What's in the October, 2023 Bend Premier Newsletter?

• Bend Home Sales Down While Rate of Price Increase Drops
• Butternut Squash Soup
• Beginning with Pre-Approval
• Hike Pamelia Lake to Grizzly Mountain
• Explaining Today's Low Housing Supply

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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Broken Top is a Recognized Bend Oregon Luxury Subdivision

Started in 1993, the Broken Top community and golf club have been one of Bend's premier subdivisions for many decades. Situated in Bend's west side, the private Morrish-Weiskopf designed 18 hole golf course and club have hosted professional and local tournaments and have been member owned for the past few years. Residences in the gated community include custom designed luxury homes on large lots, luxury townhomes, and a handful of vacation rentals which can also be used as year-round dwellings. 

Market Trends for Broken Top Single Family Homes

Broken Top real estate sales experienced the same pattern that much of Bend did during the Covid-19 pandemic with home prices and demand rising dramatically during 2020-2021, and then leveling off once interest rates doubled in 2022. Today, median sales prices have dropped from their 2022 peak with inventory levels and the number of sales rising.

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Awbrey Glen is an Established Bend Luxury Subdivision

Brooks Resources broke ground on Awbrey Glen in 1993 and completed the subdivision in 2006. Its 156 homesites were sold individually to buyers who were able to hire their own contractor to build their custom home, subject to architectural guidelines. This created a neighborhood of unique high end homes, many of which bordered Awbrey Glen Golf Course. Today there are 375 members of Awbrey Glen Golf Club, a private club offering the golf course, restaurant, pool, fitness facility, and many activities. People who live at Awbrey Glen tend to enjoy their home and social life.

Awbrey Glen Sales Prices Dropping

Unlike Bend in general, home prices in Awbrey Glen are going down. This may be partly because Awbrey Glen's listings are limited. With only 156 homesites in a fully built subdivision, Awbrey Glen home sellers are fewer than other developments in Bend. Homes there are of varied size and value. It may be...

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Awbrey Butte is One of Bend's Premier Luxury Neighborhoods

Originally developed by Brooks Resources in 1984, Awbrey Butte was "finished" in 2005. Containing over 1800 acres with 782 homesites, Awbrey Butte remains one of Bend's most prestigious neighborhoods. The development focused early on large homesites providing for privacy and retained much of the natural landscape and mature trees which existed there. Many homesites were situated to provide for Cascade Mountain, city or eastern views. A large number of the homes were built at a time in which natural woods were popular and the resulting neighborhoods often contained many large, lodge-style homes. Today's home buyers usually recognize the quality of these beautiful properties and may remodel them to a more current look while retaining much of the original ambiance.

Market Trends for Awbrey Butte Homes

Awbrey Butte experienced the same market trends of most of Bend during the past three years. Covid c...

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