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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Deschutes Riverwoods Home Prices Trending Down

Deschutes Riverwoods has long been a Bend subdivision desired by those enjoying its proximity to the city (it abuts Bend's southern boundary), but the freedom of large lots without Homeowner's Associations or CC&Rs. Homes there range from single wide manufactured to luxury homes overlooking the Deschutes River. It is also a neighborhood in transition with more and more of the older mobile homes being replaced over time with stick-built single family. 

Home prices have dropped in Deschutes Riverwoods over the past twelve months in comparison to the previous year. This could be due to the type of home being sold, or a general overall reduction in home prices as home sellers adjust their asking dollar to accommodate higher mortgage interest rates. Deschutes Riv...

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There are More Bend Luxury Homes on the Market

The Bend real estate market has been in transition since Covid ended, with the demand for homes remaining strong, but rising mortgage interest rates greatly impacting the buying power of would-be homebuyers.  It has been three months since we last looked at the Bend luxury homes. During this time, there have been changes with fewer new listings, more homes on the market, and fewer sales. All four categories we look at with high end home sales are up significanty with available inventory.

We are pushing closer to a neutral market with the highest prices where there is 5 to 6 months of inventory. We are not there yet, but there has been significant change over the past twelve months where higher priced homes are slower to sell.

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River's Edge is an Established Bend Golf Course Community

Located on Awbrey Butte's eastern flank, River's Edge Village was originally developed in 1987 along with the River's Edge Hotel and Convention Center and the first nine holes of the golf course.  The second nine holes of the course were built in 1992 and the next 200 homesites platted around this upper location of the development were released for individual purchase, creating a unique subdivision. Subsequent phases of River's Edge have been developed by Pahlisch Homes with the contemporary architecture that is popular in Bend today. The golf course was purchased by the neighborhood in 2022 and is a favored public course.

Market Trends for River's Edge Single Family Home Sales

Home prices are gradually increasing in River's Edge. Unlike many Bend subdivisio...

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Bend Home Sales Down While Rate of Price Increase Drops

The Bend real estate market is in transition. With high mortgage interest rates impacting the buying power of potential Bend homebuyers and with sellers who may currently own a home financed under a low mortgage interest rate not listing, low inventory levels are keeping home prices up while the number of sales have dramatically dropped. We are seeing fewer new listings hitting the market, resulting in fewer pending sales and closed transactions. This is beyond the normal slow down that happens in Bend after school starts. This change is being felt nation wide and fewer home sales are happening with mortgage rates now approaching 8%.

Bend Real Estate Sales Impacted by Rising Interest Rates

We compare Bend Home sales year over year in order to be consistent in our data. When September 2023 sales of Bend single family homes are compared with those from September 2022, the following changes can be noted...

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