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 rates, we find the changes to the Bend market unpredictable.
When April 2023 sales for Bend single family homes on less than an acre are compared with those from April, 2022, the following changes can be noted:
- Average sales price down 6% to $826,142*
- Median sales price down 13.1% to $669,100
- Average list price up 10% to $971,916
- Median list price up 13.2% to $849,000
- New listings down 47.5% to 165
- Homes for sale down 26.1% to 201
- Pending sales down 11% to 178
- Sold down 31.4% to 129
- Average days on market up 318.2% to 46
- Months of supply up 7.7% to 1.4
- Average price per square foot down 7.6% to $404
- Median price per square foot down 9.2% to $373
- Average percentage of list price received down 3.8% to 99.8%
- Dollar volume of closed sales down 35.5% to $106,572,329
Low Number of New Bend Listings Noteworthy
Bend homeowners are not listing their property the way they have in the past. Traditionally spring is the time in which many Bend homeowners list in order to have their property available during the peak selling season of late spring/summer. We are not seeing the numbers of new listings that are typical for the year. One idea which can explain the shortage ties into mortgage interest rates. With current 30 year interest rates around 6.5%, homeowners who have a mortgage rate below this may wonder whether or not selling and buying a replacement home with a higher interest rate makes financial sense. Until we see rates drop, many home sellers may sit on the sidelines.
