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August
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Bend Oregon Real Estate | July 2024 Trends
Bend Real Estate Sales at a Crossroads
The data has been published and the trends we have seen for many years for Bend home sales have changed. Instead of seeing home sales prices increasing year over year, in July 2024 home sales prices decreased year over year. This change directly reflects on the increased inventory levels the town has experienced in the last few months. The Covid pandemic resulted in tremendous demand for Bend homes which drove the price up when inventory could not keep up with the number of people wanting a Bend home. Now, at a level pushing four months of supply, the Bend home market is at a transitional time with many more homes and a more limited buyer pool. High home prices and high mortgage interest rates have priced many out of the Bend market and sellers are realizing that if they really need to sell their home, they need to price it at a figure that makes their property stand out from the competition - and at an asking price that more people can afford.
When July 2024 is compared with July 2023 for Bend single family home sales, the following changes can be noted:
- Average sales price down 6.4% to $933,318*
- Median sales price down 4.5% to $749,450
- Average original price up 4.6% to $982,388
- Median original price down 5.2% to $749,000
- New listings up 25.4% to 212
- Homes for sale up 31.3% to 478
- Pending sales down 1.7% to 169
- Sold homes down 3.4% to 142
- Median days on market up 155.6% to 23
- Months of supply up 46.2% to 3.8
- Average price per square foot down 2.9% to $428
- Average percentage of list price received down 1% to 98.8%
- Average percentage of original list price received down 1.4% to 97.3%
- Dollar volume down 9.6% to $132,531,176
Will Bend Homes Become More Affordable?
We are now over the peak of the selling season and as we move toward fall, the number of Bend home sales begin to drop off - especially for those who need to find and settle in a home before school starts. In the fall Bend home buyers are more typically empty nesters or second home buyers. We also see those home sellers who really need to sell consider more drastic price reductions in order to attract the more limited numbers of potential home buyers. Fall can be a great time to purchase a Bend home with home sellers more willing to negotiate price, terms, and repairs. In addition, many real estate experts predict that mortgage interest rates should drop this fall. The recent drop in early August has been encouraging and enabled some buyers to qualify for a loan who many not have done so before. A further drop in rates could really make a difference for many would be home buyers.
Predictions Bend Home Sales Fall 2024
If the Federal Reserve Board does lower interest rates in September as many predict, it could make a difference to fall home sales. The days on market are up considerably than what they were in 2023. With homes taking longer to sell, many home sellers are looking more and more at making price adjustments to attract home buyers. If this is coupled with lower mortgage interest rates, it could really boost fall home sales in Bend.