Posts with tag 'Bend Luxury Homes'

Bend's Air Quality Hazardous

The Sunday issue of The Bulletin, Bend's local newspaper, contained an article on the 2017 Oregon fire season. According to the article, we are on track to at least equal the amount of acres burned in 2015 when over 600,000 acres of Oregon land caught fire. Through last Tuesday, August 29, 58 fires have burned close to 460,000 acres throughout the state.

In Central Oregon, the impact of the fires has resulted in almost daily hazy sky and sometimes dangerous air quality. This morning, checking the USA Air Pollution Quality Index, Bend's index was almost 400 which is considered extremely hazardous.

Sunday evening we traveled up Cascade Lakes Highway to Sparks Lake. Driving on the road, the smoke became progressively thicker the more we entered the mountains. Driving past Mt. Bachelor, the mountain was invisible behind a thick layer of smoke and even the far end of the parking lot was hard to see. When we reached Sparks Lake, the smoke was extremely thick. We parked in the boat launch parking lot with no other vehicles around (Labor Day weekend the lake would typically be filled with campers and people enjoying the outdoors) and walked the 1/3 of a mile on the Ray Atkeson Loop Trail to the vista point which overlooks the lake toward South Sister and Broken Top. This is what we saw:

The normal view from this point is:

Bend Oregon Real Estate Impacted by Fires

When Bend Brokers show property to perspective buyers, much of what "sells" a home is the view. Our MLS input forms emphasize Cascade mountain, city, river, waterfront, other mountain, and terrain views. When the smoke in the air keeps these views invisible, it is difficult to convince people who do not know the area to trust us - the views are spectacular. When we cannot walk outside without coughing due to smoke, when the elderly and sick are told to stay indoors due to unhealthy air, when windows cannot be opened due to the smoke of burning forests, it is hard to sell real estate. We will follow up in a few weeks with the actual published data on how Bend real estate sales have been impacted by the summer's fires.

Bend Luxury Home Sales Trending Up

During the recession of 2008 - 2011, Bend Oregon luxury home sales were few and far between. Desperate people sold stunning, luxury properties through short sales or banks foreclosed on them. New construction was extremely limited and only financed through private lending and the product built was not considered high end. Many luxury homes that did sell sold at a fraction of their true replacement cost and the Bend real estate luxury home market was very weak.

The Bend real estate market has recovered and luxury home sales in Bend are up. There is great confidence with new home builders building million dollar plus spec homes which buyers are purchasing at full listing price. While the overall Bend single family home sales reflect a less than 3 month supply, the $1,000,000 plus market shows a nine month supply, which is considerably lower than the...

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Bend Home Sales Remain Flat While Prices Rise

 July 2017 single family home sales followed the trend set in April - consistent and steady. Although there was a significant increase in inventory, the actual closed sales were down 3.2% from the year before and the pended sales were unchanged from 2016.

The chart below shows that Bend single family home prices continue their upward trend with the average price per square foot now at $247. This is a figure never seen before in Bend and may be a contributor to the decrease in the number of new sales.

Home prices continue to rise following the trend over...

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Bend Real Estate Trends Mixed

The Bend real estate trends from June reflect a changing market.  Although the inventory levels are finally ticking in the right direction, the 2.4 months of Bend single family home inventory now available are still significantly below a balanced market where 6 months of inventory is considered healthy. Bend residents can see the evidence of new home construction throughout the town and when June, 2016 is compared with June, 2017, the 2.4 months is up 14.2%.  Positive movement, but still not where we need to be.

However, the trends are mixed when you compare actual sales. Comparing June 2016 with June 2017 Bend home sales provide the following data:*

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Inventory Levels of Bend Homes for Sale Remain Very Low

Ever since coming out of the recession, we have written about Bend's lack of housing. Before the recession, Bend was known as the sixth fastest growing city in the United States with a population over 50,000. During the housing boom of the mid 2000s, speculative building occurred all over the city, but we rarely discussed lack of inventory. People who wanted a home could purchase one, although many bought through easy credit which ended up facilitating the housing meltdown of the late 2000s. Once the crash happened, home values fell nearly to half of what they had been.

Bend is back. Home values have escalated to pre-recession prices and are now creeping higher. Bend is once again the 6th fastest growing city in the United States and its population now exceeds 90,000. However, building has not kept up with the demand. As the chart below shows, invento...

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