Bend Real Estate Sales Were Limited in 2024

Probably the biggest challenge for Bend Home Sales in 2024 was mortgage interest rates. Mortgage rates started the year at 6.48% and ended the year at 6.62%. During the middle of the year, the mortgage rates rose to 7.79% which greatly limited the buying power for most Bend homebuyers who needed to finance in order to purchase. Home sales in Bend continued, but at a greatly reduced rate than experienced during Covid when mortgage rates under 4% were normal.

High mortgage rates also kept many Bend home sellers from listing. The thought for many was why sell and give up a great mortgage rate of less than 4% to exchange to one over 7% on a different home? Many Central Oregon real estate brokers discovered that many listings were limited to just those who had to sell for a job tra...

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Mt Bachelor Village is One of Bend's Oldest Resort Communities

Envisioned in the early 1970's by Brooks Resources as a resort community to house vacationers wishing to ski at nearby Bachelor Butte (now known as Mt. Bachelor), the successful condominium development of Mt Bachelor Village has grown beyond the 1/5th fractional ownership initially offered to now provide for fully owned units, townhomes and single-family homes with a variety of amenities and views. Its location, within Bend's city limits but just off the road to Mt. Bachelor and the high Cascade Lakes, Mt Bachelor Village has offered full time homes, investment opportunities, and vacation homes to owners and renters alike for well over forty years. It continues to be a venue for retreats, weddings, gatherings and conferences. 

Due to its variety of offerings - everything from 1/5 interest condominiums to luxury single-family homes overlooking the Deschutes River, Mt Bachelor Village has a unique sales...

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Tetherow is a Premier Luxury Golf Resort Community in Bend

The developer for Tetherow broke ground on the destination golf resort prior to the housing crisis of 2008. Initial lot sales were brisk, but once the great recession hit, sales dried up. The development sat with little activity until 2012 when lot sales, at a reduced price, started happening again. Over the past 11 years Tetherow has grown and become the destination resort initially envisioned with an active golf and social club, high end luxury homes and townhomes, a hotel, overnight rentals, three restaurants, and much more all adjacent to Bend's city limits on the road to Mt. Bachelor ski resort. It is truly one of Bend's success stories.

Market Trends for Tetherow Homes

Tetherow home prices have been among Bend's highest over the past three years. The Covid pandemic led to a mass migration to Bend and many wealthy buyers purchased in Tetherow pushing home prices even higher. However, over th...

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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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