The figures are out and the first six months of 2024 reflects an increase in Bend homes for sale over $1,000,000. The amount of Bend luxury home inventory is significantly up compared with 2023 and 2022 which leads to more options for the Bend home buyers who can afford a high end home. The days on market are rising and home sellers who really need to sell are recognizing that with more competition, asking price needs to reflect today's market.
During Covid Bend home listings were bid up with multiple offers to a point in which many homes sold over asking, even among the high end. In today's market, however, we are often seeing Bend home listings with price reductions. Sellers who wish to "test" the market or insist on pricing their home outside of the advice of their real estate broker will usually find their home sitting unsold. Once the sellers get more serious about selling, they can find themselves "chasing the market down" as their price reductions may not be enough to entice a would-be home buyer. With more inventory coming on, the buyers have more choices and if the new listings fit their criteria, the buyer may offer on the new home just listed rather than one that has been on the market for awhile. Getting the price right to begin with is so important for all home sellers.
Bend Luxury Home Sellers Need Patience
In today's Bend real estate market, home sellers need to understand that what was the norm a few years ago may be different today. Our market is in transition from a market with low inventory, low interest rates and lots of demand. Today's market has changed to one of many choices for would be Bend luxury home buyers. Prices have not drastically come down, but high interest rates do limit the buying power for many, even in the luxury home market. For those Bend luxury home sellers needing to sell, it is taking much longer. In the $2,000,000 and higher price point, we have transitioned into a buyer's market with over 7 months of inventory. Even in the under $2,000,000 categories, the days on market are much longer. If the home is priced according to today's comparables, home sellers need to be patient and wait for the right buyer to offer a price that works for them.
To learn more about Luxury Homes in Bend and Central Oregon, click here.