Bend OR Real Estate - April 2022 Trends

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

Are Bend Home Sales at a Crossroads?

We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.

When April 2022 Bend single family home sales on less than an acre are compared with those from April 2021, the following changes can be seen:

  • Average sales price up 13.7% to $876,041*
  • Median sales price up 17.99% to $767,450
  • New listings up 11.7% to 297
  • Homes for sale down 53.4% to 213
  • Pending sales up 50% to 366
  • Sold homes down 24% to 184
  • Median Days on Market unchanged at 4
  • Months of supply down 55% to .9
  • Average price per square foot up 17.4% to $432
  • Median price per square foot up 22.8% to $410
  • Average percentage of sales price to list price down .5% to 103.7%
  • Dollar Volume down 13.6% to $161,191,515

While Bend home prices keep trending upward, it is at a greatly reduced rate than that experienced over the past two years when home prices grew an amazing 67% between February 2020 and February 2022. Although Bend's trends are higher than experts believe will be seen in much of the country, it is good for homebuyers who may be priced out of the local market if the high rate of growth continues. But even at a lesser rate, Bend home prices are still expected to rise. Bend homebuyers may do better to buy now rather than later, especially if mortgage interest rates also go up.

Bend Oregon Home Sales Down in April 2022

The trend that hit us when reviewing the April data was the figure on home sales; the number of Bend homes that sold in April was down 24% which was also reflected in the dollar volume of sold homes. While the average price was up, the number of homes that closed was down. Whether or not this change is a reflection on the increase in mortgage interest rates that went up sharply in March, the end of most of the Covid-19 financial support, or a shift in the demand for Bend homes remains to be seen. As can also be noted, pending home sales were up 50% in April which may indicate the change in closed homes was just an anomaly. We will continue to keep track of this figure as it is among the best indicators of future Bend home demand.

Bend Oregon real estate

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

Comments (15)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great information Lynnea and you are so right not only in your market but changes are coming in every market in the US... we have seen the beginning and we are generally six months ahead of everyone else in Los Angeles, Endre

May 04, 2022 10:30 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It would make sense that the market needs to flatten out a bit which I think will happen slowly over the next few years.

May 05, 2022 06:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great report and analysis of the Bend market, Lynnea. I'm waiting on our numbers to come next week to see if April had the same types of trends.

May 05, 2022 06:32 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, your average sales price is rising fast!   Great report for Bend!

May 05, 2022 08:50 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Endre Barath, Jr. Thanks for checking in and your comments. I agree- we are starting to see changes in the market. Where they end up??  Lack of inventory is still the biggest issue for us.

May 05, 2022 09:05 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Brian England .  Thanks for checking in.  Are you seeing similar trends in Arizona?

May 05, 2022 09:05 AM
Brian England

In some areas, yes, but the most desirable areas are always on fire

May 05, 2022 09:40 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Nina Hollander, Broker .  I am curious as well on whether this trend will be reflected across the country.  I will be on vacation in Tennessee next week - perhaps a chance to get into eastern North Carolina as well.  I haven't traveled in your part of the country and am looking forward to it.

May 05, 2022 09:06 AM
Nina Hollander, Broker

Lynnea Miller enjoy your trip, Lynnea... do call if you actually get into Charlotte.

May 05, 2022 09:23 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Joan Cox .  The rate in which home prices have risen since Covid hit is unsustainable and I think all of us who deal with real estate sales are ready for more stability.

May 05, 2022 09:07 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lynnea:

Those are some pretty impressive statistics for Bend. So far in April when looking at stats I have not seen a drop in home sales, but we are seeing some more inventory which of course is welcome!

Jeff

May 05, 2022 03:33 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great reporting!   Interesting statistics for a city of about 100,000 people.  You'll feel market swings sooner maybe?  

 

May 05, 2022 05:28 PM
Roy Kelley
Retired - Gaithersburg, MD

Good Friday morning, Lynnea.

Have a great day and an outstanding weekend.

May 06, 2022 05:40 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea and Happy Friday.  Thanks for the great information in your blog to share with us here in the Rain.  Make it a great weekend!

May 06, 2022 08:10 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Jeff Dowler, CRS . Our brokerage personal stats show an increase in pending sales in April over the year before, but a decrease in closings - probably tying in with the jump in interest rates that hit March and a lack of inventory.  But today I am seeing our MLS reflecting a lot of new listings with few sales.  It remains to be seen what happens over the weekend.

May 06, 2022 01:21 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Jan Green . For a town of 100,000, we have very little inventory over the past two years. And we have seen property, which sold for $350,000 two years ago now sell for $600,000. This rate of price increase is unsustainable. But the interest rate hikes we are now experiencing across the country may make sellers rethink their pricing strategy.

May 06, 2022 01:23 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Lynnea, I so appreciate those numbers.  Yesterday, a former neighbor called me.  I had originally priced his home 2 years ago at $750,000 - now it's $1.1 million and it is not the white cabinet remodel.  We'll see what happens!  

May 06, 2022 01:53 PM