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Bend Oregon Real Estate | August 2024 Trends
Are Lower Mortgage Interest Rates Spurring Bend Real Estate Sales?
Mortgage interest rates have come down to their lowest rate in a year with the 30 year mortgage now at 6.35%. This has made a difference in both the buying and selling side of Bend home sales with buyers now being able to afford more than they could just a few months ago and sellers, who have been sitting on the fence on whether or not they wanted to give up their great mortgage rate for a new, higher one on a different home, feeling comfortable enough to at last list their home. We are seeing more listings at lower median and average listing prices and more pending sales in August as a result.
When August 2024 is compared with August 2023 for Bend single family home sales on less than an acre, the following changes can be seen:
- Average sales price down 4.6% to $870,084*
- Median sales price down 4% to $715,000
- Original average list price down 14.7% to $834,831
- Original median list price down 17.6% to $699,900
- New listings up 18.3% to 181
- Active listing up 26% to 475
- Pending sales up 45% to 174
- Sold homes down 11.4% to 148
- Average days on market up 42.9% to 50
- Months of supply up 32.1% to 3.7
- Average price per square foot down .5% to $415
- Average percentage of list price received up .2% to 99.5%
- Dollar volume of closed sales down 15.4% to $128,772,427
Second Month in a Row with Bend Home Prices Down Year Over Year
The drop in both average and median sales prices in Bend for the second month in a row seems to be indicating a new trend. Bend home prices have been rising since leaving the housing crash of 2008-2010. Having a year over year reduction in listing prices as well as sales prices appears to show an added incentive for sellers to price their homes at the current market conditions rather than those experienced during the pandemic. It also reflects more mid-range homes entering the market. When you couple these changes with lower mortgage interest rates, it reflects in the 45% increase in pending sales in August year over year. The positive news here is more buyers appear to be able to afford Bend homes. And there are more options for them to choose from. Bend home sellers who are entering the market need to make sure their property is priced competitively if the goal is to sell quickly.
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