Bend Oregon Real Estate Trends Mixed in November
The data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen:
- Homes for sale down 7.3% to 456
- Homes sold down 16.7% to 170
- Homes pended up 4.1% to 153
- Average price per sq ft up 6.6% to $243
- Average days on market up 9.6% to 114
- Average active price up .9% to $663,000
- Average sold price up 11.7% to $516,000
- Median sold price up 11% to $433,000
- Months of inventory up 12.4% to 2.7*
Why are Bend Oregon Home Sales Slowing?
Closings were down significantly in November which can be contributed to the softening Bend home sales seen earlier in the year; days on market and months of inventory are both up. While sales are slowing, prices continue to rise - which also contributes to slowing home sales. Have we reached a place in which the asking price for a Bend home is so high that the buyer believes the price is not justified or cannot afford it? Bend has suffered from a lack of affordable housing for many years, but are we at a point where the asking price is too much for the middle and higher income earner in addition to the lower earner? Mortgage interest rates have been creeping up during 2018 as well which contribute to making homes less affordable for the lower income earner. In addition, the average price of new single family homes being built in Bend is over $580,000, a figure out of reach for many Central Oregon residents.
*Data from Central Oregon MLS Original blog can be read at Bend Premier Real Estate.