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Bend Oregon Real Estate | June 2023 Trends
Bend Single Family Home Sales Reflect Mixed Results
We have been tracking Bend home sales for many years. Bend has been in a seller's market since 2012, but the level to which the seller's market changed during Covid was beyond any we had seen before. Home prices skyrocketed with multiple offers driving sales and inventory levels dropping to two weeks at the peak of the pandemic. However, since last summer, the Bend real estate market has been in transition with rising mortgage interest rates the biggest contributor to the change. While high mortgage rates have greatly impacted the buying power of many home buyers, lack of inventory remains an issue. We had seen home price increases level off and even drop year over year earlier in 2023, but during June this changed. While mortgage interest rates were pushing back into the upper 6% range, inventory levels dropped and home prices rose. Many Bend home sellers have opted to remain in their existing homes, often with a mortgage rate below 5%, instead of selling and moving into a different home with a mortgage rate close to 7%. However, demand is strong which is driving up the price of Bend homes.
When June 2023 is compared with June 2022 for Bend single family home sales, the following changes can be seen:
- Average sales price up 3% to $914,684*
- Median sales price up 6.2% to $770,194
- New listings down 24% to 241
- Homes for sale down 26.9% to 337
- Pending sales up 7.2% to 164
- Sold homes down 13.2% to 178
- Average days on market up 175% to 33
- Months of supply up 4.3% to 2.4
- Average price per square foot up 2.4% to $434
- Average percentage of list price received down 1.4% to 99.4%
- Dollar volume of sold homes down 10.6% to $162,813,780
Predictions for Bend Real Estate Sales Third Quarter 2023
While mortgage interest rates are approaching the high reached last summer, these rates are no longer a shock to many home buyers. Lenders are offering rate buy downs and/or free future refinance to enable and entice buyers to purchase. And with home prices rising again, waiting to buy in the future doesn't make a lot of sense. Summer is our peak selling season and home buyers are looking. It is an optimal time for sellers to list. Our Premier Brokers are here to help.
