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... 10/13/2020

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 ... 10/07/2020

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... 09/30/2020

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... 09/09/2020

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... 08/20/2020

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 ... 08/07/2020

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 ... 07/13/2020

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... 07/08/2020

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... 06/08/2020

Joni Mitchell paints a lovely picture of idealism in her 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 buyer who felt he missed out on a magical property.  In his mind, he saw ice cream castles in the air.  In my mind, he wasn't qualified to buy this home.  In that moment, he felt I was a dream killer.Many buyers start their home/property search with a dreamy wish list often accompanied by unrealistic expectations.  Then a stark reality sets in and buyers end up having to adjust their sails.  So, how do we navigate stormy waters without being viewed as dream killers?  Our ability to see clouds from both sides is the first ... 05/14/2020

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... 05/10/2020

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... 05/02/2020

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... 05/01/2020

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... 04/23/2020

Miyagi Ramen Has Great Food at Great PricesIn our ongoing effort to support local restaurants which are struggling during the Covid-19 restrictions, Bend Premier Real Estate Brokers are focusing on Miyagi Ramen this week.Located in the Box Factory on Industrial Way near the Old Mill Shopping Center in Bend, we purchased the Black Sesame Dan Dan (spicy minced pork, baby bok choy, cilantro, lime and fermented black bean) and the Tonkotsu (chashu pork belly, nori, pickled burdock root, bamboo shoot, soft egg, scallion) and an order of Tempura Miatake Mushroom steamed buns (two per order).  For a price of $33, we were totally satisfied and felt our meal was well priced and delicious. The to-go service was ready right when I arrived to pick up our meal; they would have walked the food out to... 04/17/2020

Need a Caffeine Fix Today? During this quarantine it is essential to practice CDC safety guidelines, but does that mean your coffee options are restricted? Definitely NOT! Below are a few coffee establishments in Bend that are still open for take-out and bean orders. Help support local businesses during this chaotic time, and also feed your caffeine needs. Lone Pine Roasters* Also a shout out to Lone Pine Roasters! I recently purchased a bag of their Ethiopian Suke Quto beans. After brewing this coffee today, I can attest to the quality of this roastery. The Ethiopian beans were bursting with aromas of stone fruits and citrus, and the final product was gorgeous. Bright peach notes, with some honey, and a baking spice finish; definitely a great way to start the day. Lone Pine Roasters i... 04/15/2020

It's not often that we experience the luxury of time standing still.  The COVID-19 pandemic has provided a glimpse of what the world feels like on pause.  Is it a blessing, or a curse?  Or perhaps both?!Our family experienced a very personal pause 1.5 years ago when my hubby was diagnosed with a rare, incurable cancer.  We were told to go home and get our affairs in order.  In that moment, we were stunned as time stood still. Since then, many of our plans/decisions have been altered in light of the knowledge of that ticking time bomb.  While it may seem like a curse, we're grateful everyday for more time to rediscover who we are.I wonder what many of you are feeling in this moment.  Are you being forced to make decisions that you would have never considered if it weren't for a ticking t... 04/14/2020

Adopt a Bend Oregon Restaurant - This Week Chomp ChompWe love Bend! Part of the Bend culture is the variety of places to eat and socialize. With all of Bend's restaurants shut down and only open for take out due to Covid-19 restrictions, we need to support them however possible.  Each week Bend Premier Real Estate brokers are adopting a new restaurant and we invite you go join us.  It takes a lot of food sales just to pay the rent. This week we are supporting Chomp Chomp in downtown Bend.We ordered "Our Ramen" which was fabulous with garlic baby bok choy, nori, oyster mushroom, a soft boiled egg, chicken (we substituted chicken for pork belly) and scallions. Our second order was "All Mighty Gyudon" which was thinly sliced sirloin over rice with stewed onions, fried egg, pickled ginger, ... 04/11/2020

Central Or Real Estate Sales Feeling Impact of Covid-19 PandemicThe March 2020 real estate trends have been published and they reflect both the start of the Covid-19 pandemic and the closings from strong February home sales. Central Oregon schools shut down Friday, March 13th and stay at home became the norm the following week.  Since the start of the pandemic, home sales have dropped, new listings have slowed, and more sale fails than normal have occurred, often due to buyers losing jobs and no longer qualifying for loans.  However, Central Oregon real estate sales are still happening, although at a different rate than normal for this time of year.Bend Oregon Home Sales MixedWhen March of 2020 is compared with March of 2019 for the sales of Bend single family homes on less than an acre... 04/07/2020

Great To Go Food in Bend OregonIf you are anything like us, we have been very sad about not being able to go out to our favorite restaurants during this quarantine. However, this just means we have been changing our focus from dine-in opportunities to the best "To Go" locations in Band! Last week we had the opportunity to try Cody's Catering and for anyone looking for a lot of great BBQ at a fantastic price, this is a must try!Currently through the end of April, Cody's is offering a special where you can buy one dinner for 4 hot and get a second "easy to heat up" dinner for 4 for half price! For a total of $46 we got enough food for about 4 meals for the two of us. Well of course this was exactly the kind of To Go bargain we were hunting for and it sure was delicious! We ordered the BBQ... 04/06/2020