The Bend Real Estate Market is in Transition
As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.
While the market is changing, home prices are still rising when compared year over year. The chart below shows the median home price for a Bend single family home on less than an acre. As you can see, home prices are up over 2021, but at a slower rate than compared with 2020.
When looking at July 2022 compared with July 2021 for Bend single family home sales, the following changes can be seen:
- Average sales price up 16.6% to $937,764*
- Median sales price up 15.2% to $767,750
- New listings down 26.6% to 229
- Homes for sale down 20.4% to 467
- Pending sales up 25% to 310
- Sold homes down 28.2% to 178
- Average price per sq ft up 10.6% to $449
- Median price per sq ft up 11.8% to $417
- Average percentage of list price received down 3.7% to 99.5%
- Dollar volume of closed sales down 16.3% to $166,921,932
We believe these changing trends will continue in the rest of the year as the market adjusts to the new reality since the 2021 Covid housing boom.
