For Bend buyers looking for their ideal luxury home, there was a significant increase in the number of homes for them to pick from in 3rd quarter 2024. When we look at Bend million dollar homes, the categories of homes for sale over $1,300,000 had anywhere from 45% to 89% more listings for buyers to consider. It appeared that more sellers were willing to list their property in 2024 than in 2023, perhaps tied in with lower mortgage interest rates experienced in this time period; the cost to sellers for their financed replacement home would be less with lower rates, often making the seller determine that the time to list was then.
We are seeing changes in the Bend high end market. Homes that sold quickly during Covid for over asking price are now sitting. Buyers are getting more selective when it comes to making a decision on a high end home. During the Covid years, sellers could list a home for almost any price that made sense and get the property sold quickly, often with multiple offers. For third quarter 2024, Bend's high end homes are not selling rapidly and for those priced over $2,000,000, the market has especially changed. It is now a Buyer's Market for Bend homes priced over $2,000,000 with over ten months supply. For the high end seller, pricing the home for today's market is essential to selling in a timely manner.
For those high end sellers with homes priced under $1,300,000, there appears to be better movement with the number of sold homes up over the same time in 2023. The months of inventory during 3rd quarter 2024 dropped 24% and the number of homes listed dropped 16% compared with 2023. The number of homes that closed during the same time rose in the under $1,300,000 category while those in the other categories fell. Luxury home sellers need patience and a great Bend Premier Real Estate broker to help price, stage and negotiate all offers.
