Bend Home Sales Facing New Twists and Turns
The road ahead for Bend home sales in 2023 is facing many changes from that seen in 2022. Although the fall 2022 Bend real estate market experienced a season of transition with a significant slowing of home sales, the change should be looked at in relationship to the market prior to the Covid-19 pandemic and resulting real estate boom. While the road ahead appears to be in a "slow down" mode, it is all relative to an overall healthy market more balanced between sellers and buyers.
When January 2023 is compared with January 2022 for Bend single family home sales, the following changes are noted:
- Average sales price up 7.9% to $849,680*
- Median sales price up .3% to $684,950
- New listings down 27.8% to 109
- Homes for sale up 59.4% to 204
- Pending sales down 24.4% to 121
- Sold homes down 36.8% to 84
- Median days on market up 277.8% to 34
- Months of supply up 116.7% to 1.3
- Average price per square foot down 3.3% to $378
- Average percentage of list price to sales price down 1.7% to 98.3%
- Dollar volume down 31.9% to $71,373,088
Are Bend Real Estate Sales Returning to Pre-Covid Conditions?
We have been experiencing this change from a booming sellers' market in which lack of inventory drove multiple offers and home prices upward to a market in transition for the past six months, the major impetus to this change coming from rising interest rates. We are seeing the growth in home prices leveling off and with less demand for homes, inventory levels and days on market increasing. With more options for home buyers, the need for sellers to price their listings to today's market has added importance. Listening to the advice of a well informed Bend Premier Real Estate broker is more important than ever when pricing a home to sell.
Original blog can be read at Bend Premier Real Estate's website.