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CENTRAL OREGON MARKET REPORT - JULY 12, 2023

Coming Soon on the Bend Westside!!

1252 NW Milwaukee Avenue - Bend - $930,000

A charming craftsman home located just one block from Newport Market, on a large corner lot in the desirable Westside. This property offers a perfect blend of charm and modern updates. Granite countertops, hardwood cabinetry and high-end appliances make for an elegant kitchen space. The primary bedroom boasts Italian porcelain tile flooring and a vaulted tongue and groove ceiling. The primary bath has a walk-in tiled shower and radiant heating. A beautifully landscaped yard surrounds the home creating unbeatable privacy. Fully fenced with large stone pavers, a charming walkway wraps completely around the home to enjoy yard. The covered patio creates a great atmosphere for back yard gatherings, while staying cool under the pergola and towering trees. A newer storage shed is available to securely store your gear or come with a vision to transform it into an art studio or detached office. Embrace the vibrant Westside lifestyle in this unbeatable home and location. 

 
 

This last month over month Beacon report shows another sizable price hop, up $40k now at $785k. Many people might look at this and think that Bend has exploded and taken off again. But when you look closer, it's important to note that various factors contribute to these changes. Month-to-month fluctuations may not accurately indicate a shifting market and it's more important to focus on long-term trends. For some time now, I've mentioned that this average number can trend up quickly when higher priced homes start moving with more volume and this is exactly why we have seen this hop. To put things into perspective, back in 2019, there were only 12 sales of properties in the $1 million+ price range out of a total of 236 single family sales, making up around 5%. Last month, about 41 sales were $1Mill and higher, accounting for 24% of our sold properties. Obviously this can move the needle on our statistics. In conclusion, just know that our city does still have great inventory in most price points and there are plenty of opportunities out there for those that are motivated to get into a home!   - Greg

 

Mortgage Rates Update

Rates for our top tier scenarios (760 credit score, 30% downpayment, primary residence purchase):30 year Conventional – 6.875%30 year FHA – 6.75%30 year VA – 6.75%15 year Conventional – 6.50%30 year Jumbo – 6.875%

 

Momentum Is Building for New Home Construction

Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. New construction can be a good option if it checks your boxes.


Looking to find a market that actually cashflows?

Explore the Top 5 Cash Flow Markets For Less Than $200k in 2023


 

Market Snapshot


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