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Awbrey Butte Real Estate Market Trends
Awbrey Butte is One of Bend's Premier Luxury Neighborhoods
Originally developed by Brooks Resources in 1984, Awbrey Butte was "finished" in 2005. Containing over 1800 acres with 782 homesites, Awbrey Butte remains one of Bend's most prestigious neighborhoods. The development focused early on large homesites providing for privacy and retained much of the natural landscape and mature trees which existed there. Many homesites were situated to provide for Cascade Mountain, city or eastern views. A large number of the homes were built at a time in which natural woods were popular and the resulting neighborhoods often contained many large, lodge-style homes. Today's home buyers usually recognize the quality of these beautiful properties and may remodel them to a more current look while retaining much of the original ambiance.
Market Trends for Awbrey Butte Homes
Awbrey Butte experienced the same market trends of most of Bend during the past three years. Covid created a large demand for Bend homes causing prices to rise dramatically, and while the rate of the increase in home prices has dropped, Awbrey Butte home prices are still going up.
There are fewer new listings in Awbrey Butte than there have been in past years. Despite the high prices, home sellers are hesitating putting their homes on the market. The typical move up or move down home seller is not listing, often due to high mortgage interest rates. If the potential home seller has a mortgage of less than 5%, why sell when the replacement property will need to be financed at over 7%?
Awbrey Butte home sales are down as well. In a subdivision which has been fully built, any new listings are coming from resales rather than new construction. With limited listings, few sales can occur. A key to new home sales in Awbrey Butte as well as the rest of Bend will be lowered mortgage interest rates which will encourage home sellers to list when their new purchase can be financed at a good price.
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