Bend OR Real Estate - March 2022 Trends

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Bend Real Estate Sales Up Despite Rising Interest Rates

Mortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.

When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows:

  • Average sales price up 12.7% to $867,475*
  • Median sales price up 31.4% to $775,000
  • New listings up 10.1% to 261
  • Homes for sales down 63.3% to 165
  • Pending sales up 108.8% to 380
  • Sold homes up 13.3% to 205
  • Median days on market unchanged at 4
  • Average price per square foot up 15.9% to $423
  • Median price per square foot up 23.9% to $410
  • Average percentage of list price received down .8%to 103.3%
  • Dollar volume up 27.7% to $177,832,311

Where Are We Going With Bend Home Sales?

The sharp increase in mortgage interests rates has happened in the past few days, whereas most March closings that involved loans were booked weeks earlier before rates were as high as they are now. With interest rates up along with prices, we believe our market is now entering in a fluctuating state. We are starting to see new listings enter the market as is traditional in spring, but at tremendously inflated prices beyond those from just a few years ago. We do not believe the increase in Bend home prices can continue at the rate they have over the past two years, especially in lieu of the increase in mortgage interest rates. While we believe home prices will continue to rise while there is high demand with little inventory, they should rise at a lower rate than we have seen since the start of the Covid pandemic.

Bend Oregon Real Estate

Original blog can be read at Bend Premier Real Estate's blog page.

 

Comments (10)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the real estate information.

Buyers and sellers in your area will benefit from your expertise.

Wishing you continued success. bill

Apr 10, 2022 05:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lynnea... our respective markets continue to trend the same way... except in our case, sales are down... hard to sell what you don't have to sell!

Apr 10, 2022 06:06 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Even though interest rates are rising, they still are not at a level that I would consider high.

Apr 10, 2022 06:36 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, excellent Bend market update, and amazing how prices can still increase at these rates.   

Apr 10, 2022 07:30 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea Miller and thank you for the great information for us here in the Rain.  Hope you make it a great Sunday!

 

Apr 10, 2022 08:46 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Lynnea,
Thank you for sharing the Bend Market information.
Buyers and sellers in your area will benefit from your expertise.
Wishing you continued success.
Bob

Apr 15, 2022 09:27 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Apr 22, 2022 06:30 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lynnea Miller  I thought we used to follow each other just notice you fell off the follow list...hmmm well got it rectified, Endre

May 01, 2022 11:46 PM
Roy Kelley
Retired - Gaithersburg, MD

Good Monday morning, Lynnea.

Have a great day and a very productive week.

May 02, 2022 04:56 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Endre Barath, Jr.  Thanks for following me again.  I had no idea that stopped. 🙂

May 02, 2022 12:31 PM