November 2023 Market Report

Happy Holidays!

It’s a beautiful time of year in Bend. We’re covered in more snow this year than usual and it’s a lovely sight to see. There’s something special about the way the moon sparkles on the snow in the evening and the skiing can’t be beat either. We’re revving up to the holidays and the coming new year and I hope you’re enjoying your prep time and looking forward to making some lovely memories.

The Bend real estate market is continuing to see a slow down as we approach the holidays. It’s very typical of this time of year to see a dip in number of sales as well as inventory. The weather conditions along with sellers not wanting to move during the holidays creates a bit of a real estate lull. With interest rates staying stubbornly high, it’s continuing to affect home sales pricing. Of the 137 sales in November, 19 properties sold for under $500,000, the first time since November 2021.

Here are the latest highlights from November:

Median Home Price: $696,000 – $680,000 in Oct. ($683,000 Nov. 2021)

Number of Sales: 137 – down from 160 in Oct. (197 days in Nov. 2021)

Days on Market: 18 – down from 28 in Oct. (11 days in Nov. 2021)

Cash vs. Conventional Loan: 52% conventional loan, 48% cash

Inventory: 1.5 months – down from 2 months in Oct. (up from half a month Nov. 2021, down from 2 months in Nov. 2019)

2023 is just around the corner. Hopefully it will bring some relief from the Feds which would start to bring the mortgage interest rates down a bit. Of course, if rates come down it could drive our prices back up a bit. Get out the popcorn. 2023 could be really interesting.

I hope you have a great holiday season and if you need anything, please feel free to reach out.

Here’s to a beautiful New Year!