Admin

Bend, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
What's in the January 2025 Bend Premier Newsletter? More Inventory and Moderate Price Increase the Norm in 2024 Creamy Mushroom Pasta Cozy Ideas to Transform Your Living Room This Winter Hike Smith Rock for a Winter Challenge Get Ready to Sell a Home in 2025 Check out more newsletters at Bend Premier Real Estate's website. 
Comments 5
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
More Bend Home Inventory and Moderate Price Increases Were the Norm for 2024 Sales 2024 Bend home sales experienced modest price increases for the year, but Bend home buyers were fortunate to have more options. Sellers who had hesitated putting their property on the market during Covid and following when mortgage interest rates were close to 8% finally had more inclination to do so when mortgage rates dropped to the mid 6% range during the summer of 2024. Delayed moves which were offset by high mortgage rates for a subsequent purchase finally made sense when rates dropped. Although there was an increase in home prices and sales for Bend single family homes, it was modest. With more inventory on the market, Bend home buyers could be more discerning with their purchase and homes which we...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Or Home Prices Historically HighIn some way, it feels like we are like a broken record that keeps repeating the same line. Bend home prices are way up and inventory levels are way down. Each month we wonder if we have reached the top (or bottom), but each month we are setting another record - and we don't see the trends changing anytime soon. This is by far the strongest seller's market we have ever seen in Bend with desperate buyers bidding home prices up to levels we have never seen.When April 2021 is compared with April 2020, Bend single family home sales on less than an acre reflect the following: Average sales price up 32.2% to $769,314* Median sales price up 41.2% to $651,000 New listings up 32.6% to 256 Homes for sale down 81.99% to 119 Pending sales up 149.7% to 427 Sold ho...
Comments 3
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Multiple Offers the Norm for Bend  Real Estate Sales If your offer to purchase a home in this highly competitive real estate market was rejected, it often is because a cash offer was accepted over one with a loan contingency attached. According to a recent NAR survey of Realtors®, the presence of a competing all cash offer was the second largest reason for an offer not being accepted, accounting for more than 25% of all real estate transactions. Other buyers making a higher offer is still the major cause of rejection. Here in Bend, we are seeing similar trends with multiple offers and bidding wars the norm rather than the exception for most Bend single family home sales. These bidding wars continue to push Bend home prices upward with early figures for April 2021 single family home sale...
Comments 5
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Lack of Inventory Triggering Escalating Sales Prices for Bend Oregon HomesThe figures are in for Bend single family home sales in March 2021. It has been a full year since Covid-19's impact on Bend home sales initially was felt and the resulting demand for Central Oregon homes began impacting our local housing market. We have had a year of tremendous buyer demand and Bend real estate sales which have broken records. Multiple offers and bidding wars have pushed Bend home prices to never before seen levels with cash offers typically beating out any offer involving financing. Entry level buyers have found Bend unaffordable and have determined Redmond, Prineville, LaPine and Madras may work better for their finances. The housing boom in Central Oregon is very real and it remains to be seen ...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
According to the National Association of Homebuilders (NAHB) annual Priced-Out Estimates released earlier this month, 71.5% of Bend residents have been priced out of the Bend real estate market based on a median priced home of $409,281. The household income needed to qualify would be $102,710.  Although the NAHB figures are fairly recent, this number is roughly 73% since the median price of a home in Bend today is closer to $520,000. And for every $5000 increase in the median price for a Bend home, another 700 local residents will be priced out of this market.These Bend numbers are higher than the national median home price of $346,757, resulting in about 75 million households, or roughly 60% of all U.S. residents, being priced out of the U.S. market. Just an additional $1000 increase i...
Comments 8
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Amazing Bend Home Sales in February 2021It has been a full year since the Covid-19 pandemic hit America and the resulting Stay at Home orders were implemented in most states. When the pandemic first came to the Bend real estate market, we thought that sales would be impacted negatively - and this was the case initially. When businesses shut their doors and laid off employees, brokerages followed suit and turned to the internet and virtual connections with clients.  Within Bend Premier Real Estate, the use of our Matterport 3D tours became a major tool to enable buyers to "see" homes without actually entering the property. Bend Premier brokers looked to utilize virtual tools as much as possible to keep business going.However, unexpectedly Bend real estate sales started to soar with lack ...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Strong Home Sales in Bend Continued in January 2021If we were to use one phrase to summarize January 2021's Bend single family home sales on less than an acre, it would be "more of the same." The 2020 Bend home sale trends since getting over the initial shock of the Covid-19 pandemic have been monumental and the start in 2021 appears to be continuing the movement.When January of 2021 is compared with January 2020 for Bend single family home sales on less than an acre, the following data can be noted: Average sales price up 28.2% to $666,293* Median sales price up 31.5% to $577,500 New listings down 12.3% to 135 Homes for sale down 84.1% to 89 Pending sales up 104.4% to 280 Solds up 12.4% to 154 Average days on market down 76.9% to 18 Median days on market down 90.2% to 4 Months of suppl...
Comments 1
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Lack of Inventory a Major Issue for High End Sales2020 was a year that will be remembered in the history books. In January and February 2020, real estate sales were great across the country with low interest rates leading the way enabling buyers to afford more than they could in the past. Low inventory levels were making sellers realize that listing in the winter could be a good decision and Bend Oregon real estate sales were breaking records.  Then the Covid-19 pandemic hit and the subsequent recession and work-from-home orders made many believe Central Oregon real estate sales would drastically drop. However, after the initial shock, Bend home sales came roaring back when the pandemic made people realize that if they were to work from home, home could be where they really wanted to li...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
2020 Had Unexpected Results for Bend Single Family Home Sales Who would have thought when 2020 began that we would be hit with a world wide pandemic, recession, work from home orders, and a Bend real estate market that was unprecedented in its volume of sales, increase in home prices and lack of inventory. When 2020 is compared with 2019, the following reflects the sales of Bend Oregon single family homes on less than an acre: Average home price up 15% to $611,764* Median home price up 11.6% to $502,000 New listings down 3% to 2623 Number of homes for sale down 32% to 552 Pending sales up 21.2% to 2838 Sold homes up 10.9% to 2596 Median days on market down 52.2% to 11 Months of supply down 35.7% to 2.7  Average price per square foot up 10.2% to $291 Median price per square foot up 10.3...
Comments 2
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...
Comments 5
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...
Comments 7
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...
Comments 6
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....
Comments 0
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...
Comments 2
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.
Comments 7
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...
Comments 8
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 ...
Comments 5
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...
Comments 5
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...
Comments 2
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...
Comments 2
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 ...
Comments 7
Explore Bend, OR
Bend, OR Real Estate Professionals