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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Kerry Knouse has joined Bend Premier as a Principal Broker.  Kerry brings over 10 years of experience representing buyers and sellers. Kerry had a long career in construction prior to becoming a real estate agent and really understands the Central Oregon market, including its varied neighborhoods and communities. Bend Premier is pleased he has joined us. To read more about Kerry, click on Kerry's website.

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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