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
- Sold homes down 27.6% to 160
- Average days on market up 183.3% to 34
- Median days on market up 40% to 7
- Months of supply up 18.8% to 1.9
- Average price per square foot down 4.9% to $423
- Average percentage of list price received down 1.6% to 99.8%
- Dollar volume of closed sales down 29.8% to $137,829,169
Number of New Bend Home Listings Very Low
Historically Bend home sellers will list their properties late spring to be available when homebuyers are searching - usually during the summer. This year, however, relatively few home sellers are putting their homes on the market. When asked, many will cite their low mortgage interest rate and the cost they would incur in a replacement home; it is hard to go from a 3% mortgage rate to 6.5%. Unless there is a change in lifestyle needed, or a required move such as a new job, many Bend homeowners are staying in their current home, thereby contributing to the lack of inventory.
