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Bend Oregon Real Estate | April 2024 Trends
Bend Home Inventory Levels Rising
Bend real estate is entering its peak selling season from late spring until early fall. With this season a rise in home inventory levels typically leads to greater buyer interest and more sales as buyers who may have been sporadically looking for homes get more serious about their purchase, often wanting to negotiate a sale and closing before fall. Sellers who may have been waiting until spring and summer when landscaping is alive and curb appeal can be its best will put their homes on the market hoping to sell quickly. And real estate brokers may find that both buyers and sellers they have been in communication with through winter are now ready.
The April figures for Bend single family home sales on less than an acre reflect rising inventory levels and rising prices and also the impact of high interest rates. The thirty year mortgage interest rate remains above 7%, a figure that limits the purchasing power of Bend home buyers who need to finance their purchase. However, with a quarter of Bend home buyers still able to purchase with cash, homes that are priced for the market at all price points continue to sell. When Bend home sales are compared year over year, the sale from 2024 versus 2023 reflect the following changes:
- Average sales price up 3.6% to $855,000*
- Median sales price up 5.2% to $707,000
- Average list price up 9.1% to $1,046,957
- Median list price up 4.9% to $879,900
- New listings up 9.8% to 201
- Homes for sale up 9.9% to 300
- Pending sales down 15.6% to 141
- Sold homes up 25.4% to 163
- Average days on market down 4.3% to 45
- Months of inventory up 21.1% to 2.3
- Average price per square foot up 3.8% to $415
- Average percentage of list price to sales price unchanged at 99.8%
- Dollar volume of sold homes up 29.9% to $139,366,550
Bend Single Family Home Sales Down
Among the most significant figures in the April 2024 data are those relating to pending home sales. These are down 15.6% year over year most likely in conjunction with high interest rates and high prices. With the average list price up in April to over $1,000,000, affordable homes in Bend don't exist.
It remains to be seen whether or not rising interest rates will continue to dampen Bend home sales. For those who can afford the prices, the added inventory provides more options and more opportunities for home buyers to find a home that works for their finances and lifestyle. While Bend data still shows a strong seller's market, the increase in inventory may lead to a more balanced market if demand begins to moderate in response to Bend home prices.
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