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Bend Oregon Real Estate | July 2023 Trends
Bend Homes Sales Price Over Million Dollars
We never thought this would happen, but the average Bend single family home sold for over a million dollars in July, 2023. Despite mortgage interest rates hovering around 7%, high end Bend homes are selling. When demand exceeds supply, home prices rise. When mortgage rates jumped from 3.5% to 7% in the space of a few months, there was a drop in home sales. However, it appears that home buyers have become used to higher rates, and there are still a large number of Bend home buyers who are purchasing with cash. Lack of inventory continues to be a big problem and lack of affordability for Bend first time homeowners has pushed many to alternative cities.
When figures for Bend single family home sales are compared between July 2023 and July 2022, the following changes can be noted:
- Average sales price is up 8.8% to $1,012,215*
- Median sales price up 4.2% to $797,450
- New listings down 28.6% to 165
- Homes for sale down 37.1% to 316
- Pending sales up 10.4% to 180
- Sold homes down 23.2% to 142
- Average days on market up 47.1% to 25
- Median days on market unchanged at 10
- Months of supply down 15.4% to 2.2
- Average price per square foot down 1.1% to $442
- Average % sales price to list price up .3% to 99.8%
- Dollar volume of solds down 16.5% to $143,734,540
Will Bend Home Prices Drop?
Whether or not Bend home prices will drop anytime soon is tied in with demand and the number of listings. With the months of supply down, new listings down, overall numbers of homes for sale down and with pending sales up, prices shouldn't drop. Until we can grow available inventory to a more balanced market of 4 to 5 months, we anticipate home prices will stay high.
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