Bend Premier Real Estate Blog
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Bend Oregon Real Estate | February 2023 Trends
Bend Home Prices Coming Down
For many years we have tracked Bend real estate trends and have consistently watched home prices rise year over year. Since coming out of the housing recession in 2011, Bend median home prices have risen over 465% from a low of $165,210 in December, 2010 to a high of $775,000 in March of 2022. When the Covid-19 pandemic hit, the rate of Bend home price increase accelerated to over 75% in three years. This rate of increase was unsustainable and since reaching their high last summer, Bend home prices have fallen.
February 2023 was the first month which saw a year over year price reduction in Bend homes. When February 2023 Bend single family home sales on less than an acre are compared with those from February 2022, the following changes can be seen:
- Average sales price down 7% to $821,827*
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Bend Premier Real Estate | February 2023 Newsletter
What's in the February 2023 Newsletter?
- Bend Oregon Real Estate | January 2023 Trends
- Tuxedo Strawberries Recipe
- 4 Inexpensive Ways to Boost Curb Appeal This Winter
- You May Not Need as Much as You Think for Your Down Payment
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Bend Oregon Real Estate | January 2023 Trends
Bend Home Sales Facing Twists and Turns in 2023
The road ahead for Bend home sales in 2023 is facing many changes from that seen in 2022. Although the fall 2022 Bend real estate market experienced a season of transition with a significant slowing of home sales, the change should be looked at in relationship to the market prior to the Covid-19 pandemic and resulting real estate boom. While the road ahead appears to be in a "slow down" mode, it is all relative to an overall healthy market more balanced between sellers and buyers.
When January 2023 is compared with January 2022 for Bend single family home sales, the following changes are noted:
- Average sales price up 7.9% to $849,680*
- Median sales price up .3% to $684,950
- New listings down 27.8% to 109
- Homes for sale up 59.4% to 204
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Bend Premier Real Estate | January 2023 Newsletter
What's in the January 2023 Newsletter?
- Bend Home Sales - 2022 Summary and 2023 Predictions
- Microwave Chocolate Cake Recipe
- Designers Predict the Hottest 2023 Home Trends
- 2023 Housing Market Forecast
8
Bend Oregon Real Estate | 2022 Trends and 2023 Predictions
Bend Home Sales Significantly Down the End of 2022
When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates. It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history. The high mortgage rates changed the buying power of potential Bend homebuyers, and the sales of