Over 25 years ago, the Bend Bulletin reported developers' plans for the 212-acre Crown Pacific/Brooks Scanlon sawmill site, better known today as the Old Mill District. "The river walk at the Old Mill District will become the signature icon for your town," said Ken Kay, the urban designer that came up with the master plan. I wonder if Ken has been back to Bend to see his handiwork? Can you imagine Bend without the Old Mill District? Central Oregon's economic transformation has primarily focused on embracing the incredible outdoor recreation this area offers. Building the town core around the Deschutes River was a rare opportunity for a community as old as Bend. What is your favorite part of Bend?
Under normal circumstances, real estate follows seasonal trends, with the school year and winter weather slowing down the volume of transactions. This year has been anything but ordinary! With Halloween and our second full moon of the month landing on the same day, combined with our Federal Election and coronavirus concerns, 2020 keeps giving. Despite those issues, the housing market's strength has continued.
There are signs of the market cooling in Three Rivers South, La Pine, and Sunriver, although reading between the lines, the numbers reflect a minimal inventory rather than a change in the market. For instance, the bottom quartile of homes listed in Sunriver this week has a median list price of $593,642! Fall and early winter can be an excellent opportunity for buyers as many sellers are motivated today and are not interested in testing the market this spring. Considering how rapidly prices have increased over the last quarter, it is fair to say some homes are pushing the high side of our market. Bend zip code 97703's median list price this week is 990k, with the least expensive house listed for 399k. I do not anticipate much softening of Bend or Redmond prices, making due diligence in those zip codes crucial. Please take a moment to examine Central Oregon Market Trends or contact me for assistance in developing your personalized strategy.
