December 2023 Market Trends

Happy January,

It’s time again to look at the month gone by as well as a little recap of 2022.

Last year was a real rollercoaster. We saw interest rates more than double, our median price for a single family home hit an all time high of $773,000 in March and the number of sales began a bit of a free fall starting in August. Between the interest rates and lower inventory, our market definitely started feeling like a slowdown was coming as we closed out the year. The amazing thing is that we haven’t really had a major slowdown. The breaks are being pumped a bit but we’re far from a screeching halt. Our inventory is still at 1.5 months but interested buyers are starting to recommit themselves to the search. I spoke with two mortgage brokers in the last two days who said their call volume from buyers is beginning to rev up again. Ultimately, buyers love Bend and the amazing lifestyle it continues to offer.

December numbers came out and I’ve hit the highlights below:

Median Home Price: $678,000 – $696,000 in Nov. ($675,000 in Dec. 2022)

Number of Sales: 104 – down from 137 in Nov. (171 in Dec. 2022)

Days on Market: 30 – up from 18 in Nov. (12 in Dec. 2022)

Cash vs. Conventional Loans: 27% cash vs. 73% conventional

Inventory: 1.5 months – same as Nov. (.4 of a month in Dec. 2022)

When breaking down the numbers a little further 15% of the homes sold for over asking, 12.5% sold for the asking price, 72.5% sold under the asking price. 47.5% of all of the homes had price reductions before finding a buyer. At the end of the day buyers are still buying, sellers are still selling but, per usual, a well-presented home with the right price sells faster and closer to the asking price than others.

I’m always here to answer any and all of your real estate questions and help you whether you’re looking to buy or sell your home.

Have a happy and healthy rest of your January!