Bend Home Sales Slow

There is a seasonal slow down experienced every fall for Bend real estate sales. When school starts, many would-be Bend home buyers focus on other things. While retirees and second home buyers may be active in early to mid fall, once Thanksgiving comes, the number of Bend real estate sales drop as both buyers and sellers tend to concentrate on holiday activities with home sales secondary to celebrating the season. In 2023, however, the annual slow down for Bend home sales typically seen in November was exceptional. When November of 2023 is compared with November of 2022, Bend single family home sales on less than an acre reflect the following:

• Average sales price up 3.5% to $859,650*
• Median sales price up 1% to $702,750
• New listings down 26.1% to 82
• Homes for sale down 29.9% to 281
• Pending sales down 18.7% to 87
• Sold homes down 24.1% to 104
• Average days on market up 22% to 50

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Will Mortgage Rates Continue Their Downward Trajectory?

For the past five weeks, mortgage interest rates have dropped, returning to figures that haven't been seen since August. Any relief from the high rates recently experienced is welcome. With each 1% reduction in mortgage rates, it roughly reduces the monthly mortgage payment by 10%. The chart below shows how purchasing power is impacted by mortgage rates.

Bend Home Buyers Have More Options with Lower Interest Rates

When potential home sellers have great mortgage interest rates, they hesitate to list, even when a different home may be a better option for them at this time in their lives. When the financed cost of a new home would make their monthly payment significantly more, the benefit of a different living arrangement is offset by the monthly cost for the...

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Will Coronavirus Change the Central Oregon Real Estate Market?

With the outbreak of the coronavirus worldwide, which has sickened thousands and created panic and uncertainty in our stock market, we are left to question if the effects will extend to the US real estate market, and more specifically to our local Central Oregon real estate market.

Coronavirus Pushes Down Interest Rates

Mortgage Interest Rates have already fallen to new record lows (3.29% as of March 5^th) as investors are taking money out of the volatile stock market and putting it into safer US Treasury Bonds. Historically, when bonds are strong, mortgage rates go down.

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Commercial Real Estate in Central Oregon

Bend Premier Real Estate is pleased to represent commercial clients in all aspects of their commercial needs, including leasing, sales, investments, tenant representation and consulting services. Our commercial Brokers know how to put a commercial deal together. Plus we answer our phones on weekends!

Bend Premier Real Estate Brokers Rachel Greenwald Rhoads and Kacey Taylors' new listing at 17605 Vandevert Road...

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Bend Commercial Real Estate Impacted by Lack of Inventory

Historically, our local commercial real estate market trends above the national averages. Our Central Oregon area commands very aggressive CAP rates due to supply and demand; when you put a magnifying glass to our market, we have very little Industrial property For Sale/For Lease and it would appear that the Urban Growth Boundary expansion recently passed will not solve this immediate problem. Our local market in most cases this year has positive absorption rates for office and retail as well. 

What's Up on the National Front?

Our local commercial real estate market trends about a year behind what we experience in the residential market. This is consistently true and while residential real estate sales experienced a sudden recessional impact in 2008, commercial real estate sales stayed consistent until roughly 2^nd quarter 2009 and then fell into distressed "short sa...

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