Published July 27, 2023

July Market Update

Written by Ryan McGlone

JULY MARKET UPDATE: MEDIAN PRICE CONTINUES TO SURGE

It is hard to believe we are halfway through 2023 and past the one year anniversary of the Bend real estate market peak in April 2022. Since then we've seen the market sway over $100K in value as it struggles to stabilize and find footing, predominately due to interest rate fluctuations. Our lastes numbers show incredible surge in Bend's median sales price starting in May, and it appears that this trend may hold through July and potentially beyond. Both the median and average price of a sold home in June came in incredibly strong essentially equal to the values we saw last June. Furthermore, the median list price of homes that went pending last month is held at $799K. Assuming these homes close near their list price, which homes typically do now, we may see a new all-time median sales price for Bend in the next month or two!

Thoughts for Sellers

Now that we are halfway through summer with relatively strong pricing data and inventory still just below 3 months, the next 1 month represents the best time to list your home. Typically, we see a seasonal slowdown once we hit the middle of August that lasts through the middle of September. It is still very important to select a conservative list price and do not shoot for the moon. If you own a home on a busy street or near something that may detract from your property value, then be very conservative on the list price as we are seeing these types of negative externalities playing a much larger role on sales price then they have in the past.

Thoughts for Buyers

With the lates surge in pricing and rates now holding above 7%, affordability is back to an all-time low. If you've been in the market for some time make sure you are periodically checking back in with your lender to adjust your budget accordingly.

Even with rates high, the occurrence of multiple offers is also picking up. We are starting to see appraisal waivers, limited inspections, and escalation clauses, especially on competitively priced homes and homes under the median sales price. It is very important to consider every aspect of your offer and how you can make it as compelling to the seller as possible. Do not just focus on price. Instead present a complete offer, sharpening all terms, and leveraging every opportunity to get that offer accepted.