Bend Luxury Home Sales Breaking Records
It 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 sales
The 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 the million dollar range. Often these homes’ values are more in the location and nearby amenities than they are in the actual structure, especially if the properties have not been remodeled or otherwise updated. We are finding that older homes on larger lots, especially if there are views with these, are receiving top dollar. As a whole, buyers, while attracted to the modern interiors of new construction, are typically turned off by the small lots on which most new construction is built and will bid up the price of a well-built 1990’s home which may not be remodeled, but has great bones and is located on a quarter to half acre lot. Add a fence and space to park a RV and the value soars.
What Will the Rest of 2022 Bring For Bend Luxury Home Sales?
While high inflation is making a difference to the cost of most Bendite’s monthly expenses, and global issues are causing angst and uncertainty, the demand for Bend Oregon real estate remains high with roughly two weeks supply of homes* at all price points. There has been a 67% increase in the median home price of a Bend single family home over the past two years since the pandemic hit and there appears to be no slowdown in the high interest for Bend homes. With the current volatility of the stock market, more and more people are recognizing the consistent historical performance of real estate as a long term, secure investment. We anticipate that the high end Bend real estate market will remain solid for the rest of 2022.
Original blog can be read at Bend Premier Real Estate’s blog page.