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Bend Oregon Real Estate | October 2023 Trends
Bend Real Estate Sales Lacking Listings
The October 2023 figures for Bend single family home sales have been produced and lack of inventory appears to be a consistent problem. Inventory levels have dropped year over year as have pending sales and sold homes. Despite a rise in new listings, the overall Bend real estate market reflects an anemic number of sales with prices remaining high and high interest rates greatly impacting the buying power of would-be purchasers.
When October of 2023 is compared with October of 2022, Bend single family home sales show the following changes:
- Average sales price down 3% to $795,928*
- Median sales price up 7.6% to $731,500
- New listings up 6.9% to 140
- Homes for sale down 33.1% to 297
- Pending sales down 8.9% to 102
- Sold homes down 21% to 128
- Average days on market down 7.3% to 38
- Months of supply down 15.4% to 2.2
- Average price per square foot down .3% to $399
- Average percentage of list price received up .7% to 99
- Dollar volume down 23.4% to $101,878,808
Bend Home Prices Remain High Despite High Mortgage Interest Rates
Although the average sales price has gone down 3% year over year, the median sales price has gone up 7.6% during the same time. Right now, the average and the median home price in Bend are getting closer with a difference of $64,000, perhaps reflecting a change in the type of home which is selling. Fall typically is the time of year in which Bend home sellers who didn't sell earlier in the year are more willing to consider price reductions and buyer incentives. We are seeing this in our deals with seller and buyer negotiations on price, terms and repairs which were not present during the Covid pandemic in which home sales reflected multiple offers and a very strong seller's market.
