Bend Home Sales Slow

There is a seasonal slow down experienced every fall for Bend real estate sales. When school starts, many would-be Bend home buyers focus on other things. While retirees and second home buyers may be active in early to mid fall, once Thanksgiving comes, the number of Bend real estate sales drop as both buyers and sellers tend to concentrate on holiday activities with home sales secondary to celebrating the season. In 2023, however, the annual slow down for Bend home sales typically seen in November was exceptional. When November of 2023 is compared with November of 2022, Bend single family home sales on less than an acre reflect the following:

• Average sales price up 3.5% to $859,650*
• Median sales price up 1% to $702,750
• New listings down 26.1% to 82
• Homes for sale down 29.9% to 281
• Pending sales down 18.7% to 87
• Sold homes down 24.1% to 104
• Average days on market up 22% to 50
• Months of supply down 12.5% to 2.1
• Average price per square foot up .9% to $426
• Average percentage of list price to sales price up .6% to 98.2%
• Dollar volume of closed sales down 21.5% to $89,403,632

Bend Home Sellers Not Listing

New home listings in Bend were down 26.1% in November to just 82. This compares with 111 in 2022 and 145 in 2021. Sellers are not listing, especially if they have a mortgage interest rate of less than 5%. Although mortgage rates have dropped in the last few weeks, there is a significant difference between financing at over 7% and less than 5%. Even if their current home does not work well for their present needs, unless there is a drastic necessity such a move out of the area, or life-changing event such as divorce, death or infirmity, sellers are making their current home work for them. And it is challenging to would-be Bend home buyers to find a home that fits their needs and price with limited inventory. Bend home prices remain high, although the rate of price growth has dropped to a more normal figure. We are at a time in Bend real estate sales where it is tough on both buyers, sellers and their representatives.

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