Bend OR Real Estate - May 2020 Trends

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

Bend Home Prices Up, But at Slower Rate

Ask any Bend Premier Real Estate broker what the Bend home market is like late spring 2022 and they will tell you it "feels different" than it has been over the past two years.  The frenzied buying scenarios and multiple offers that were experienced on many listings in 2021 are fewer, days on market on many properties are up, and price reductions on homes that are not in contract within a few days are becoming more regular. While well priced homes in desirable locations are still receiving strong offers, and while bidding wars are occurring, we are not having the numbers of offers in these wars that we had in 2021. As interest rates grow, the buying power of potential homeowners shrinks. Cash offers are still prevalent and often will win over financed offers, but the sheer number of buyers is less.  Many of our agents tell us their buyers got discouraged and are either renting, or looking elsewhere to purchase. 

When May of 2022 is compared with May of 2021, Bend single family homes on less than an acre show the following changes:

  • Average sales price up 23% to $882,604*
  • Median sales price up 17.8% to $739,750
  • New listings up 1.4% to 289
  • Homes for sale down 43.2% to 284
  • Pending sales up 77.1% to 409
  • Sold homes down 5.6% to 218
  • Months of supply at 1.2 months
  • Average days on market up 50% to 12
  • Average price per square foot up 24.4% to $443
  • Median price per square foot up 20.1% to $406
  • Average percentage of list price received down 3.1% to 101.4%
  • Dollar volume of sold homes up 16.1% to $192,407,779

The figure for median sales price, while still showing significant price increases over the year before at 17.8%, is much lower than the rate between 2020 and 2021 where home prices were up over 40%.  National experts have predicted that in 2022 home prices would continue to rise across the country, although at a slower rate. We are seeing the same trend with Bend home sales. 

What Can We Predict for Bend Real Estate for the Rest of 2022?

While rising interest rates, high inflation and talk of a potential recession are realities, we believe that the desirability of Bend's lifestyle will remain a draw for many people across the country. As long as people continue to move to Central Oregon, and while inventory levels of Bend homes remain below 6 months, we will continue to experience a sellers' market.  We believe home price increases will moderate, however, and the rate of the increase will drop to more sustainable levels; the trends seem to support this supposition.

Bend Oregon Real Estate

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

Comments (8)

Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor"

Great insight into the real estate market of Bend, OR Lynnea Miller 

Jun 06, 2022 06:01 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lynnea... each time I read one of your Bend market reports I'm always amazed at how closely the trends in our markets track. 

Jun 07, 2022 05:57 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You have given such an informative assessment of what is going on in the real estate market in Bend!

Jun 07, 2022 05:59 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, wow, your average price is really inching up!   Like Nina says, our Denver market resembles yours too.

Jun 07, 2022 08:40 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea and thank you for your market report to share with us here in the Rain.  Make it a great day!

Jun 07, 2022 08:45 AM
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

I see your "POINT" Lynnea and yes we are experience the same here in the Phoenix metro. Median prices still went up in May but starting to slow especially in certain areas.

Jun 07, 2022 05:21 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great reporting!  Buyer and sellers will do well to use your services! 

Jun 08, 2022 02:02 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Lynnea:

This is such a well-done and thorough market report and analysis for Bend. We are seeing the same trends here in my area of SoCal - not dramatic shifts, but changes nonetheless.

Jeff

Jun 08, 2022 02:33 PM