Posts with tag 'bend single family homes'

What's in the April 2023 Bend Premier Newsletter?

• Bend Market Trends - March 2023
• Sparkling Strawberry Mint Limeaid
• Staging Tips for Spring
• 6 Questions to Ask Your Agent Before Buying
  a Home
• The Key Advantage of Investing in a Home

Bend Home Sales Down

We have been following the data and our transitional Bend real estate market is definitely showing downward trends in many categories.  The rapid rise in prices and demand we saw during the covid pandemic were unsustainable and now we are seeing adjustments in home sales, days on market and home prices. The shock of higher mortgage interest rates is mostly over and home buyers are back in the market. And sellers are more realistic with home prices and willing to negotiate terms.

When Bend single family home sales on less than an acre are compared year over year, the following changes can be seen:

• Average sales price down 7.7% to $801,839*
• Median sales price down 12.3% to $680,000
• Average list price up 5.5% to $970,512
• Median list price up 4.7% to $784,950 
• New listings down 27% to 195
• Homes for sale up 21.9% to 217
• Pending sales down 26.5%...

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Bend Home Prices Coming Down

For many years we have tracked Bend real estate trends and have consistently watched home prices rise year over year.  Since coming out of the housing recession in 2011, Bend median home prices have risen over 465% from a low of $165,210 in December, 2010 to a high of $775,000 in March of 2022. When the Covid-19 pandemic hit, the rate of Bend home price increase accelerated to over 75% in three years.  This rate of increase was unsustainable and since reaching their high last summer, Bend home prices have fallen.

February 2023 was the first month which saw a year over year price reduction in Bend homes.  When  February 2023 Bend single family home sales on less than an acre are compared with those from February 2022, the following changes can be seen:

• Average sales price down 7% to $821,827*  

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Bend Home Sales Facing Twists and Turns in 2023

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

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Bend Home Sales Significantly Down the End of 2022 

When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates.  It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history.  The high mortgage rates changed the buying power of potential Bend homebuyers, and the sales of

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