Bend OR Real Estate - November 2022 Trends

Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Bend Oregon Real Estate Market in Transition

Ask any Bend Premier Real Estate broker about the local housing market and they will tell you that it is changing. After the initial few weeks of the Covid-19 pandemic, real estate sales across the nation accelerated beyond any seen before. Lack of inventory coupled with low interest rates led to multiple-offers, tremendous buyer demand and rising home prices; between March of 2020 and March of 2022, the average price of a Bend single family home on less than an acre increased 67%. This rate of increase was not sustainable. When mortgage interest rates started rising, this increase coupled with high inflation changed the dynamic of the Bend real estate market. Our market is currently in transition with sales significantly lower than experienced in 2021. Whether or not these changes continue to a level seen pre-Covid remains to be seen.

When comparisons are made between November 2021 and November 2022 with Bend single family home sales on less than an acre, the following changes can be noted:

  • Average price up 3.1% to $833,499*
  • Median home price up 1.6% to $695,000
  • Average original price up 18.3% to $930,065
  • New listings down 24.1% to 110
  • Listings down 50.2% to 305
  • Pending home sales down 35.8% to 112
  • Sold homes down 32.7% to 138
  • Average days on market up 57.7% to 41
  • Months of supply up 80% to 1.8
  • Average price per square foot up 8.7% to $423
  • Average percentage of original list price received down 5.2% to 93.4%
  • Dollar volume of closed homes down 30.6% to $115,022,884

What Do Winter Sales Hold for Bend Single Family Homes?

Although we don't have a crystal ball, we can share historic trends and our predictions based on current sales. Winter is typically the slowest time for Bend home sales. When the weather turns and snow falls, many buyers and sellers are thinking of things other than buying or selling real estate. During the holidays, home sales can be very slow. But after the New Year, some buyers begin their home search again and sellers who were waiting until after the holidays may put their homes on the market. The biggest push for listings, however, occurs around spring break and continues through the summer. Despite these historic trends, we are still seeing buyers and sellers entering into real estate contracts in December. Homes that are well priced are being sold. And with less inventory on the market, sellers have less competition and buyers who need to buy are finding their listings.

Original blog can be read at Bend Premier Real Estate.

Comments (4)

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

With YOU Lynnea Miller as a client's REALTOR it is a STRAIGHT ROAD AHEAD. No fork in the path in sight. Jeff 😀

Dec 07, 2022 06:14 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lynnea... your months supply of 1.8 months still keeps you in "seller territory." 

Dec 08, 2022 06:15 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, very comprehensive report for Bend's real estate market.  

Dec 08, 2022 06:26 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Wishing you the best through the winter season and much continued success, Lynnea. Looking forward to Spring!

Dec 14, 2022 03:32 PM