Posts with tag 'Bend Luxury Homes'
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Bend Oregon Real Estate | January 2024 Trends
Bend Home Prices Leveling Off
The January 2024 Bend real estate market shows some stabilization. Although the average and median price per square foot are both up, the average and median sales price on sold homes comparing January 2024 to January 2023 show little movement. The issue most Bend home buyers are still dealing with is lack of inventory which provides few choices for people looking to purchase. Although mortgage interest rates have come down from the high rates pushing 8% seen last fall, they are still in the mid sixes which also impact the purchasing power for home buyers.
When the January 2024 sales for Bend single family homes on less than an acre are compared with those from January 2023, the following changes can be seen:
- Average sales price down 1.9% to $842,669*
- Median sales price up 1.5% to $699,950
- New listings down 14.7% to 99
- Homes for sale down 28.4% to 204
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Bend Oregon Real Estate | 2023 Trends and 2024 Predictions
Bend Real Estate Sales Were Limited in 2024
Probably the biggest challenge for Bend Home Sales in 2024 was mortgage interest rates. Mortgage rates started the year at 6.48% and ended the year at 6.62%. During the middle of the year, the mortgage rates rose to 7.79% which greatly limited the buying power for most Bend homebuyers who needed to finance in order to purchase. Home sales in Bend continued, but at a greatly reduced rate than experienced during Covid when mortgage rates under 4% were normal.
High mortgage rates also kept many Bend home sellers from listing. The thought for many was why sell and give up a great mortgage rate of less than 4% to exchange to one over 7% on a different home? Many Central Oregon real estate brokers discovered that many listings were limited to just those who had to sell for a job tra...
8
Tetherow Real Estate Market Trends
Tetherow is a Premier Luxury Golf Resort Community in Bend
The developer for Tetherow broke ground on the destination golf resort prior to the housing crisis of 2008. Initial lot sales were brisk, but once the great recession hit, sales dried up. The development sat with little activity until 2012 when lot sales, at a reduced price, started happening again. Over the past 11 years Tetherow has grown and become the destination resort initially envisioned with an active golf and social club, high end luxury homes and townhomes, a hotel, overnight rentals, three restaurants, and much more all adjacent to Bend's city limits on the road to Mt. Bachelor ski resort. It is truly one of Bend's success stories.
Market Trends for Tetherow Homes
Tetherow home prices have been among Bend's highest over the past three years. The Covid pandemic led to a mass migration to Bend and many wealthy buyers purchased in Tetherow pushing home prices even higher. However, over th...
6
Bend Oregon Real Estate | November 2023 Trends
Bend Home Sales Slow
There is a seasonal slow down experienced every fall for Bend real estate sales. When school starts, many would-be Bend home buyers focus on other things. While retirees and second home buyers may be active in early to mid fall, once Thanksgiving comes, the number of Bend real estate sales drop as both buyers and sellers tend to concentrate on holiday activities with home sales secondary to celebrating the season. In 2023, however, the annual slow down for Bend home sales typically seen in November was exceptional. When November of 2023 is compared with November of 2022, Bend single family home sales on less than an acre reflect the following:
- Average sales price up 3.5% to $859,650*
- Median sales price up 1% to $702,750
- New listings down 26.1% to 82
- Homes for sale down 29.9% to 281
- Pending sales down 18.7% to 87
- Sold homes down 24.1% to 104
- Average days on market up 22% to 50
7
Bend Oregon Real Estate | October 2023 Trends
Bend Real Estate Sales Lacking Listings
The October 2023 figures for Bend single family home sales have been produced and lack of inventory appears to be a consistent problem. Inventory levels have dropped year over year as have pending sales and sold homes. Despite a rise in new listings, the overall Bend real estate market reflects an anemic number of sales with prices remaining high and high interest rates greatly impacting the buying power of would-be purchasers.
When October of 2023 is compared with October of 2022, Bend single family home sales show the following changes:
- Average sales price down 3% to $795,928*
- Median sales price up 7.6% to $731,500
- New listings up 6.9% to 140
- Homes for sale down 33.1% to 297
- Pending sales down 8.9% to 102
- Sold homes down 21% to 128
- Average days on market down 7.3% to 38
- Months of supply down 15.4% to 2.2
- Average price per square...
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