Bend Oregon Real Estate - October 2022 Trends

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

There are Many Questions With Bend Home Sales

As we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.

When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted:

  • Average sales price up 6.4% to $823,360*
  • Median sales price up 4.4% to $680,000
  • Average list price up 17.6% to $934,365
  • Median list price up 4.7% to $725,000
  • New listings down 23.2% to 129
  • Homes for sale up 34.5% to 335
  • Pending sales down 40.3% to 123
  • Sold homes down 26.1% to 161
  • Average days on market up 115.8% to 41
  • Median days on market up 237.5% to 27
  • Months of supply up 58.3% to 1.9
  • Average price per square foot up 4.2% to $400
  • Median price per square foot up 6.2% to $375
  • Average percentage of original price received down 4.1% to 94.5%
  • Dollar volume of sold homes down 21.4% to $132,560,887

 What Does the Data Show for Bend Real Estate Sales?

Although Bend home prices are up compared with the same month a year ago, when we examine earlier months in 2022, home prices have decreased. From the peak in March, the median price of a Bend home has dropped over $100,000. Sellers are not listing at the rate they did last year, which is reflected in the numbers of new listings hitting the market. Days on market are up considerably, as are months of supply, homes for sale and price per square foot. Listings, pending sales, sold homes and percentage of listing price received are all down - reflecting a market in transition in which sellers who need to sell are willing to negotiate and price at a figure which reflects the current market. No longer do home buyers have to waive home inspections or bid up over the asking price in order to "win" the home.  Multiple offers are rare and fewer buyers are looking. 

Predictions for Fourth Quarter Bend Home Sales

Mortgage interest ratesMortgage interest rates hit 7% last week. The last time rates were that high was in the early 2000s; compared with the highest rate of 18.45% which was offered October, 1981, 7% seems relatively low. But interest rates need to be coupled with home prices. In 1981 the average American home cost less than $50,000. In the early 2000s, the average price of a Bend single family home was in the low $200,000. With 7% interest rates and the median Bend home price at $680,000, there are relatively few homebuyers who can afford to purchase.

We predict that Bend home prices will follow their trend from earlier in the summer and continue to drop. Sellers who do not need to sell will take a "wait and see" position, but for those sellers who do need to sell, pricing their home at a figure that works for Bend homebuyers will be essential. 

Bend Oregon real estate trends

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

Comments (7)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Lynnea Miller very good helpful detailed real estate report for Bend Oregon, October 2022.

Nov 07, 2022 02:06 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi John Pusa .  Thank you for checking out the trend report. It is amazing what has happened to our market.

Nov 07, 2022 03:42 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Leanne... change out the percentages and sales numbers and you could be writing about the Charlotte Region market. Great report, as always.

Nov 08, 2022 05:03 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Nina Hollander, Broker . Thanks for checking in.  When I start my monthly report, I never know for sure where it will take me.  This time, it is the reality of a changing market impacted by high prices, high interest rates, and a lot of uncertainty.

Nov 08, 2022 08:52 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Nov 10, 2022 08:20 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Lynnea Miller Nice reporting job for your market area. Looks like things are changing since multiple offers are rare, and home prices are dropping. I am wondering how long will it be before you are in a balanced market?

Nov 10, 2022 12:07 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Jerry Newman .  It has been 10 years since we had a balanced market.  I don't see it happening here in the near future.

Nov 10, 2022 01:46 PM