Activity slows but median price is up in NWX
Much like in the overall Bend, Oregon, real estate market, activity has slowed this calendar year in the NorthWest Crossing neighborhood, even as benchmark price points have increased and a record high price was paid in November for an NWX home.
Through November, 90 homes had been sold in NorthWest Crossing, the master-planned community about two miles west of downtown Bend. In all of 2018, 123 homes were sold in NorthWest Crossing, a figure that will be practically impossible to reach this year. Not surprisingly, the total volume of 2019 transactions will also decline compared with 2018.
Last year, at least 10 NorthWest Crossing homes were sold in each of six months; this year, three months have reached the 10-home threshold. The maximum number of homes sold in a month through November was 12 (done twice), whereas there were four months in 2018 with more than 12 homes sold.
The neighborhood continues to be among the most attractive in Bend, based on sales price. The average of each month’s median price this year is more than $683,900. Last year, that same figure for entire 12 months was about 5.8 percent lower, at about $646,600.
The average days on the market in November was 113 days. That is lower than most Novembers, although in November 2012 the average days on market was 71 days.
The median price for the eight homes that sold in NorthWest Crossing in November was $775,000. That is the highest median price for any November in the history of the neighborhood. The most expensive home sold in November changed hands for $1,365,000 – a record by $15,000 for a NorthWest Crossing home in the history of the neighborhood.
Yet 2019 has been marked by fewer months with one or more sales of a home in an elite price tier. Last year, at least one $900,000-plus home was sold in eight of the 12 months. This year, the same threshold has been reached in seven months (based on precedent, a $900,000 sale in December appears unlikely).
In eight of the 11 months, the minimum price paid for a home in NorthWest Crossing was higher than the minimum sales price for a home in the same month of 2018. We know that more expensive homes generally stay on the market longer than lower-priced homes, and we saw months where that has occurred in 2019. Although the year-to-date average DOM in 2019 matches the full-year figure from 2018, this year has been helped by three months (May, July and August) with an average DOM of 70 days or less.
The winter can be a perfect time to consider becoming a part of the vibrant Bend, Oregon, real estate market – as a seller or a buyer. I have extensive knowledge of the NorthWest Crossing neighborhood in particular and the Bend area in general. My experience, knowledge and ethical approach to my profession allow me to state confidently that I can create a successful real estate transaction for you. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.