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Bend Oregon Luxury Home Sales Slowing Down

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

There Are More Bend High End Homes On The Market

The Bend real estate market has been in transition since Covid ended, with the demand for homes remaining strong, but rising mortgage interest rates greatly impacting the buying power of would-be homebuyers.  It has been three months since we last looked at the Bend luxury homes. During this time, there have been changes with fewer new listings, more homes on the market, and fewer sales. All four categories we look at with high end home sales are up significantly with available inventory.

Bend Luxury Homes Sold

We are pushing closer to a neutral market with the highest prices where there is 5 to 6 months of inventory. We are not there yet, but there has been significant change over the past twelve months where higher priced homes are slower to sell.

Bend Luxury Homes Months of Inventory

Number Of Luxury Home Sales In Bend Are Down

There are fewer closed sales of Bend luxury homes. While some homes are still experiencing multiple offers when they initially become active on the market, more homes are sitting longer and undergoing price reductions prior to selling.  Sellers who need to sell are showing more motivation than they did during the Covid pandemic, adjusting the price and negotiating repairs. The one exception were homes in the $1,300,000 to $1,599,999 price point, but that could be due to prices set to begin with or homes which were higher priced initially now dropping into the lower category prior to selling. With mortgage interest rates still rising, we expect that these trends will continue for some time.

Bend Luxury Homes sold 10-16-23 

Original blog can be read at Bend Premier Real Estate's blog.

 

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Nice charts, Lynnea... easy to understand. Our luxury homes market has been holding its own year-to-date... we'll see what happens in the remainder of the year.

Oct 18, 2023 01:42 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Our higher end has been steady as well, Nina Hollander, Broker . But it feels like things have really slowed down this week. Not sure if it is the war, or interest rates, NAR issues, but we seem to have anxious people out there.

Oct 18, 2023 04:36 PM