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Bend Oregon Real Estate | September 2024 Trends
Bend Home Sales Up With More Inventory and Lower Mortgage Rates
It appears that the tide has turned and Bend home buyers are now experiencing lower prices, more choices with more inventory, and better interests rates. This has enabled more buyers to enter the market and more sellers to have confidence listing their home, knowing that their replacement property will cost less than it did just six months ago. This has generated more early fall business than we normally see and a more balanced Bend real estate market.
When September 2024 is compared with September 2023, the following changes to Bend home sales can be noted:
- Average sales price down 11.3% to $837,153*
- Median sales price down 4.7% to $713,500
- Original list price down 4.3% to $882,186
- Median sales price down 2.8% to $737,400
- New listings up 29.3% to 172
- Homes for sale up 29.5% to 461
- Pending sales up 29.3% to 159
- Homes sold up 7.2% to 148
- Average days on market up 72.4% to 50
- Months of supply up 34.6% to 3.5
- Average price per square foot down 3.2% to $419
- Median price per square foot down 5.2% to $385
- Average percent of original price to sales price down 1.1% to 95.8%
- Dollar volume of closed home down 4.8% to $123,898,611
It is Taking Longer for Bend Homes to Sell
The average days on market for Bend homes rose to 50 during the month of September, a reflection of rising inventory numbers. In addition, the average percentage of home sales price versus original listing price also fell during this same time. This shows that sellers are willing to accept less than than their asking price and willing to negotiate repairs and other concessions. The move towards a more balanced market in the Bend market with 3.5 months of inventory creates more opportunities for both buyers and sellers and when coupled with lower interest rates, can lead to a greater number of sales. As we proceed further into 4th quarter 2024, we will continue to follow the trends.
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