Bend Single Family Home Sales Figures Remain Mixed

The May 2023 Bend real estate sales have been published and reflect a market in transition. Inventory levels are growing, but a strong seller's market remains. High mortgage interest rates continue to impact buyer's purchasing power and while average home prices are down slightly, they are not at a level that would significantly affect most Bend home buyers. As we enter our summer peak selling season, the question on how mortgage rates and inventory levels will reflect in 2023 home sales will be answered.

When May 2023 Bend single family home sales on less than an acre are compared with those from May of 2022, the following changes can be noted:

• Average sales price down 3.1% to $861,432
• Median sales price up .8% to $746,250
• New listings down 26.7% to 222
• Homes for sale down 21.1% to 265
• Pending sales down 21.8% to 172

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Bend Home Sales Take a Downward Turn

The Bend real estate market has been on a roller coaster over the past few years. The Covid-19 pandemic triggered a massive boom in Bend single family home sales, resulting in multiple offers, dramatic price increases, and limited inventory.  However, since the peak in home prices the summer of 2022, home prices and home sales have dropped, inventory levels, days on market and interest rates have risen while new homes hitting the market are significantly down.  Many Bend homebuyers cannot find property that meets their needs. While more homes are on the market, the numbers are still not at balanced levels with less than 2 months of inventory. If we throw into the mix the shifting mortgage interest rat...

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Bend Home Prices Coming Down

For many years we have tracked Bend real estate trends and have consistently watched home prices rise year over year.  Since coming out of the housing recession in 2011, Bend median home prices have risen over 465% from a low of $165,210 in December, 2010 to a high of $775,000 in March of 2022. When the Covid-19 pandemic hit, the rate of Bend home price increase accelerated to over 75% in three years.  This rate of increase was unsustainable and since reaching their high last summer, Bend home prices have fallen.

February 2023 was the first month which saw a year over year price reduction in Bend homes.  When  February 2023 Bend single family home sales on less than an acre are compared with those from February 2022, the following changes can be seen:

• Average sales price down 7% to $821,827*  

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Bend Home Sales Significantly Down the End of 2022 

When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates.  It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history.  The high mortgage rates changed the buying power of potential Bend homebuyers, and the sales of

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There are a lot of Questions with Bend Home Sales

As we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.

When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted:

• Average sales price up 6.4% to $823,360*
• Median sales price up 4.4% to $680,000
• Average list price up 17.6% to $934,365
• Median list price up 4.7% to $725,000
• New listings down 23.2% to 129
• Homes for sale up 34.5%...

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