Bend Oregon Real Estate Trends

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

The Bend Real Estate Market is in Transition

As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.

What's Up With the Bend Real Estate Market?

For many Brokers, the past two years of real estate sales in the Central Oregon area have felt like warp speed.  The buyer frenzy in attempting to find a home that worked, writing as strong an offer as possible only to find out that the offer was one of many and the seller choose another, and then starting over again at another home to have that offer rejected as well.  Some of our brokers wrote as many as 10 offers for the same buyer before something was finally accepted or the buyer became so discouraged they stopped searching. From the seller side, putting a home on the market and then having 10 offers over the weekend which bid the price up to figures never seen before, sorting through them and

Bend Home Prices Still Rising, But at a 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

Are Bend Real Estate Sales at a Crossroads?

We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.

When April 2022 Bend single family home

Bend Real Estate Sales Up Despite Rising Interest Rates

Mortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.

When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows:

• Average sales

Bend Luxury Real Estate Sales Breaking Records

It is hard to believe, but ten years ago million dollar sales in Bend were rare and uncommon. Out of 1679 sales during the preceding 12 months that included February, 2012, only 9 were for more than one million dollars for Bend single family homes on less than an acre. This figure was .5% of total sales

The Bend real estate market has really changed! Out of the 2490 homes that sold during the preceding 12 months that included February, 2022, 433 closed for over $1,000,000, roughly 17% of total sales.  And while many of these sales would be considered "luxury homes," some are properties that just a few years ago were normal middle-class homes; due to extreme demand with little inventory these

How High Can Bend Home Prices Go?

It seems that every month we are breaking records with Bend single family home sales. Since coming out of the great recession, Bend has experienced high demand for available housing leading to an increase in home prices. But since the Covid-19 pandemic and the resulting "stay at home orders" and recognition that working from home can be a viable option for many Americans, the increase in the number of people wanting to move to Bend has risen beyond that ever seen before. The lack of property for sale has resulted in tremendous price increases, with the median price of a Bend single family home on less than an acre up 67% above what it was in February 2020 when the pandemic began. While builders have tried to keep

Lack of Supply Among the Biggest Challenges for Bend Real Estate Sales

January 2022 began the New Year with the same Bend housing market trends we experienced in 2021 - little inventory with a lot of demand. Bend Premier Real Estate Brokers are working with many buyers who are often discouraged when the available homes are sold before they can offer or end up in bidding wars. But with persistence, many of these buyers do successfully close on their Bend home and enjoy the many benefits of homeownership. 

Now may be among the very best times to be a Bend home seller. Prices are up, pending sales are up, inventory levels are down, and buyers are paying top dollar for Bend single family homes. Prices reached an all time high in 2021, but they are

Lack of Inventory the Most Important Factor Impacting Bend Real Estate Sales in 2021

2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed.

When 2021 is compared with 2020, the sale of Bend single family homes on less than an acre show the following trends:

• Average sale price up 26.6% to $774,860*