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CENTRAL OREGON MARKET REPORT - NOVEMBER 29, 2023

New Listing on Bend Westside

1588 NW Awbrey Road - Bend - $885k

 Charming 1920's home near downtown. Mostly one level home with a loft, fir hardwood floors, new gas furnace and electric meter, new roof and interior/exterior paint. The spiral staircase leads to a large loft which could easily become a children's playroom or office. Detached garage and small, rented studio apartment for additional income opportunities!

 
 

Since the warmer months, our median sales price here in Bend has taken a sizable dip and days on market have increased as well. All signs point to a cooling of the market and the overall volume of activity is much less than previous years. In Oct of 2021 we saw 210 home sales for that month. This year only 120 homes sold. This a quite the drop off over such a short time period of time and it's mostly due to a quick decrease in Buyer demand. Interest rates are still making affordability the biggest hurdle at this point in time, but for those Buyers willing to explore their options, I'm able to see use good leverage for negotiations. Sellers are still coming to terms with the change of the market and many are still listing over market value, hoping to get the best price possible. This typically leads to long days on market and losing money with price drops over time. Let me know if I can help breakdown the market trends in your area and shed light on your home value to let you know where you stand. -Greg

 

What's new with Mortgage Rates?

Rates have improved, Jumbo loan rates became much more appealing lately and the conforming loan limits have increased to $766,550!

 

How have higher rates shifted our local market?

Notice below how a spike in interest rates shifted our Buyer dynamic here in Bend. In October of 22' we saw financed sales drop off quickly, but cash sales have carried on, seemingly holding steady overtime. It's still wild to see 43% of sales in Bend as cash purchases though!

 

Market Snapshot


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