Deschutes County, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The Number of Bend Homes for Sale is DownWe have been tracking Bend single family home sales for many years, looking at the trends, how home prices rise or fall, what the changes are in price per square foot, median and average sales price, months of inventory and days on market.  We have consistently compared one month to the same month the year previously in order to follow  the long term changes instead of potential anomalies that can occur over a short time period. We have watched and recorded that happened to the Bend home market when the market crashed with the housing recession. And we have watched and recorded the latest changes that happened when the Covid-19 pandemic and subsequent stay-at-home orders made Americans realize that home meant a whole lot more than it had in the p...
Comments 5
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The hardest tickets to get in Bend are not to the great acts at the Hayden Homes Amphitheater,  but rather the trail pass required to hike the Green Lakes trail. These tickets literally sell out in 60 seconds once posted on the Forest Service website. The trail largely runs alongside Fall Creek, which you will cross three times. And there is simply no shortage of beautiful waterfalls, wildlife, wildflowers, and amazing views along the way. This trail is considered moderate due to it’s length of 9.1 miles round trip and 1200 feet elevation gain, but it is pretty gradual almost the entire way and a very enjoyable adventure.  For the adventurous, taking the path past the last lake deeper into the Three Sisters Wilderness will result in views few experience, including the Northeastern flank...
Comments 5
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Sales Trends in Transition.As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.  While the market is changing, ho...
Comments 11
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
The Market is Changing for Bend Real Estate Sales For many Brokers, the past two years of real estate sales in the Central Oregon area have felt like warp speed.  The buyer frenzy in attempting to find a home that worked, writing as strong an offer as possible only to find out that the offer was one of many and the seller choose another, and then starting over again at another home to have that offer rejected as well.  Some of our brokers wrote as many as 10 offers for the same buyer before something was finally accepted or the buyer became so discouraged they stopped searching. From the seller side, putting a home on the market and then having 10 offers over the weekend which bid the price up to figures never seen before, sorting through them and finding the best offer that worked for...
Comments 9
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
For those who don't know, Bend Oregon was incorporated in 1904 as a logging town.  Located at the Bend of the Deschutes River in Central Oregon, it's main employer for many years was the Brooks - Scanlon Lumber Company which had its mill on the river. Workers at the mill built small homes in the nearby neighborhoods, taking left over lumber home with them and building their homes piecemeal. Many of these homes (called the mill cottages) remain today and if remodeled, can command a very expensive price due to their proximity to downtown Bend. In the 1990's, the federal government shut down logging on federal land in Oregon. Most of the forests in Oregon are federally owned and managed by the forest service.  Many will attribute the expansive wildfires we have had over the past few years ...
Comments 27
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Prices Up, But at Slower Rate Ask any Bend Premier Real Estate broker what the Bend home market is like late spring 2022 and they will tell you it "feels different" than it has been over the past two years.  The frenzied buying scenarios and multiple offers that were experienced on many listings in 2021 are fewer, days on market on many properties are up, and price reductions on homes that are not in contract within a few days are becoming more regular. While well priced homes in desirable locations are still receiving strong offers, and while bidding wars are occurring, we are not having the numbers of offers in these wars that we had in 2021. As interest rates grow, the buying power of potential homeowners shrinks. Cash offers are still prevalent and often will win over fin...
Comments 8
By Rob Spinosa, SVP of Mortgage Lending, Marin County
(Guaranteed Rate, Marin County, CA)
How to Rock a Family Opportunity Loan   Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own? Looking to assist a disabled or special needs adult child with housing or his/her own? Or how about putting a college-bound child into off-campus housing that you decide to purchase? All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry.  Until now... The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or vacation homes and investment/rental homes.  And if used in the right situation, the Family Opportunity loan will often permit you to obtain lower rate...
Comments 3
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Are Bend Home Sales at a Crossroads?We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.When April 2022 Bend single family home sales on less than an acre are compared with those fro...
Comments 15
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Real Estate Sales Up Despite Rising Interest RatesMortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows: Average sales price up 12.7% to $867,475* Median sales price up 31....
Comments 10
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Luxury Real Estate Sales Breaking RecordsIt is hard to believe, but ten years ago million dollar sales in Bend were rare and uncommon. Out of 1679 sales during the preceding 12 months that included February, 2012, only 9 were for more than one million dollars for Bend single family homes on less than an acre. This figure was .5% of total salesThe Bend real estate market has really changed! Out of the 2490 homes that sold during the preceding 12 months that included February, 2022, 433 closed for over $1,000,000, roughly 17% of total sales.  And while many of these sales would be considered "luxury homes," some are properties that just a few years ago were normal middle-class homes; due to extreme demand with little inventory these properties have seen their value increase into t...
Comments 14
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
How High Can Bend Oregon Home Prices Go?It seems that every month we are breaking records with Bend single family home sales. Since coming out of the great recession, Bend has experienced high demand for available housing leading to an increase in home prices. But since the Covid-19 pandemic and the resulting "stay at home orders" and recognition that working from home can be a viable option for many Americans, the increase in the number of people wanting to move to Bend has risen beyond that ever seen before. The lack of property for sale has resulted in tremendous price increases, with the median price of a Bend single family home on less than an acre up 67% above what it was in February 2020 when the pandemic began. While builders have tried to keep up with the demand, the price incr...
Comments 6
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Inventory Levels the Biggest Challenge for Bend Home SalesJanuary 2022 began the New Year with the same Bend housing market trends we experienced in 2021 - little inventory with a lot of demand. Bend Premier Real Estate Brokers are working with many buyers who are often discouraged when the available homes are sold before they can offer or end up in bidding wars. But with persistence, many of these buyers do successfully close on their Bend home and enjoy the many benefits of homeownership. Now may be among the very best times to be a Bend home seller. Prices are up, pending sales are up, inventory levels are down, and buyers are paying top dollar for Bend single family homes. Prices reached an all time high in 2021, but they are starting even higher in 2022. We expect Bend homes to con...
Comments 8
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Lack of Inventory the Most Pressing Issue for Bend Oregon Real Estate 2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed. When 2021 is compared with 2022, the sale of Bend single family homes on less than an acre show the following trends: Average sale price up 26.6% to $774,860* Median sales price up 27.7% to $645,000 New listings up 2.4% to ...
Comments 12
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
One of Central Oregon's more popular summer hikes in the Three Sisters Wilderness, we decided to hike Tam McArthur Rim 11-27-21 a few days after the first snow of autumn had fallen.  Three Creeks Lake had icy sections and only one other couple started the hike just a few minutes before us. We began our hike utilizing microspikes as the trail was icy and the added gripping security microspikes offer enabled us to quickly climb the initial miles of the hike. The snow deepened as we climbed and the trail became less obvious.  However, we were able to follow the tracks of the couple who started the hike just before us, trusting that they knew where they were going.  The hike to Tam McArthur Rim levels out near the summit into an open meadow.  On this hike the end of November, we found the w...
Comments 11
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Real Estate Sales Still Strong November 2021Bend homes prices are still rising, despite the seasonal slowdown that is experienced in 4th quarter. Demand is strong, but there is a significant reduction in inventory as is typical in the fall, especially once the holiday season begins. The median home price of a Bend single family home has broken a new record and is now pushing $700,000. More purchases this fall have involved loans as compared with the 2021 summer when cash buyers usually won in a multiple offer scenario. With fewer multiple offers, more buyers with loans are having their offers accepted. If the price of the home works for their budget, first time homeowners are now seeing their offers accepted.When November of 2021 is compared with November of 2020, the following ...
Comments 10
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Inventory Levels Down and Prices UpCentral Oregon is now in the fall season and typically during fall, Bend real estate sales drop. However, Bend single family home sales in October 2020 were anything but typical with sales breaking historic records. Speed forward to October 2021. While lack of inventory is still impacting prices, compared with the frantic fall sales of 2020, home sales in October 2021 seem more measured with offers often undergoing counter offers and negotiations on home repairs back with most transactions. This is a win for Bend homebuyers and for sellers, a strong sellers' market makes it a great time to list.When October 2021 is compared with October 2020 for Bend single family homes on less than an acre, the following changes can be seen: Average sales ...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Redmond Oregon's First Three Quarters 2021 Reflect Strong Home SalesWe haven't looked exclusively at Redmond Oregon single family home sales for six months.  We know that home sales have been strong throughout Central Oregon with prices up and inventory levels down. But as a community without a lot of single family luxury homes, Redmond attracts a great number of people for whom Bend has become unaffordable.  Although a smaller community to Bend, Redmond has also had prodigious growth over the past decade.  The Covid lockdowns and work from home orders have also impacted Redmond with more people moving there than available inventory creating bidding wars and pushing home prices up. When we compare the first 3 quarters of 2021 with 2020 for Redmond single family home sales on less than a...
Comments 6
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Are Bend Oregon Real Estate Sales Returning to Normal?Are we getting back to a normal, seasonal adjustment to Bend real estate sales? Typically Bend single family home sales drop off in the fall once children start back to school and regular fall activities resume.  Bend's usual homebuyer in the fall includes retirees, the second home buyer and investors.  However, Bend home sales fall of 2020 did not drop off with homebuyers snapping up available property at amazing levels through the end of October. Sales remained above normal even through the holidays.As we reported in an earlier blog this year, Bend home sales started shifting from the frantic buying seen over the past 12 months to a more normal level in July, 2021 and this trend has continued through September. Although well priced...
Comments 5
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Experts Predict a Changing Bend Real Estate Market It is a bit of a puzzle to figure out how the Bend Oregon real estate market will wrap up the year.  Experts are really struggling right now when it comes to forecasting where our market is headed in terms of home prices and interest rates.  As put by CNBC, "Fall is usually the start of the slower season for the housing market, but nothing is usual in today's pandemic-driven housing market." 2019 was an excellent real estate year across the country, but the 2020 market was truly unique when the pandemic initially tanked Bend real estate sales and then on the rebound, sales were escalated beyond what had ever been seen.  Work from home orders provided an opportunity for homeowners to rethink where they lived. This resulted in locations ...
Comments 4
By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
After a month of terrible, hazardous air due to smoke from several forest fires settling in the Bend Oregon area, on Saturday, 9-11-21, Central Oregonians were thrilled to experience clean air as the bad air dissipated and the normal sparkling blue skies of September returned. We had planned on hiking Green Lakes on 9-11 as part of the series of scheduled hikes we had set up in April due to the newly implemented 2021 Wilderness permit system.  However, we were ready to cancel if the air quality was as it had been the Saturday before - extremely hazardous with limited visibility and health recommendations to stay indoors. As we drove up Century Drive towards the Green Lakes trailhead, the remaining smoke in the area was evident until we passed Widgi Creek and all of a sudden, the skies w...
Comments 14