Bend Real Estate Market in Transition
Ask any Bend Premier Real Estate broker about the local housing market and they will tell you that it is changing. After the initial few weeks of the Covid-19 pandemic, real estate sales across the nation accelerated beyond any seen before. Lack of inventory coupled with low interest rates led to multiple-offers, tremendous buyer demand and rising home prices; between March of 2020 and March of 2022, the average price of a Bend single family home on less than an acre increased 67%. This rate of increase was not sustainable. When mortgage interest rates started rising, this increase coupled with high inflation changed the dynamic of the Bend real estate market. Our market is currently in transition with sales significantly lower than experienced in 2021. Whether or not these changes continue to a level seen pre-Covid remains to be seen.
When comparisons are made between November 2021 and November 2022 with Bend single family home sales on less than an acre, the following changes can be noted:
- Average price up 3.1% to $833,499*
- Median home price up 1.6% to $695,000
- Average original price up 18.3% to $930,065
- New listings down 24.1% to 110
- Listings down 50.2% to 305
- Pending home sales down 35.8% to 112
- Sold homes down 32.7% to 138
- Average days on market up 57.7% to 41
- Months of supply up 80% to 1.8
- Average price per square foot up 8.7% to $423
- Average percentage of original list price received down 5.2% to 93.4%
- Dollar volume of closed homes down 30.6% to $115,022,884
What Do Winter Sales Hold for Bend Homes?
Although we don't have a crystal ball, we can share historic trends and our predictions based on current sales. Winter is typically the slowest time for Bend home sales. When the weather turns and snow falls, many buyers and sellers are thinking of things other than buying or selling real estate. During the holidays, home sales can be very slow. But after the New Year, some buyers begin their home search again and sellers who were waiting until after the holidays may put their homes on the market. The biggest push for listings, however, occurs around spring break and continues through the summer. Despite these historic trends, we are still seeing buyers and sellers entering into real estate contracts in December. Homes that are well priced are being sold. And with less inventory on the market, sellers have less competition and buyers who need to buy are finding their listings.
