More Bend Home Inventory and Moderate Price Increases Were the Norm for 2024 Sales

2024 Bend home sales experienced modest price increases for the year, but Bend home buyers were fortunate to have more options. Sellers who had hesitated putting their property on the market during Covid and following when mortgage interest rates were close to 8% finally had more inclination to do so when mortgage rates dropped to the mid 6% range during the summer of 2024. Delayed moves which were offset by high mortgage rates for a subsequent purchase finally made sense when rates dropped. Although there was an increase in home prices and sales for Bend single family homes, it was modest. With more in...

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Bend Real Estate Sales Were Limited in 2024

Probably the biggest challenge for Bend Home Sales in 2024 was mortgage interest rates. Mortgage rates started the year at 6.48% and ended the year at 6.62%. During the middle of the year, the mortgage rates rose to 7.79% which greatly limited the buying power for most Bend homebuyers who needed to finance in order to purchase. Home sales in Bend continued, but at a greatly reduced rate than experienced during Covid when mortgage rates under 4% were normal.

High mortgage rates also kept many Bend home sellers from listing. The thought for many was why sell and give up a great mortgage rate of less than 4% to exchange to one over 7% on a different home? Many Central Oregon real estate brokers discovered that many listings were limited to just those who had to sell for a job tra...

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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...

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Bend High End Home Sales Reflect a Changing Market

It has been awhile since we last reported on Bend luxury home sales. We pulled a report showing year to date activity over the past three years. While Bend home prices in general are back to a small upward trajectory year over year, the numbers of sales are significantly down, as they are in all price points in most of the markets in Central Oregon and across the country.  Higher interest rates have changed the buying power of would-be home purchasers, even in the high end, and have also kept many would-be sellers off market. Why sell when the mortgage interest rate many homeowners have is so good? A replacement home, while potentially being better for the current lifestyle of a home seller, may cost more on a monthly basis with the higher interest rate with which they may need to purchase.

When the first six months of high end Bend home sales are compared year over year between 2022 and 2023, the following change...

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Bend Single Family Home Sales Reflect Mixed Results

We have been tracking Bend home sales for many years. Bend has been in a seller's market since 2012, but the level to which the seller's market changed during Covid was beyond any we had seen before. Home prices skyrocketed with multiple offers driving sales and inventory levels dropping to two weeks at the peak of the pandemic. However, since last summer, the Bend real estate market has been in transition with rising mortgage interest rates the biggest contributor to the change. While high mortgage rates have greatly impacted the buying power of many home buyers, lack of inventory remains an issue. We had seen home price increases level off and even drop yea...

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