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What Is Up With Bend Luxury Homes?
Bend High End Home Sales Reflect a Changing Market
It has been awhile since we last reported on Bend luxury home sales. We pulled a report showing year to date activity over the past three years. While Bend home prices in general are back to a small upward trajectory year over year, the numbers of sales are significantly down, as they are in all price points in most of the markets in Central Oregon and across the country. Higher interest rates have changed the buying power of would-be home purchasers, even in the high end, and have also kept many would-be sellers off market. Why sell when the mortgage interest rate many homeowners have is so good? A replacement home, while potentially being better for the current lifestyle of a home seller, may cost more on a monthly basis with the higher interest rate with which they may need to purchase.
When the first six months of high end Bend home sales are compared year over year between 2022 and 2023, the following changes can be noted:
- Home price increases below $2 million are fairly flat, while those over $2 million are up over 7%*
- New listings are down on average over 20%
- Number of homes for sale are up between 6% in the $1million to $1.3 million range to over 63% in the $2 million plus range
- Pending sales are down between 7% in the $2 million plus range and 28% in the $1 million to $1.3 million range
- Sold homes are down from 8% to 50%.
- Median days on market are up over 100%.
- Months of supply are up across the board, with the largest figure in the $1.6 to $2 million at 5.2 months - up 150%
- High end homes are selling on average 4% below their list price
What Can We Expect for Bend High End Home Sales the 2nd Half of 2023?
It has been a year since mortgage interest rates climbed from 3% to 7%. However, most homebuyers have gotten over the shock of this change and are now accepting that these rates are the new standard. In the meantime, lack of inventory is keeping home prices high and for those who are looking to buy a Bend high end home, well priced homes are receiving offers. Seller should consult with their broker to learn about the latest trends and current market conditions.