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*
- Median sales price down 14% to $659,450
- New listings down 44% to 126
- Homes for sale up 27% to 179
- Pending sales down 23.9% to 179
- Sold homes down 15.8% to 112
- Average days on market up 100% to 62
- Median days on market up 1, 175% to 51
- Months of supply up 71.4% to 1.2
- Average price per square foot down 6.8% to $385
- Median price per square foot down 1.9% to $366
- Average % of list price received down 3.2% to 98.4%
- Dollar volume down 21.7% to $92,044,641
What Has Impacted Bend Real Estate Sales?
Home prices are greatly influenced by mortgage rates and inventory. While inventory levels are still very low at 1.2 months of supply which indicate a strong seller's market, mortgage rates are currently over 6.5% which seriously impacts the buying power of those looking to purchase with a loan. Our data shows that days on market have shot up, with median days over 1000% greater than they were a year ago. However, for sellers who need to sell, pricing their home at a figure which homebuyers can afford is essential. Home prices have come down overall, although we still are seeing multiple offers on properties which are well priced for today's market.
