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Bend Luxury Home Sales Slowing Down
There are More Bend Luxury Homes on the Market
The Bend real estate market has been in transition since Covid ended, with the demand for homes remaining strong, but rising mortgage interest rates greatly impacting the buying power of would-be homebuyers. It has been three months since we last looked at the Bend luxury homes. During this time, there have been changes with fewer new listings, more homes on the market, and fewer sales. All four categories we look at with high end home sales are up significanty with available inventory.
We are pushing closer to a neutral market with the highest prices where there is 5 to 6 months of inventory. We are not there yet, but there has been significant change over the past twelve months where higher priced homes are slower to sell.
Number of Luxury Home Sales in Bend are Down
There are fewer closed sales of Bend luxury homes. While some homes are still experiencing multiple offers when they initially become active on the market, more homes are sitting longer and undergoing price reductions prior to selling. Sellers who need to sell are showing more motivation than they did during the Covid pandemic, adjusting the price and negotiating repairs. The one exception were homes in the $1,300,000 to $1,599,999 price point, but that could be due to prices set to begin with or homes which were higher priced initially now dropping into the lower category prior to selling. With mortgage interest rates still rising, we expect that these trends will continue for some time.
