Bend real estate trends continued their 2020 pattern in November with prices up significantly over November 2019 and the inventory of available single family homes for sale down. The demand for Bend housing sometimes appears desperate with multiple offers the norm on most new listings and most buyers disappointed as their "highest and best" offer isn't sufficient to "win the home." Comparing November 2020 with November 2019 sales for Bend single family homes on less than an acre, the following trends can be seen: Average sales price up 23.2% to $640,366* Median sales price up 24% to $537,000 New listings down 6% to 126 Homes for sale down 80.7% to 144 Pending sales up 96.5% to 336 Sold homes up 22.9% to 209 Median days on market down 81....
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Inventory Levels Less Than a Month for Bend Oregon Real EstateThe October 2020 figures have been published for Bend single family home sales on less than an acre. The results continue the trends we have been experiencing this year - recording breaking low inventory, record breaking demand and record breaking home prices. The inventory of available Bend single family homes for sale has now reached a desperate level of less than half a month of supply.  This has created a situation where multiple offers are the norm, days on market historically low and prices escalating at a rate that we believe is unsustainable.When October 2019 sales figures for Bend single family homes on less than an acre are compared with those from October 2020, the following changes can be noted: Average sales pric...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
I have been fortunate to be interviewed periodically on real estate trends and issues in Central Oregon. Two days ago a local reporter asked me on camera what was happening with Covid and Bend Oregon real estate. Here is the link to the interview:  Interview of Central Oregon - Bend Real Estate Market It is always interesting to see what they include and choose to edit out when a final product is produced. Hopefully the information was helpful for our local residents and our brokerage receives added credibility as a result of the interview.
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Lack of Inventory Impacting High End Home Sales in Bend As is the case in all of Bend real estate, Bend luxury homes are also suffering from a lack of inventory. Since our last post in July, 2020 exclusively looking at the high end market, Bend homes sales over $1,000,000 on less than an acre have continued to be strong with 106 closed third quarter 2020.  This compares with 40 in 2019 and 31 in 2018. For 2020, the price per square foot on closed sales averaged around $400 with the high just under $800. These prices should rise as more and more demand is made on Bend housing, driving the price of some smaller homes above $1,000,000.   As the chart above shows, Bend home sales over $1,000,000 are way up this year. Depending on the property, multiple offers are often driving the price ev...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Continues to Lack Homes to SellThis summer has seen some of the biggest increases in Bend home values coupled with the greatest demand. Multiple offers driving home prices up, far more buyers than available properties, and low interest rates have all contributed to our current Bend real estate market in which listings are key to sales.When September 2020 Bend single family home sales on less than an acre are compared with sales from September 2019, the following changes can be noted: Average sales price up 26.6% to $671,559* Median Sales price up 25% to $549,950 New listings up 25.2% to 273 Available homes for sale down 77.9% to 199 Pending sales up 126.6% to 494 Sold homes up 30.3% to 284 Medium days on market down 72.7% to 6 Months of supply down 83% to 3 weeks Average price per ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Tumalo Falls is a Popular Visitor AttractionTumalo Falls has always been a destination for people visiting Central Oregon. The short drive out of Bend followed by a short walk can give tourists the opportunity to see a beautiful local waterfall and the location of roughly 1/2 of Bend's water supply. Most people stop at either the base of the falls, or will climb the 1/4 mile up to the overlook at the top of the falls. But there is a fabulous trail upstream along Tumalo Creek that takes hikers past several beautiful waterfalls and eventually leads to Happy Valley meadow in which a merger of several trails and roads provide for miles of opportunities to recreate using the Tumalo Trail System.It has been seven years since we last hiked to Tumalo Falls.  That last time the road to the falls...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Are Breaking RecordsThe Bend single family residential sales trends that we saw in July continued into August with record breaking prices, low inventory levels, and a large uptick in pending sales contracts greatly impacting the Bend real estate market.  Lack of inventory remains a major issue with levels now below one month supply.  This has driven home prices up and led to multiple offers on many properties.When August 2020 is compared with August 2019, the following data can be noted for Bend single family homes on less than an acre: Average sales price is up 17% to $656,022* Median sales price is up 11.6% to $529,950 New listings are up 6.3% to 254 Number of homes for sale is down 79.1% to 198 Pending sales is up 125.9% to 576 Sold homes is up 17.6% to 300 Median day...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Luxury Home Buyers Have Found Bend Oregon We have been tracking Bend real estate sales for decades, but the summer of 2020 has provided for high end home sales that have never been seen before in the Bend market. High end homes have been part of Bend real estate since the early part of last century when the Shevlin-Hixon and Brooks-Scanlon lumber mills opened and logging became the main industry within the town. The land near Mirror Pond and Drake Park became the location where some of Bend's earliest luxury homes were built. Over the years, as various sections of Bend were developed, the luxury market expanded into Pilot Butte, Awbrey Butte, and the various golf communities in town such as Awbrey Glen, Broken Top, Pronghorn and Tetherow. However, as these communities were developed, wh...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales in July AmazingWe have been involved with Central Oregon real estate sales since 2000, and despite the boom and bust years, 2020 has proven, year to date, to be among the most phenomenal years we have ever seen - with July the pinnacle so far.Ask any Bend real estate agent what is the situation with Bend home sales and they will tell you there is a severe lack of inventory. Many listings receive multiple offers, pushing the price up and discouraging buyers who lose out. Cash buyers have an upper hand, especially as prices reach a place where there is doubt the property will appraise. We are seeing new listings hitting the market at prices which just 6 months ago would have been unheard of. And we are surprised to see many of these homes selling even beyond that inflated ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Ever since coming out from the housing recession, the value of Bend single family homes on less than an acre has increased. From an average sales price of $230,000 in spring of 2011, Bend home values have gone up to exceed $547,000 June 2020.  During the same time, the months of inventory have dropped from 13.3 months to less than 2 and the price per square foot has risen from $113 to $268. From a low of two $1,000,000 plus Bend homes on less than an acre selling in all of 2010, June 2020 alone saw 23 sold.* Bend Premier Real Estate brokers are currently working with many million dollar buyers, and people calling the office or registering on the company website are frequently searching for high end listings. Despite the Covid-19 pandemic (or perhaps because of it), the demand for Bend ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The June 2020 MLS figures have been published and it is clear that a lack of inventory is greatly impacting Bend home sales. Ever since coming out of the great recession, we have been in a seller's market with less than six months supply of homes.  However, despite the Covid-19 pandemic (or perhaps because of it), we are seeing many home buyers actively searching for Bend homes and now have less than 1.5 months supply. For Bend properties priced less than $400,000, our brokerage has been involved in several multiple offers - some as high as nine offers on the same home. This is creating a sense of desperation for some looking for a Bend home this summer.When June 2020 is compared with June 2019, Bend single family home sales on less than an acre reflect these changes: Average sales pric...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The May 2020 real estate sales figures have been published and the second full month of the Covid-19 pandemic and its subsequent impact on the Bend economy is over. Contrary to the thought process of many, Bend single family real estate sales were extremely strong in May. The biggest limitation to sales was the lack of inventory with sellers either delaying listing or pulling listings off the market. Buyers, however, have entered the market in force and are purchasing Bend single family homes, driving inventory levels below 2 months.When May 2020 is compared with May 2019, Bend single family homes on less than an acre show the following changes: Average sales price down .5% to $553,373* Average list price down 1.99% to $596,885 New listings down 39.2% to 256 Number of homes for sale dow...
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By Melinda (Mel) Peterson, The Blessed Realtor - ABR, CRS
(Grants Pass, OR)
Joni Mitchell paints a lovely picture of idealism versus reality when she wrote the song; Both Sides Now.  Some of us look at clouds with such wonder and optimism... like ice cream castles in the air.  Others look at clouds as blocking the sun; raining and snowing on everyone.  Recently, I had a client who felt he missed out on a magical property.  In reality, he wasn't ready to purchase.  But in his mind, he saw ice cream castles in the air, so there was no dismissing his mercurial sense of wonder with respect to this property.  Many buyers start their home/property search with a dreamy wish list often coupled with unrealistic expectations.  Then the stark reality sets in and buyers end up adjusting their sails.  How do we navigate these stormy waters without being viewed as dream kill...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The first full month of the Covid-19 pandemic impacted Bend single family homes with sales significantly down over the same month in 2019. Some buyers lost jobs which in turn kept them from qualifying for their mortgage. In other cases, sellers took their homes off the market not feeling confident to sell during the stay at home orders. Other buyers delayed their trips to Bend and canceled appointments to view homes. While Bend home sales still are occurring, it is different than it was before Covid-19.When April 2020 Bend single family home sales are compared with April 2019, the following differences can be noted: Homes available for sale down 16% from 971 to 811* New active listings during the month down 35% from 364 to 236 Pending home sales down 41% from 296 to 172 Homes closed dow...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Mortgage rates have dipped to a record low for the second time in as many months since the Covid-19 pandemic began.  The 30-year fixed-rate mortgage dropped to an average of 3.23% during the week ending April 30, a decrease of 10 basis points from the previous week, according to Freddie Mac. This represents the lowest level since Freddie Mac began tracking this data starting in 1971. A year ago, the 30-year fixed-rate mortgage averaged 4.14%.  What Do Low Interest Rates Mean for Bend Home Buyers?Low interest rates mean that the average home buyer can afford more than before.  If you review the chart, you will see that the difference of 1% in the mortgage interest rate can be the difference between buying a $630,000 home vs a $700,000. In both cases, the monthly costs are roughly the sam...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Culture is a paramount piece of the Central Oregon community. During this temporary shut down it may feel like our community is losing its culture, but this situation is just challenging us to build something new. Here at Bend Premier Real Estate, we see the affects that COVID-19 is having on our community and we’ve decided to take this culture challenge and turn it into a platform to build upon.What is Central Oregon Culture? While this is different for each individual, we think it is safe to say that collectively we love our outdoors and being active. And with the weather turning in our favor, most of us are getting outside to bike, hike, run, and explore. But we know that the first few rides, hikes, and runs can welcome a new soreness we haven’t felt in sometime.Most of us understand...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Jackson's Corner Offers Two Great Date Night Meals Date night is such an important part of relationships. It's time that is actively allocated to spend with those that bring joy to your life. Don’t let this quarantine dull your connection. Whether it's making a meal at home together, or dining together over video chat, make it special for your special ones. If you’re having an arduous time figuring out what to do, we’ve got a few suggestions.  One of our favorite COVID-19 Date Night plans includes Jackson’s Corner's “Pizza Kit”. Only $20 to make two 14 inch pepperoni pizzas! Take this fun kit home; not only is it a scrumptious meal but also some great quality time in the kitchen. Oh but it doesn’t stop at pizza! Jackson’s Corner also offers a Burger kit. For $30 you get four 6 oz pattie...
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