Central Oregon appears to be lagging any trend of mega-priced home sales as reported in recent weeks in such areas as New York, Miami and California.
The theory in analyzing the home buying appetites of the market’s “one percenters” is that money is moving from the sidelines with a slowly improving economy. Low interest rates are less a factor among this group for which a loan is less important than the opportunity to acquire a trophy property.
And the buoyant stock market of the past few years has also created gains that can be deployed into other asset classes such as real estate.
But a look at the greater Bend-Central Oregon market indicates a mostly lackluster performance in sales of homes at more than $1 million. (which in New York might be just enough for a small apartment on the upper East Side).
For the 16-month period from January 1, 2012 through April 30, 2013 there were 30 single family homes sold for more than $1 million according to the Multiple Listing Service of Central Oregon’s database. The top price was for a 5,114 square foot home built in 2008 on 1.2 acres in Black Butte Ranch west of Sisters. The median price in the $1 millon plus category was $1,325,000 and the size 4,750 square feet with 4 bedrooms and 4.5 baths.
By comparison, 28 homes sold for more than $1 million in the comparable 16-month period from January 2011 through April 2012 at a median price of $1.2 million for 4,782 square feet, 4 bedrooms and 4 baths. The maximum sale price for the earlier period was $2.35 million for a 6,500 square foot home with 3 bedrooms and 4 baths in Broken Top built in 2002.
In mid-May there were 107 active listings above $1 million, the top priced home at $5.5 million with 4 bedrooms and 5.5 baths, more than 10,000 square feet on more than an acre in North Rim of Awbrey Butte. The median of the active listings was $1.45 million for 4 bedrooms and 4 baths and 4,683 square feet.
The active listings exclude a 7,500 acre ranch with a small home in Powell Butte east of Bend.
$1 Million plus sales Jan, 1 2012 through April 30, 2013
| ||||||
Date sold
|
Price sold
|
Area
|
Bdrm
|
Bath
|
Lot size
|
Home sf
|
2/20/2013
|
1,000,000
|
Bend
|
5
|
4
|
1.35
|
4306
|
3/26/2013
|
1,000,000
|
Bend
|
3
|
3.5
|
0.43
|
3057
|
8/3/2012
|
1,050,000
|
Bend
|
4
|
5.5
|
0.47
|
5509
|
7/20/2012
|
1,050,000
|
Terrebonne
|
3
|
4
|
76.56
|
4876
|
4/30/2013
|
1,080,000
|
Bend
|
4
|
4.5
|
0.412
|
4363
|
10/31/2012
|
1,100,000
|
Bend
|
3
|
2.5
|
0.52
|
3410
|
10/16/2012
|
1,100,000
|
Sunriver
|
3
|
7
|
39204
|
6987
|
9/20/2012
|
1,195,000
|
Bend
|
4
|
3.5
|
1.6
|
4600
|
4/20/2012
|
1,200,000
|
Bend
|
3
|
3.5
|
1.01
|
3227
|
2/11/2013
|
1,260,000
|
Bend
|
3
|
3.5
|
0.24
|
3280
|
12/4/2012
|
1,275,000
|
Bend
|
4
|
3.5
|
2.17
|
5680
|
10/18/2012
|
1,300,000
|
Bend
|
3
|
2.5
|
10
|
4639
|
2/29/2012
|
1,300,000
|
Redmond
|
4
|
4.5
|
124.7
|
4096
|
5/7/2012
|
1,300,000
|
Black Butte Ranch
|
4
|
4
|
0.42
|
3835
|
10/16/2012
|
1,300,000
|
Black Butte Ranch
|
3
|
3.5
|
1.56
|
3340
|
1/31/2012
|
1,350,000
|
Bend
|
5
|
4
|
2.08
|
4675
|
7/24/2012
|
1,350,000
|
Bend
|
4
|
5
|
1.16
|
6674
|
12/21/2012
|
1,350,000
|
Bend
|
4
|
4.5
|
1.09
|
5507
|
2/3/2012
|
1,350,000
|
Bend
|
3
|
3.5
|
2.42
|
4724
|
4/16/2013
|
1,375,000
|
Bend
|
4
|
5.5
|
27.55
|
4129
|
9/12/2012
|
1,390,000
|
Bend
|
4
|
4.5
|
1.92
|
5499
|
4/22/2013
|
1,399,000
|
Bend
|
7
|
8
|
0.32
|
5317
|
11/8/2012
|
1,500,000
|
Bend
|
5
|
6
|
0.87
|
6118
|
4/24/2013
|
1,502,874
|
Bend
|
5
|
6.5
|
0.58
|
6020
|
7/9/2012
|
1,625,000
|
Bend
|
4
|
5
|
5.83
|
6869
|
9/13/2012
|
1,750,000
|
Sisters
|
4
|
5.5
|
80
|
7189
|
7/11/2012
|
1,850,000
|
Sisters
|
3
|
3.5
|
38.57
|
4215
|
5/10/2013
|
2,000,000
|
Bend
|
5
|
5.5
|
0.85
|
6865
|
9/6/2012
|
2,195,000
|
Bend
|
4
|
5
|
43.28
|
4777
|
4/16/2012
|
2,200,000
|
Black Butte Ranch
|
4
|
5.5
|
1.25
|
5114
|
