Posts with tag 'bend single family homes'

The Bend Real Estate Market is in Transition

As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.

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The Bend Real Estate Market is in Transition

As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.

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Bend Home Prices Still Rising, But at a Slower Rate

Ask any Bend Premier Real Estate broker what the Bend home market is like late spring 2022 and they will tell you it "feels different" than it has been over the past two years.  The frenzied buying scenarios and multiple offers that were experienced on many listings in 2021 are fewer, days on market on many properties are up, and price reductions on homes that are not in contract within a few days are becoming more regular. While well priced homes in desirable locations are still receiving strong offers, and while bidding wars are occurring, we are not having the numbers of offers in these wars that we had in 2021. As interest rates grow, the buying power of potential homeowners shrinks. Cash offers are still prevalent and of...

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Are Bend Real Estate Sales at a Crossroads?

We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.

When April 2022 Bend single family home sales on less than an acre are compared with those from April 2021, the following changes can be seen:

• Average sales price up 13.7% to $876,041*
• Median sales price up 17.9...

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Bend Real Estate Sales Up Despite Rising Interest Rates

Mortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.

When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows:

• Average sales price up 12.7% to $867,475*

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