Bend Oregon Real Estate - August 2022 Trends

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

The Number of Bend Homes for Sale is Down

We have been tracking Bend single family home sales for many years, looking at the trends, how home prices rise or fall, what the changes are in price per square foot, median and average sales price, months of inventory and days on market.  We have consistently compared one month to the same month the year previously in order to follow  the long term changes instead of potential anomalies that can occur over a short time period. We have watched and recorded that happened to the Bend home market when the market crashed with the housing recession. And we have watched and recorded the latest changes that happened when the Covid-19 pandemic and subsequent stay-at-home orders made Americans realize that home meant a whole lot more than it had in the past & lifestyle was more important than an easy commute to the office.

Sometimes, however, it is good to look at the trends over many months to get a better indication of changes to the market. As we enter a time of high inflation, rising mortgage interest rates, and soaring home prices, the unique characteristics of the Bend Oregon real estate market can be reflected in the recent trends.

Bend Oregon Real Estate Trends

When looking at August 2022 compared with August 2021 for Bend single family home sales, the following changes can be seen:

  •  Average sales price up 8.1% to $840,423*
  •  Median sales price up 13.1% to $718,450
  •  New listings down 37.8% to 176
  •  Homes for sale down 33.8% to 408
  •  Pending sales up 48.3% to 344
  •  Sold homes down 19% to 188
  •  Average price per sq ft up 5.9% to $410
  •  Median price per sq ft up 9.9% to $400
  •  Average percentage of list price received down 3.2% to 99%
  •  Dollar volume of closed sales down 12.4% to $157,999,550

However, when looking back to January, 2021, the trend reflects a drop in  prices from the peak seen March, 2022 when the median sales price was $775,000; now the price is $718,450 with the price $580,000 in January, 2021. High mortgage rates have impacted the purchasing power of Bend homebuyers and sellers are realizing that if they need to sell their homes, their asking price needs to reflect the current market.

Bend Oregon real estate August 2022 Trends

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

Comments (5)

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

Hi,

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Thanks Bill

Sep 09, 2022 01:54 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Bill Salvatore - East Valley. Thank you for following me.  I have been following you already for some time. 😄

Sep 09, 2022 04:55 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lynnea... great report, as always. Our new listings are also down, for the most part, in August. And our list to sale price ratio is still hovering around 100%.

Sep 10, 2022 02:54 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, great Bend market update, and sounds like your market has shifted as well.

Sep 10, 2022 06:00 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

WOW! What a market! Still selling more homes than are being listed. Great job!

Sep 10, 2022 12:07 PM