Posts with tag 'Broken Top'
Subscribe and receive email notifications of new blog posts.
RSS Feed
16
Bend Luxury Home Sales Slowing Down
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.
4
Broken Top Real Estate Market Trends
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.
21
What Is Up With Bend Luxury Homes?
Bend High End Home Sales Reflect a Changing Market
It has been awhile since we last reported on Bend luxury home sales. We pulled a report showing year to date activity over the past three years. While Bend home prices in general are back to a small upward trajectory year over year, the numbers of sales are significantly down, as they are in all price points in most of the markets in Central Oregon and across the country. Higher interest rates have changed the buying power of would-be home purchasers, even in the high end, and have also kept many would-be sellers off market. Why sell when the mortgage interest rate many homeowners have is so good? A replacement home, while potentially being better for the current lifestyle of a home seller, may cost more on a monthly basis with the higher interest rate with which they may need to purchase.
When the first six months of high end Bend home sales are compared year over year between 2022 and 2023, the following change...
Privacy Policy / DMCA Notice / ADA Accessibility
