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

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Will Mortgage Rates Continue Their Downward Trajectory?

For the past five weeks, mortgage interest rates have dropped, returning to figures that haven't been seen since August. Any relief from the high rates recently experienced is welcome. With each 1% reduction in mortgage rates, it roughly reduces the monthly mortgage payment by 10%. The chart below shows how purchasing power is impacted by mortgage rates.

Bend Home Buyers Have More Options with Lower Interest Rates

When potential home sellers have great mortgage interest rates, they hesitate to list, even when a different home may be a better option for them at this time in their lives. When the financed cost of a new home would make their monthly payment significantly more, the benefit of a different living arrangement is offset by the monthly cost for the...

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

• Bend Real Estate Sales Lacking Listings
• Brussel Sprout Slaw with Apples and Pecans
• 10 Tips to Help You Prepare for Thanksgiving
• Hike to Broken Top From Todd Lake
• The Benefits of Buying a Multi-Generational Home

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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The Hike to Broken Top is Among Central Oregon's Favorites

People exploring the Three Sisters Wilderness can hike to Broken Top from multiple trailheads. Three Creeks to Tam McArthur Rim provides for a social trail past Broken Hand to Broken Top and No Name Lake. Hikers looking for more distance can start at the Green Lakes Trailhead and hike Soda Creek to join with the Broken Top trail. Most people will drive past Todd Lake on the poorly maintained road to the Broken Top trailhead (high clearance vehicles are recommended) and cut the distance to 5.5 miles and under 1500 feet of elevation gain. And there is a well defined trail starting at Todd Lake which creates a much longer hike through old growth forest to join with the Soda Creek Trail and then the Broken Top trail. Total distance to the Broken Top summit exceeds 14 miles and pushes 2700 feet of elevation gain, but the experience is well worth it. Stunning views of Broken Top's eastern flank and Mt Bachelor become visible after hikers join with the Broken Top trail; bushwhacking in this open area can lead to new areas to explore and other beautiful views. 

The hike taken October 21, 2023 was on a sunny, warm day after snow had fallen the week before.  Remnants of melting snow were obvious, but created no real obstacles for hikers. This was also the first weekend in 2023 that did not require trailhead passes, so the trail was busy with many Broken Top hikers and off leash dogs; at times it seemed as if there were more dogs than people, but all encountered were well behaved and the people very friendly and happy to be out enjoying the beauty of the Central Oregon Cascades. No Name Lake was beautiful and cold with snow and glacial runoff, and the views from the summit toward Middle and North Sister were outstanding, although the ridge was very windy and not the best place to enjoy lunch.