Subscribe and receive email notifications of new blog posts.
RSS Feed
17
What's Up With Bend Luxury Homes?
Are Bend Luxury Home Prices Stabilizing?
It has been a while since we have done a careful analysis of the high end Bend home market. Overall, the Bend real estate market has seen growth in inventory levels along with high mortgage interest rates and a more normal increase in home prices. The same cannot be said for the luxury market. For Bend single family luxury homes on less than an acre, inventory levels and sales prices appear to have stabilized with only a slight increase in the number of homes priced between $1,000,000 and $1,600,000. For homes priced over $1,600,000, there has been a decrease in sales price over the past twelve months.
The number of Bend Luxury Homes Selling is Down
Along with high mortgage interest rates comes issues with affordability. Even with the luxury home buyer, when the cost to finance a home exceeds a buyers' ability or comfort level, the number of homes that sell decreases. Bend real estate has experienced this with the high end market over the past twelve months.
Bend Luxury Homes Taking Longer to Sell
Lack of affordability leads to lack of sales which lead to higher inventory levels and longer time to sell. For Bend luxury homes, the amount of time to sell has risen dramatically over the past twelve months. Homes that sold in a few days during the Covid-19 pandemic are now taking much longer, especially if the asking price exceeds what the current market dictates. However, homes that are priced for today's market are still receiving offers. Luxury home sellers who wish to sell quickly should be advised by their Bend Premier Real Estate broker on the competition and market trends and price their home accordingly.
Privacy Policy / DMCA Notice / ADA Accessibility
