Bend’s West Side Homes Sales Lead the Pack

Popular as ever Bend’s lower west side is leading the way in first quarter sales home sales. What makes the lower west side so popular? Is it the proximity to Bend’s ever popular breweries? The Century Center or the Les Schwab Amphitheater and their events? The easy access to Downtown?, the trails?, floating the Deschutes River?, skiing at Mt. Bachelor?, playing in the Deschutes National Forest?, dang the list goes on and on.

People love the west side and the homes sales reflect this!!

Since the first of the year there have been thirty five homes sold. These homes cover everything from old mill homes to an outstanding home with views of Mirror Pond. Many of these new homes were new homes built by Pahlisch Homes in the Newport Landing neighborhood. These well appointed homes are priced from the mid $300,000’s and up.

Currently we have twenty one new homes listed for sale. These homes run the gamut for tastes and budget and are located thorough out the district. Homes that sit up high on Golden Butte to classic mill boss homes near Downtown to fixers on the flats.  

If you have questions about the Bend real estate market and need a source for information, please contact me, Bill Panton.  I am glad to assist you in making informed decisions about Bend and Central Oregon.

P.S. - Just so I do not confuse people, I define the lower west side to be from NW Portland Avenue over to SW Simpson Avenue to NW Wall Street to just east of Northwest Crossing/Skyliner Summit. 

			List Price				Average
	Listings	Low	High	Average	Median	$/Sqft	DOM
Active	21	$219,750	$1,149,000	$511,200	$419,500	$244	118
New	16	$259,900	$749,000	$462,472	$404,450	$226	54
Contingent	1	$345,000	$345,000	$345,000	$345,000	$184	43
Pending	11	$150,000	$696,000	$305,350	$269,000	$197	185
Sold	35	$165,000	$1,260,000	$376,341	$330,000	$211	128

Address	Bedrooms		Bathrooms		Sq. Ft.		Sale Price			DOM
NW Ogden		2		1		862		$     165,000	52
NW 4th Street		1		2		852		$     182,000	118
NW McKay Avenue		2		1		733		$     203,000	86
NW Columbia Street		2		1		996		$     232,700	74
NW 12th Street		2		2		879		$     240,000	65
NW Hartford Avenue		3		1.5		1045		$     247,500	86
NW Ogden Avenue		3		1		1082		$     250,000	16
NW Hartford Avenue		2		1.5		1082		$     262,500	45
NW Milwaukie Avenue		2		2.5		1214		$     275,000	0
NW Element Place		3		2.5		1550		$     280,000	143
NW Awbrey Road		3		1		1129		$     285,075	228
NW Element Place		3		2.5		1550		$     287,000	243
NW Elgin Avenue		3		2		1193		$     300,000	19
NW 18th Street		3		2		1669		$     309,000	60
NW Precision Lane		3		2.5		2065		$     315,750	160
NW Union Street		3		2.5		1896		$     316,500	211
NW Precision Lane		3		2.5		1718		$     318,750	226
NW Rockwood Lane		4		3.5		2880		$     330,000	162
NW Ithaca Avenue		4		3		1972		$     334,500	140
NW Newport Hills Drive		3		2		1806		$     349,000	28
NW Newport Hills Drive		3		2		1849		$     350,500	49
NW Rockwood Lane		2		3		1997		$     354,675	154
NW Portland Avenue		3		2.5		1849		$     355,000	116
NW Precision Lane		3		2.5		2162		$     357,500	160
NW Broadway Street		3		2		1551		$     380,000	214
NW Flagline Drive		5		4		4015		$     415,000	101
NW Lexington Avenue		3		2.5		1980		$     425,000	18
NW 17th Street		4		2.5		2642		$     425,000	333
NW Jefferson Place		3		2.5		1603		$     430,000	95
SW Troon Avenue		3		2.5		3131		$     438,000	577
NW Stannium Road		3		3		2781		$     450,000	53
NW Lindsay Court		3		2.5		2340		$     469,000	32
NW Awbrey Road		4		3.5		2398		$     675,000	74
NW Harmon Blvd		3		2.5		2712		$     903,000	287
NW Pinecrest Court		3		3.5		3280		$  1,260,000	61

Duke Warner and Bratton Market Reports for May 2012

After several weeks of unusually warm weather the Central Oregon region has returned to a more typical weather pattern. Unlike our weather our real estate market continues its phenomenal hot paced recovery. Both the Duke Warner Market Trends Report and the Bratton Report illustrate the continued strengthening of the Bend, Oregon real estate market.

The current refrain from my clients is “I could just kick myself!! I could have had this same property for so much less last year…”. While it is true that as little as six months ago you could have purchased a property for quite a bit less than you can today, there is  not much use in sulking as that ship has set sail. By not acting soon you could be saying the same thing next year at this time but with higher interest rates. Higher interest rates equal less home buying power for the average buyer.

The Federal Reserve has committed to purchasing mortgage back securities until spring of next year. Their 40 Billion dollar commitment is helping hold down the interest rates to near record lows. Should the real estate market and the national economy continue to strengthen it will be unlikely that the Fed will continue to prop up the market. The market would then return to a free market situation where rates are sure to rise.  

Today’s low rates combined with a tight inventory of desirable homes under $350,000 have many feeling like they are experiencing 2004 -2005 all over again. While I do not think we are on the same path history does tend to repeat itself. The run up we are currently experiencing should level off in the fall going into winter. Many of the construction permits for new homes pulled this spring will be completed and into the market. This will be combined with the return of the average home seller who feels the market has stabilized enough to put their home on the market and get a decent price for their home.

One other factor unique to Oregon could be the return of the big banks releasing more distressed properties to the market. By late June the 2013 Oregon legislative session will have ended. In reaching the end they should have reached their conclusion of re-writing the mortgage mediation bill. The current incarnation (SB 558) is to include judicial foreclosures in addition to the non-judicial foreclosures. Non-judicial foreclosures where covered in SB 1552 from last year.

Contributing to resolution of how distressed property foreclosures will be handled in Oregon will be the Oregon Supreme Court handing down their ruling on the legality of MERS handling foreclosures on behalf of the lenders. One way or another the big lenders should have an idea of the path they will take to resolve their inventory of distressed properties by summer’s end. This should result in a return of bank owned (REO) homes in a decent quantity to our market place. 

    

Bottom line rates are low; the economy is improving and now is a great time to invest in the future of Bend and you.

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