Bend Homes Priced Over Million Raising the Average Bend Real Estate Sale

We have reported how Bend Oregon home prices have risen over the past year, but we haven't looked exclusively at the trends for Bend Luxury homes. The demand for Bend's high end homes has escalated over the past year with the number of closed sales up over 100% in all the price categories we follow.* For homes over $2,000,000, the price per square foot is now over $600.  The months of supply for million dollar Bend homes is roughly four, a seller's market, and the median days on market is 11. Luxury homes listings are receiving their asking price on average 99.9% of the time. Multiple offers and bidding wars are normal for many Bend luxury homes when they hit the MLS hot sheet. If a million dollar Bend listing is truly a luxury home, we are seeing great demand and buyers will write their offer to meet the needs of the seller to make their offer stand out. Such items...

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Having lived in Central Oregon for over 35 years, climbing Paulina Peak was on our bucket list of never done hikes. Last Saturday, May 14, 2021, we checked that hike off the list. We had anticipated that Newberry Crater National Volcanic Monument would be closed still as it is every winter, but were pleased to find that the unmanned gate to the monument was open and boaters were already enjoying outings on Paulina Lake and East Lake.  We had planned on a 14 mile hike from the gate, but instead were able to drive to Paulina Lake Campground and park there before crossing the street to the gated road to Paulina Peak. This gravel road is normally open for cars to drive to the peak in the summer, but instead we hiked it to the top, avoiding the actual trail since we believed there would be a lot of snow drifts along the way.  The 3 plus mile road to the top was fairly easy to hike, despite some sections still covered by snow. We gained 1600 feet in elevation from the trailhead to the top of the peak (just under 8000 feet) and as we climbed, were thrilled with all the views we had, not only of the Cascades, but also south and east toward Fort Rock and Christmas Valley.

At the top of Paulina Peak, there is a pit toilet (still closed) and wonderful views, although our vistas of the Cascades were hazy with controlled forest burns scattered around Central Oregon Saturday morning. 

Some interesting facts about Central Oregon - there are roughly 400 volcanoes in our area. And three of the top ten classified as "very high threats" by the United States Geological Survey (USGS) are here as well...Crater Lake, South Sister, and Newberry Volcano - right where these photos were taken. 

Since our anticipated 14 mile hike was shortened to roughly 6 miles and we were done a lot earlier than planned, we stopped off at Paulina Falls on the way back to Bend and trekked the 1/4 mile down to the base to view the falls. We had hiked Peter Skene Ogden trail the month previous which ended at Paulina Falls on the other side of the river. Quite a difference in one month!

What's in the May 2021 Newsletter?

• Bend Home Prices Historically High with Inventory Levels Historically Low
• Want a Great Workout and Great Views?
• Are Interest Rates Expected to Rise Over the Next Year?
• Victorian Cafe'
• Should I Buy Now or Wait?

For a Great Aerobic Workout and Great Views, Hike Black Butte

Black Butte is an iconic landmark just outside Sisters Oregon and over the years has also been a fire lookout. Today it is a terrific hike climbing 1600 feet in just under 2 miles. When hiked Black Butte on May 8, 2021, the weather was cloudy and cool, but the trail was free from snow until just before the top of the butte. To access the trail head, travel west on Highway 22 five miles past Sisters until you reach the Indian Ford Campground exit (milepost 95). Travel on paved Forest Road 11 until you reach unpaved Forest Road 1110. Travel on 1110 just under six miles to the trailhead (the last mile is quite narrow and rough).  The trail head requires a forest pass and the parking area can fill up early.  

The path to the top of the Butte is well maintained and popular. We saw people running the path to the top and others hiking with children. On May 8th, the wind was blowing at the top of the Butte and it was chilly; those dressed in running shorts didn't stay long. We were dressed for cool weather and were able to enjoy the time at the top seeing the lookouts and the brand new observation deck still under construction. 

During our hike down, we were amazed at the numbers of people we passed climbing up. During that two mile trek down, we estimate we passed 70 people hiking up. Obviously others enjoy climbing Central Oregon mountains as much as we do!

Bend Home Prices Historically High With Inventory Levels Historically Low

In 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 homes up 39.8% to 239
• Median days...

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