Bend Premier Real Estate Blog

Just about everyone is familiar with the board game Monopoly. We would be quick to pick our favorite markers… the top hat, Scottie dog, thumbnail, or my favorite -  the sports car.  Then we were given a small amount of money to start from the bank.  And for the next several hours we would try to buy real estate, develop our properties with houses and perhaps a hotel or two, collect rent from other players who landed on our developments, and hopefully end up monopolizing the entire board by driving the other players into bankruptcy.  But few people know that today's modern version of the game has its roots in a game called "The Landlord Game," developed by a politically liberal woman named Lizzie Magie in the early 1900's whose primary goal was to point out the "inequalities and evils of acquiring vast sums of money at the expense of others."  The original "Landlord Game" even had two sets of rules: the monopolist version we are more familiar with...

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Just ask any real estate Broker in Bend how sales have been and they should tell you that Bend home sales remain strong. 2nd quarter statistics reflect continued optimism in the Bend real estate market with single family homes in contract up 8.6% from 2nd quarter 2015. When June 2015 is compared with June 2016, Bend homes in contract are up 24.4%. Home prices are also up - with active prices 13.6% higher than 2nd quarter 2015 and sold prices up 10.8% during the same period. The average sold price of a single family Bend home is now at $212 per square foot and we have only 2 months of inventory based on pending sales. The city of Bend is also months behind in processing building permits and new home construction cannot keep up with the demand.

So what does this mean for Bend OR real estate?  Although nothing is guaranteed, in lieu of a major political or environmental catastrophe, the trends suggest buyers will continue to move to Bend and home sales will remain strong.

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Bend continues to be a destination for many west coast Americans thinking of relocating from an urban setting to one less congested and more conducive to an outdoor lifestyle.  Relative to home prices in the Seattle, Portland, or the Bay area, Bend real estate is still a bargain, although long time residents may find that current price trends are beyond what they ever imagined. When 2016 Bend home sales are compared year to date with sales from 2015, the number of listings sold are similar, but the average sales price is significantly higher. The average year to date cost of a Bend single family home on a lot less than an acre was $381,120 in 2015; for 2016 the cost is $409,787. The median cost in 2015 was $320,000 and in 2016 the median cost is $352,000.* And if trends continue, the total value of single family homes sold in Bend for 2016 may push $1,000,000,000. 

*Source - Central Oregon Association of Realtors

Built in the 1970's, Mt. Bachelor Village retains the amenities and location which made it a popular Bend neighborhood from its inception.  Located in SW Bend off Century Drive, Mt. Bachelor Village offers owners easy access to Cascade Lakes Highway, Mt. Bachelor, and the city of Bend. Some homes are located overlooking the Deschutes River and all owners have access to the community pool, tennis courts and clubhouse. With the recent decision of the Bend City Council to limit vacation rentals within the city limits, Mt. Bachelor Village is a Bend community which retains this option.  Many owners in Mt. Bachelor Village do rent their homes as vacation rentals, when they are not using the home themselves as a vacation home or full time residence.

Since June, 2015, 26 Mt. Bachelor Village homes have sold averaging 213 days on market and selling at 97% of asking price. The properties vary from fabulous 1719 sq ft condos...

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Bend has been seeing great movement in the luxury real estate market over the past year. What was unsellable in early 2013 is now a popular market, with Bend real estate trends continuing to show an uptick. According to Central Oregon MLS, 2016 year to date sales are up 15% over the same period last year in Bend homes valued over $1,000,000. And the demand is really pushing the value of these homes. The average cost per square foot has jumped over 5% for the same time frame and the days on market has gone down 30%. Bend luxury real estate is selling!