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Bend Oregon Real Estate | May 2024 Trends
What the Puzzling Trends For Bend Home Sales Tell Us
The May 2024 data has been published and it appears that Bend home buyers have more options. Inventory levels are up, but so are prices and overall sales are down. Basic economics tells us that as supply increases, prices should decrease. But right now, the supply of Bend homes has grown along with a slight uptick in home prices with sales significantly down from the year before. Adding to the confusion are mortgage interest rates. According to Freddie Mac, mortgage interest rates were above 7% for most of the month of May which impacted the purchasing power of many potential Bend home buyers.
What Were the Bend Real Estate Trends in May 2024?
When May 2024 is compared with May 2023, the following data reflects Bend single family home sales on less than an acre:
- Average sales price up 4.4% to $895,433*
- Median sales price up 1.3% to $754,900
- Average list price up 5.5% to $1,039,269
- Median list price up 0.9% to $832,450
- New listings up 11.4% to 255
- Homes for sale up 26.2% to 395
- Pending sales down 9.5% to 152
- Sold homes down 19.1% to 131
- Average days on market up 28.6% to 45
- Months of supply up 40.99% to 3.1
- Median price per square foot up 3.4% to $398
- Average percentage of list price received down .1% to 99.7%
- Dollar volume of closed sales down 15.6% to 117,301,708
Late spring has historically been the time of year in which many Bend home sellers will list their property, getting ready for the peak selling season during the summer months. The large uptick in new listings for May may also be attributed to sellers with less than a 5% mortgage interest rate who have been waiting for rates to drop finally deciding that their need to move exceeds having a great mortgage rate on their next purchase. It could also be that sellers are discovering that the equity in their existing home could enable them to pay cash for their new home, but if they wait any longer to list, competition could drive their sales price down. The months of supply of inventory for May is higher than it has been since before covid, with July of 2019 at 3.5 months.
Predictions for Bend Home Sales Summer 2024
We are already seeing more motivation from Bend home sellers. People who really need to sell are pricing their property at or even slightly below the current market. Sellers are willing to entertain offers, not necessarily holding out for a full price offer. Price reductions are becoming common, even for homes that have been on the market a relatively short time. And sellers are negotiating repairs with the buyers, rarely selling "as is". However, year over year, Bend home prices are up. Whether that lasts through the summer remains to be seen. With more inventory on the market, we predict the increase in home prices will moderate even more. If this trend continues, there may even be a time later in the year in which Bend home prices decrease year over year.
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