Strong Sales, More Choices and a Market Where Pricing Matters
Awbrey Butte continues to be one of Bend's more active higher-end residential areas and July's numbers give us an interesting look at how buyers and sellers are navigating the neighborhood.
With 16 homes sold, a median sales price of $1,260,000 and more than $20.6 million in total sales volume, there was certainly no shortage of activity. At the same time, 50 homes remained available at the end of the month, giving buyers a meaningful selection of properties to choose from.
Median Sale Price: $1,260,000
July's median sale price came in at $1.26 million, reinforcing Awbrey Butte's position as one of Bend's higher-priced residential areas.
As with the overall Bend market, median price can move considerably from month to month depending on the particular homes that sell. In a neighborhood like Awbrey Butte, where homes can vary significantly in size, age, location, views and amenities, that's particularly important to keep in mind.
Median Price Per Square Foot: $431
Homes sold at a median $431 per square foot during July.
Price per square foot can be useful when looking at overall trends, but on Awbrey Butte it doesn't tell the whole story. Two similarly sized homes can have very different values depending on views, lot characteristics, updates, architecture and overall condition.
16 Homes Sold | $20,681,500 in Sales Volume
Sixteen homes changed hands during July, generating $20,681,500 in total residential sales volume.
Purchases were split evenly between 8 cash sales and 8 financed sales, an interesting indication that financing remains very much a part of the market even at Awbrey Butte's higher price points.
Pricing Matters
One of July's more revealing statistics may be the relationship between asking prices and eventual sales prices.
Homes sold for 95.17% of their original list price, but 96.77% of the list price at the time of sale.
That difference suggests some sellers adjusted their expectations after initially coming to market. Buyers are certainly purchasing homes on Awbrey Butte but they're also paying attention to value and aren't necessarily willing to meet an ambitious asking price simply because inventory is limited.
For sellers, getting the price right from the beginning remains an important part of the equation.
Days on Market & Inventory
The median days on market for July sales was 36.5 days, while the neighborhood ended the month with 50 active listings.
That's enough inventory to give buyers choices without suggesting an oversupplied market. It also means sellers are competing for buyers' attention, making condition, presentation and realistic pricing increasingly important.
What It Means
July's numbers point to an active Awbrey Butte market but not one where sellers can necessarily dictate the terms.
Buyers have choices. They're comparing properties, looking closely at condition and location, and paying attention to how a home's asking price compares with other opportunities on the Butte.
For sellers, the good news is that buyers are clearly still purchasing higher-end homes. Sixteen sales and more than $20 million in monthly sales volume demonstrate that.
The challenge is making sure a property stands out for the right reasons.
Bottom Line: Awbrey Butte remains an active and desirable part of Bend's real estate market. Buyers have more choices and appear willing to negotiate, while homes that are well presented and realistically priced continue to find buyers.
If you're considering buying or selling on Awbrey Butte or simply want to know what your particular home may be worth in today's market I'd be happy to help you take a closer look at what's happening in your part of the neighborhood.
