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Bend Oregon Real Estate | August 2023 Trends
Bend Real Estate Sales Cooling Fall 2023
While it is typical in the Bend and Central Oregon real estate markets to see a slowdown in sales once we enter into late fall, the change to our market seen in August 2023 did not follow the normal trends. With the 30 year mortgage interest rate now above 7%, the purchasing power of many potential home buyers has been significantly changed. In addition, the number of sellers willing to sell a home which has a mortgage of less than 5% has curtailed new listings coming on the market. This has kept inventory low, pushed prices up and greatly impacted the number of Bend real estate sales.
Year Over Year Trends for Bend Single Family Home Sales
When we compare August of 2023 with August of 2022, Bend single family home sales on less than an acre show the following trends:
- Average sales price up 8.4% to $910,325*
- Median sales price up 3.2% to $740,000
- New listings down 17.3% to 148
- Homes for sale down 30.4% to 323
- Pending sales down 33.7% to 124
- Sold homes down 15.7% to 161
- Average days on market up 61.9% to 34
- Months of supply down 8% to 2.3
- Average price per square foot up 1.7% to $417
- Average % of list price received up .3% to 99.3%
- Dollar volume of closed homes down 8.6% to $146,562,329
Who are Bend Home Sellers Today?
In our brokerage, we are seeing that the people who are selling their homes are typically those who need to sell rather than those who want to sell to get a new local home that may meet a new need. We are seeing people list who are undergoing a divorce, a job transfer, a death, or have to move elderly parents into a new living arrangement. In the past we have had people sell who either need a bigger home due to a growing family or a smaller home due to an empty nest. These people are not selling today, especially if they have a mortgage rate of less than 5%. Until either mortgage rates drop or home prices drop, we predict Bend home sales will remain at a level below normal.
