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Bend Oregon Real Estate | September 2023 Trends
Bend Home Sales Down While Rate of Price Increase Drops
The Bend real estate market is in transition. With high mortgage interest rates impacting the buying power of potential Bend homebuyers and with sellers who may currently own a home financed under a low mortgage interest rate not listing, low inventory levels are keeping home prices up while the number of sales have dramatically dropped. We are seeing fewer new listings hitting the market, resulting in fewer pending sales and closed transactions. This is beyond the normal slow down that happens in Bend after school starts. This change is being felt nation wide and fewer home sales are happening with mortgage rates now approaching 8%.
Bend Real Estate Sales Impacted by Rising Interest Rates
We compare Bend Home sales year over year in order to be consistent in our data. When September 2023 sales of Bend single family homes are compared with those from September 2022, the following changes can be noted:
Average sales price up 6% to $953,511- Median sales price up 5.4% to $764,500
- New listings down 32.3% to 134
- Homes for sale down 32% to 344
- Pending sales down 10.4% to 138
- Sold homes down 25.3% to 148
- Average days market down 11.8% to 30
- Months of supply down 7.7% to 2.4
- Average price per square foot up 4.3% to $439
- Median price per square foot up 4.9% to $408
- Average % of list price received down .4% to 98.9%
- Dollar volume of sold homes down 20.8% to $141,119,560
What Will Happen to Bend OR Real Estate Sales in 4th Quarter?
With the federal government expected to have at least one more rate hike before the end of the year, it does not look as if mortgage interest rates, which follow the Ten Year Treasury, will drop anytime soon. However, in the fall we typically see sellers who really need to sell be more motivated in their prices and buyers who make reasonable offers often having success in negotiating a purchase. Working with a great Bend Premier Real Estate Broker can really make a difference in your real estate sale or purchase in a transitioning market.
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