Central Oregon Market Update - November 2021

Happy early holidays, everyone! 

  This blog post is part personal, and part work. If you only want the market update head on down to the last part of the post. Otherwise, read on, as we wanted to introduce you to a couple of our clients and their amazing new businesses in town. 
 
1. If you like wine and delicious food, check out Flights Wine Bar in Bend. Kelsey and Kent Daniels took over the old Birdie’s space on College Way, and have kept the same cozy, locals vibe. We had the pleasure of going to their soft opening and all of us were thoroughly impressed with the staff, the professionalism, the food, and of course the wine! You can get flights, you can get glasses, you can get bottles. Need a special bottle for your Thanksgiving dinner? They sell bottles to-go as well! And be sure to talk to Kelsey (a certified Somelier)… she really knows her stuff and has pointed us in the right direction every time!  https://www.flightswinebend.com
 
2. Do you like personalized baked goods? Looking for special items for a birthday, or the holidays, or just because you love sweets? Check out Iron Rose Baking Co. Madison Chiappe, the owner, is a lovely human and an amazing baker. She loves personalizing baked goods, is working on some gluten free options (not yet available), and has an amazing menu for the holidays! She is committed to keeping her small business as sustainable as possible, from the food she uses, to the packaging. https://www.ironrosebakingco.com
 

On a personal note – Kacey and Rachel got some much needed time off, away from their phones and computers!

Kacey was able to go to France AND Mexico. She and her family had the opportunity to explore four different cities throughout the country, and they had a grand time!! Then, what was supposed to be a quick trip to Troncones, turned into a fiasco. She got stuck for an extra few days when a hurricane hit and all flights were canceled. Her stories of resiliency and community amongst the locals is a pleasure to hear.

Rachel was able to get away to Hawaii with her husband for their 10 year anniversary. And can you believe she did not do any hiking, climbing, or mountain biking?! They sat on beaches, swam in the ocean, went snorkeling with turtles and the other 100s of species of fish. She truly unplugged and just relaxed.

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NOW FOR THE MARKET UPDATE

 Many are asking if this madness will continue. Oh, how we wish we had a crystal ball! We are still seeing multiple offers, though it appears to be only on houses that are appropriately priced vs putting anything on the market at any price and there being 10 offers. Now, there are 2-7 offers on houses instead of 10-20. If houses are priced too high, we are seeing them sit on the market, not get offers, AND (amazingly enough for our buyers) start to drop in price. We have been fortunate to represent a few buyers where we have actually been able to negotiate the price, and in turn, keep encouraging our sellers to list at appropriate prices, and have been lucky enough to get multiple offers for a few of our recent listings. It is a delicate balance for sure. From what we are hearing, rates are expected to stay somewhat steady through 2022, but inventory will definitely continue to be a challenge. 

Central Oregon Market Update - July 2021

Summer is here and we are feeling HOT HOT HOT! Temps are soaring, real estate prices keep going up, and Bend is bustling with tourists. It definitely feels like our little town is getting bigger by the minute. We can’t blame people for wanting to be here though - it’s an awesome place to explore!

The latest market analysis numbers are in, and the numbers are still surprising us. The median sales price for a single family home in Bend went up to $640k from $628k just last month. Unfortunately, inventory is still low (we only have about a two week supply - where normally this time of year we have about 2 months), but the good news is that things have started to feel a little less stressful for Buyers. A couple of months ago a new listing would get 15-20 offers, now it seems like that has cooled a bit and they only get 4 or 5. But the days on market are still extremely low. Have some Buyers decided to just wait things out to see what happens? Perhaps folks are just taking some time off to enjoy Summer with their families? COVID-19 numbers are down and mask restrictions are being lifted. Things are starting to feel more “normal”.

We are still finding time to play and enjoy the things that we love about Bend! Rachel just got to spend time with family while her dad was in town for the 4th. They floated the river - a welcome reprieve from 100+ degree temps!

Kacey escaped the heat with her family and went to Newport, OR to celebrate her sister’s birthday. It was short but sweet. We are so grateful that we are a team and can help each other live a balanced life!

Interest rates are still hovering right around 3% for most situations. If you are thinking of buying or selling, or have friends and family wanting make a move… we are here to help!

Central Oregon Market Update - April 2021

Happy Spring! 

It’s hard to believe that we are already to the middle of April. The first quarter of the year sure flew by, didn’t it? We have been busy navigating the “new normal” of our real estate market. As you have probably heard, things are crazy. Homes come on the market and it's a mad dash to get into see it before it has multiple offers. Coaching clients on realistic expectations, putting together offers that work for all parties, and clear communication with our colleagues has helped us stay in the game. We’ve even started knocking on doors to find our Buyers the perfect home! And of course, we are helping our Sellers to temper their expectations as well - a correctly priced home is as important now as it has ever been. For our data loving friends, see below for the recent market stats! Some of the numbers are staggering… 

Personal Notes:  

From Rachel - "On a personal note, what a crazy year it has been. Chris and I have spent the last year at home doing house projects, like most, building a huge new deck and paver patio with fire pit to hang outside at a respectable distance, and started a shop with apartment above. While this kept us busy and looking forward to being able to see people, I am so ready to travel again, and for life to normalize.. whatever that means!
 We did finally head out of town to visit family in LA, just this past weekend, as we all have been fully vaccinated. It was a great opportunity to sit on a beach, enjoy some sun, and get a little perspective on costs of rents. I honestly have no idea how anyone affords the prices I saw down there. And apparently that is inexpensive according to many… ”

From Kacey - “We are settling into the new house nicely, and feeling at home. Going from 20 acres to a small, in town lot forces you to be extremely organized! We are finally getting some floor space back in the garage. Our son decided to not go back to in-person school with the rest of the masked teens, so he has been doing the online curriculum (just until the end of this year). It’s been challenging, to say the least. The work is significantly harder, and it’s taken a lot to keep him on track. Luckily, my husband is a lot more patient than I am!  I’m looking forward to warmer weather and getting out on my paddle board. During these past few months I’ve rekindled one of my favorite childhood loves - rollerskating. I’ve been mostly working on dance moves in the garage (hence the push to get some floor space), but plan to head outside now that it’s warming up. I’ve been scoping out some newly paved paths and neighborhood streets. Keep your eyes peeled for me bombing down the west hills! Ha!”

We were honored in February with our 2nd “Top Team” award for 2020 from Bend Premier Real Estate. It is such a joy for us to be successful at what we love doing, and we are already working hard again in 2021. If you have questions about residential or commercial real estate - we are here for you, as always. Be well!

Be well, and stay safe!
Rachel & Kacey

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Market Stats: 
When March 2021 is compared with March 2020, the following data can be noted for Bend single family home sales on less than an acre:

• Average sales price is up 40.7% to $776,573*

• Median sales price is up 32.2% to $597,500

• Number of new listings down 8.2% to 225

• Homes for sale down 84.9% to 99

• Pending sales up 103.7% to 385

• Sold homes down 6.3% to 177

• Median days on market down 76.5% to 4

• Months of inventory down 87.9% to 12 days

• Average price per square foot up 40.9% to $365

• Median price per square foot up 36.2% to $331

• Average percentage of listing to sales price up 5% to 104.2%

• Dollar volume of sales up 31.7% to $137,453,417

It should be emphasized that the number of sold homes are down 6.3% compared with 2020, yet the dollar volume of sales is up 31.7%. Bend home prices are on such an upward trend that appraisers are having a hard time justifying some of the prices and we are seeing homes not appraising, despite the huge demand and multiple offers. It is challenging to be a buyer in this market, especially a buyer that needs to finance their home purchase.

Central Oregon Market Update - Jan. 2020 - New Year, New Decade

3 1/2 weeks into 2020, and we are feeling very optimistic about the year already! We have a lot of Buyers who are ready to get settled before Spring, with low interest rates AND inventory levels, the well priced homes are selling quickly. Add all of that with mild weather, and we should hopefully see the market take off early (much like last year). Despite the uncertainty of the upcoming election, Bend continues to be in it’s own happy bubble, and there are still people trying to figure out how to remain in this amazing town, or move here!

For our data loving friends - here are the latest numbers:

• The numbers of homes offered for sale were down 17.2% from 396 to 328 at the end of the year

• The numbers of homes sold were down 4.2% from 2452 to 2352

• The number of homes pended were down .8% from 2417 to 2397

• The average days on market were unchanged at 103

• The sold/original listing price difference was down 1% from 97% to 96%

• The average price per square foot was up 6.5% from $243.88 to $259.84

• The average active price was up 5.8% from $654,000 to $692,000

• The average sold price was up 6.4% from $501,000 to $533,000

• The months of inventory based on closed sales is unchanged at 2.5*

For more information, and to read about what to expect in the coming months in Real Estate, click here.

A little video about me!

Curious about who I am, and why I do what I do?

I am very pleased that my friend and client, Adam McKibben, has captured the answer so beautifully.

Check it out!

Central Oregon Market Update - September 2019

I hope this finds everyone healthy and enjoying this cold fall we are having! I can’t say I am ready for winter, but looking at our white mountains sure is nice!

Kacey and I attended the informational meeting on the BCD (Bend Central District). The ideas and vision for this area, I believe, are fantastic… How that rolls out is entirely different. Prices are on the rise, and every realtor and seller are asking a premium due to the multitude of development options. However, prices still need to make sense. Meaning, how do the numbers work, where do they work? The higher the price, typically means higher rent, large credit worthy tenants, and we lose some of the local feel.  The million dollar question is how do we get land owners, developers, the City, Central Oregon Landwatch, community members all on the same page, understanding and continuing to work together with the unique issues each demographic experiences. Also, as we walked through the exhibit, I kept asking myself and others, how do we do this with each new residential development going in? Community is so important, everyone wants the walk-ability, accessibility, and sense of community. I wish all residential developments had a component of commercial and mixed use within it, or nearby. But again, that requires the numbers to work - which either don’t, or are very difficult to get to pencil.

On a personal note, Kacey and I continue to work well together. One of us may be the front person, while the other is dealing with the behind the scenes components of a transaction. And sometimes we just interweave all of it. But know we are working together on your behalf. 

Kacey shut down her irrigation a few weeks back and is happy to not be moving hand lines for a while. She continues to always make herself available, and may even be out working on the farm while she is talking to you! And she LOVES baking (pies, especially!). So with the farm in winter mode, she is hoping to get back to her cozy kitchen, and time curled up next to the fire.

Rachel is back from her vacations, 2 this year! It was the first time in 10 years of business she was able to put her phone down and not be working, or on every single day. Thanks to Kacey’s compatible work ethic, drive, attention to detail, and most importantly care for the clients. It is amazing how beneficial it is for someone’s health, well being, and motivation, to truly unplug and have a couple of days of not working.

As always, we are here to help and answer any questions you may have about our market.
Here are the latest stats!

QUICK CENTRAL OREGON RESIDENTIAL TRENDS:

TRENDS FOR SEPTEMBER 2019

¨  Average Price For Sale: $655,000

¨  Average Price Sold: $460,000

¨  Average Active Price Over 1 Year Ago: 2.2%

¨  Average Sold Price Over 1 Year Ago: 4.3%

¨  Average Days on Market: 109

¨  Sales Price/Original Price: 96%

¨  Months of Inventory: 3.3

¨  Months of Inventory Over 1 Year Ago: -10.7%

¨  Number of Homes for Sale: 1681

¨  Number of Homes Sold: 503

VS. TRENDS FOR SEPTEMBER 2018

¨  Average Price For Sale: $641,000

¨  Average Price Sold: $441,000

¨  Average Active Price Over 1 Year Ago: 1.1%

¨  Average Sold Price Over 1 Year Ago: -1.6%

¨  Average Days on Market: 108

¨  Sales Price/Original Price: 96%

¨  Months of Inventory: 3.7

¨  Months of Inventory Over 1 Year Ago: 3.3

¨  Number of Homes for Sale: 1805

¨  Number of Homes Sold: 484

For Sale vs. Sold:

Although September is traditionally among Bend's biggest months for price reductions when sellers whose property did not sell during the summer lower the asking price to hopefully get a buyer before winter hits, Bend home sales in September 2019 still reflect higher prices than the same month a year before.

For more information, click HERE!

Adventures on the Road - September 2019

Happy Fall!

I recently spent two weeks in Ten Sleep, Wyoming for our 8 year anniversary with my husband, Chris, and friends. Here are some photos and stories from our trip!

Put up my first 12a and 12b climbs!!!

Had a moose in camp regularly, had a bear scratching at our back door to the van in the middle of the night when sleeping... yikes!

Resident camp moose!

AND then the van saga - a lesson to everyone, put fire extinguishers in cars! Maybe two for gasoline vehicles and 1 for diesel… here’s why! On the drive home, our van blew up driving down the highway.... ok we have a diesel so fortunately it didn't actually blow up because diesel burns much cooler. Had it been gasoline, Chris and I have no doubt the van would have completely burned to the ground and there would be a major fire on Highway 20 east of Bend. I called 3 different fire departments, AAA 3 times, Mercedes 3 times, and 911... I said, “we have a massive gas leak, the vehicle is smoking, gas is pouring out of the car, all over the ground, we are parked in the brush, and we have a fire extinguisher!” Bend Fire asked if anything else was on fire, when I said no, he said ok well I'll transfer you to Lakeview county because that is where you are, Lakeview said I'll transfer you to Harney county, Harney county said call back if anything else catches fire..... We found out that AAA won't tow with an active gas leak, State patrol was notified and never showed up. I called 911 and dispatch said, again, “I'll try and send someone out to clear the gas leak.... “ A very nice man from ODOT showed up 1.5 hours after the we pulled over, called all the above, and Chris had finished spraying the fuel pouring out of our car. He was the one that ended up getting us a tow truck - we literally hugged him, thanking him for his help..... Not one single fire department showed up, state police did not show up, and AAA apologized 2 hours later saying they could not get us a tow truck.

What I learned - please please please make sure you have, not one but TWO fire extinguishers in your vehicle and be fully prepared to deal on your own. Also, AAA is useless, but if they can not find anyone to help, they will reimburse you..or so they say. {Update: They actually do!}
When you are far from a town, 35 miles east of Brothers, so in the middle of Burns and Bend, you are stuck being in between multiple counties, no one really takes responsibility. Make sure you are prepared to help yourself. We are fine, the van, fortunately is fine, aside from having fuel everywhere.. Mercedes is towing it from our house to Eugene because the dealer here is not cleared to work on Sprinter vans. We are just happy that we got home 4 hours later, safe, and without a major incident. And all we could really do once we knew we were safe and ok sitting on the side of the highway was laugh! What else could we do....

AND it is Murphy’s Law that if I plan a vacation, I get insanely busy right before I leave. Fortunately this time, I was not having to have my husband drive me every day in to town to work, because I had my amazing new partner (who everyone loves), jump in and take care of everything. I checked in every couple of days to help, and make sure there were no fires needing to be put out. I like to stay engaged, and let clients know that I am still present, even if I don't have service for a couple of days! But could not be happier to have a trustworthy, hardworking, friendly, amazing partner who has a similar work ethic and style to my own!

Central Oregon Market Update - August 2019

Hello Everyone! 

I hope this post finds everyone happy and healthy as we are coming to the end of our summer season! I can’t believe summer is almost over. Where has the year gone? I have been fielding a lot of calls about the market lately and how Bend is fairing. Bend seems to be behind the rest of the Western States when prices start dropping and sales start slowing. We then pick back up, often times quicker, then other areas for sales. We are in a weird bubble of our own.

Commercial sales seem to be slowing as well. The days of 4-5% cap rates don’t seem to be enticing too many these days. Cap rates are going up, prices coming down, and yet owners are still digging heals in and not budging on price at times. Development is getting harder to pencil (not that it was every easy), with the general theme being costs are just too high and rents too low (though I am not sure many renters feel as if rates are low).

For those who do not know, I partnered with an AMAZING woman, Kacey Taylor. She is absolutely fantastic. I have been looking for a long time to find someone who works hard like I do - responds to calls, emails and texts in a timely manner, cares about the client more than a one off sale, is personable, friendly, caring, and works hard. I finally found her. We have been working together since February and it has been the best decision I’ve made in a long time. So for those who have not yet met Kacey, there is a photo of the two of us together at a Michael Franti concert attached to this post, and I am sure you will meet her soon! The other two photos are of a recent trip to Canada my husband and I went on, with me working while on the trails, and a photo of a recent climb I sent at Smith! 

If you have any questions, are thinking of selling or buying, or have any referrals, we are happy to help in any way we can!

QUICK COMMERCIAL TRENDS – 

• Office vacancy rates hover a 3%

• Retail Vacancy range between 1% in the Old Mill to 5% in the southern sector

• Industrial vacancy hovers between 1% to 4%, with the largest vacancy in the southern sector

QUICK CENTRAL OREGON RESIDENTIAL TRENDS:

TRENDS FOR JUNE 2019

¨  Average Price For Sale: $657,000 

¨  Average Price Sold: $475,000 

¨  Average Active Price Over 1 Year Ago: 2.8% Increase 

¨  Average Sold Price Over 1 Year Ago: 2.8% Increase 

¨  Average Days on Market: 93

¨  Sales Price/Original Price: 97% 

¨  Months of Inventory: 3.2

¨  Months of Inventory Over 1 Year Ago: 3.3% Increase 

¨  Number of Homes for Sale: 1782 

¨  Number of Homes Sold: 553

VS. TRENDS FOR JUNE 2018

¨  Average Price For Sale: $649,000 

¨  Average Price Sold: $462,000 

¨  Average Active Price Over 1 Year Ago: 3.7% Increase 

¨  Average Sold Price Over 1 Year Ago: 10.8% Increase 

¨  Average Days on Market: 99

¨  Sales Price/Original Price: 98% 

¨  Months of Inventory: 3.1

¨  Months of Inventory Over 1 Year Ago: 3.1% Decrease

¨  Number of Homes for Sale: 1810

¨  Number of Homes Sold: 590

Here is a link to Bend Premier’s Residential Market Update for more info:

https://www.bendpremierrealestate.com/blog/bend-premier-real-estate-july-2019-newsletter.html

Working at elevation! Not a bad office view…

Kacey and I, at the Michael Franti concert in June

Climbing at Smith Rock State Park