Posts with tag 'Bend Luxury Homes'
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Bend Oregon Real Estate | August 2023 Trends
Bend Real Estate Sales Cooling Fall 2023
While it is typical in the Bend and Central Oregon real estate markets to see a slowdown in sales once we enter into late fall, the change to our market seen in August 2023 did not follow the normal trends. With the 30 year mortgage interest rate now above 7%, the purchasing power of many potential home buyers has been significantly changed. In addition, the number of sellers willing to sell a home which has a mortgage of less than 5% has curtailed new listings coming on the market. This has kept inventory low, pushed prices up and greatly impacted the number of Bend real estate sales.
Year Over Year Trends for Bend Single Family Home Sales
When we compare August of 2023 with August of 2022, Bend single family home sales on less than an acre show the following trends:
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Bend Oregon Real Estate | July 2023 Trends
Bend Homes Sales Price Over Million Dollars
We never thought this would happen, but the average Bend single family home sold for over a million dollars in July, 2023. Despite mortgage interest rates hovering around 7%, high end Bend homes are selling. When demand exceeds supply, home prices rise. When mortgage rates jumped from 3.5% to 7% in the space of a few months, there was a drop in home sales. However, it appears that home buyers have become used to higher rates, and there are still a large number of Bend home buyers who are purchasing with cash. Lack of inventory continues to be a big problem and lack of affordability for Bend first time homeowners has pushed many to alternative cities.
When figures for Bend single family home sales are compared between July 2023 and July 2022, the following changes can be noted:
- Average sales price is up 8.8% to $1,012,215*
- Median sales price up 4.2% to $797,450
- New listings down 28.6% to...
21
What Is Up With Bend Luxury Homes?
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 Oregon Real Estate | June 2023 Trends
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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Bend Oregon Real Estate | May 2023 Trends
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
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