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