Published October 17, 2023

October Market Update

Written by Ryan McGlone

OCTOBER MARKET UPDATE: MEDIAN PRICE REMAINS FLAT. VOLUMES CONTINUE DOWNWARD TREND

Bend's median and average prices are trending flat month over month, and up approximately 3% over last year. Sales prices, inventory, and months of supply, are all remarkably similar to what we saw in last September when rates shot to 7% and held above that level for several weeks. Last September was a shock to the market as this was the fist time buyers saw rates sustain at or near 7%. This time around it is no surprise, so hopefully with rates hovering around 8%, we will see less of a downward trend in sales compared to what we saw last winter. The high rates continue to put pressure on new listing activity, which is about 26% below the seasonally adjusted levels we saw last year. This downward pressure is keeping our inventories stable at 3 months of supply, and prices relatively flat. If this trend shifts, we could find ourselves move from a seller's market to a buyer's market as we move through the winter.

Thoughts for Sellers

Our thoughts for Sellers are similar to what we called out last month. If your home is currently on the market, now is the time to try and capture whatever buyer demand is out there, especially as rates climb higher and we move into November. This may mean taking a price reduction or offering credits to entice a sale.

If you are contemplating listing a home but are not quite ready, we still feel that your best window for listing is early 2024. This gives you time to properly prepare your home, and instead of listing during a seasonally down-trending market you will be listing when the seasonal market trend is in your favor.

Thoughts for Buyers

This really is a tough time for financed buyers due to the large rate moves we saw last week. With that said, now is the time to look for deals as we enter winter. You may be able to work with sellers on closing costs and rate buy downs to help offset the more recent rate increase.

If your budget is solid, and you are purchasing for the long-term (5 years minimum) we feel that buying is still a better option than renting given the general lack of housing in Bend.