Last Updated July 6, 2022
June 2022 Bend Real Estate Market Report
Inventory continues to creep upward in Bend, rising to 1.86 months in June. Meanwhile, prices have dropped only slightly, and the median time spent on the market is still less than a week. So how should we make sense of the conflicting signals?
By and large, sellers haven’t gotten less aggressive even as Bend’s market has cooled down. The median listing price in June was $799,000, a record high. June sales went for an average of 99.7% of list price, indicating that perhaps this isn’t the wrong approach.
But what’s shifted in Bend’s market is that now, buyers can be much more selective. The properties that are selling in Bend are still selling for top dollar, and they’re going off the market about as fast as they did at the peak.
But plenty of properties aren’t selling. Buyers aren’t willing to pay a premium anymore for properties that involve some kind of compromise. Price reductions are becoming more common, and time spent on the market is definitely increasing – it just isn’t reflected in the numbers quite yet.
Depending on what kind of property you have – and how eager you are to sell it – it may be necessary to go on the market a fair amount lower than you might have a few months ago. Meanwhile, buyers can start to enjoy a bit more leverage – but it depends, of course, on what you’re looking for, and interest rates aren’t exactly going down.
May 2022 Bend Real Estate Market Report
It’s all over the news that real estate markets are cooling down nationwide. That’s true of Bend’s market, and the mood among buyers, sellers, and their agents is undeniably shifting. But it’s important that we qualify exactly what we mean by a “cooldown.”
Bend’s sale prices peaked in February 2022 at a median of $787,500. May’s numbers show a median sale price of $750,000, a 5% drop.
That doesn’t mean Bend’s market is in free fall. The homes that went pending in May were listed at a median of $750,000, and homes in Bend are still selling at an average of 0.6% over list price, indicating that sale prices are unlikely to drop further in June.
The numbers we saw in the late winter were simply unsustainable, caused by historically low inventory at all price points. Now, instead of “historically low,” Bend’s inventory is just “super low.” Yes, 1.4 months is a big jump, but Bend is still very much a sellers’ market.
Inventory should continue to increase through the summer, but buyers will continue to get excited about properties with the most desirable features in the most desirable locations. Interest rates peaked in the middle of May but have dropped a bit since.
As a seller, you may have the kind of property that is almost certain to attract a bidding war, or you may have the kind of property that doesn’t stand out so much from the competition. But in either case, it’s as important as ever to price your home correctly.
Properties are still going off the market in a median of just 5 days, and sitting on the market for too long will still cause you to lose a lot of leverage. Your home needs to be listed at a price that attracts the maximum interest out of the gate, and potentially multiple offers. Buyers are still anxious after losing out over the past few very competitive months and are still willing to put quite a bit on the table.
While we don’t see the bottom-line shifting too much from here in terms of sale prices, it could very well be easier to sell your home now than it will be in a few months, when inventory should be higher.
April 2022 Bend Real Estate Market Report
April’s numbers show a clear shift starting to take place in Bend’s market. Pending sales are down 11% month-over-month, while new listings are up 13%. As a result, Bend’s inventory shot up from 0.67 months in March 2022 to 1 month at the end of April.
One month of inventory is still very low, and most properties are still going off the market as fast as ever. But March and April’s numbers indicate that Bend’s market is starting to depressurize. Anecdotally, at the end of April, we started to see properties sit on the market longer, and we predict that the shift will be even more visible in May’s numbers.
With that said, Bend’s median sale price stayed flat in April, hovering near record highs at $775,000. The trendline for list prices in Bend is still moving upward.
Bend’s market could very well reach a tipping point in the next couple of months where more properties start to sell for below list price. In April, though homes still went for an average of 2.5% above list.
March 2022 Bend Real Estate Market Report
First, the good news: inventory is up significantly in Bend after plunging to record lows during the late winter. New listings are up 35% month-over-month and 12% year-over-year, while buyer activity is lagging behind last year’s.
The bad news: although sale prices have dropped 2% month-over-month, they’re still really, really high. Some relief may be in sight, however.
March’s pending sales had a median list price of just $680,000. Granted, homes have been selling for well above list price in Bend, but that should give us a basic sense of what sale prices should look like in April. We could certainly see prices drop 10% month-over-month.
Context is important, though. The winter months of 2021-22 were exceptionally active for properties at the higher end of Bend’s market, but now properties at the lower end are getting bought up, and that’s shifting the numbers. Pending sales are down year-over-year in the $1.3 million-plus range, making it look like sellers are capitulating more than they actually are.
In other words, buyers in the sub-$700k range may not find much relief in spite of Bend’s shifting bottom line. With interest rates rising more quickly than anticipated, even if prices do drop somewhat, financed buyers won’t have any more purchasing power than they did before. On the other hand, more and more people will be pushed out of Bend’s market, and buyers are likely to have more choices earlier on than they did in 2021.
February 2022 Bend Real Estate Market Report
Hitting record sale prices during the winter is unheard of in Bend, but that’s exactly what happened in February. The median sale price jumped up all the way to $787,500, an astonishing 14% month-over-month and 33% year-over-year increase.
In 2021, exceptionally low inventory in the winter set the stage for prices to increase even further in the spring. Well, inventory is even lower this year, but it remains to be seen whether prices will ramp up from here. February’s pending sales were listed at a median of $750,000, so March’s median sale price will be lower.
List prices are on the up-and-up, however, hitting a median of $859,950. Sellers won’t be eager to make concessions, and buying pressure will increase as temperatures start to climb.
It’s important, though, to put all of these numbers into context. While that $859,950 is a record high, it’s actually only a 12% year-over-year increase. There’s just more activity at the higher end of Bend’s market than there was a year ago, driving the median sale price way higher.
The run on high-end homes should continue for the foreseeable future. But with the lower end of Bend’s market becoming more and more unaffordable and interest rates starting to go up a bit, the competition may not be as frenzied as it was in 2021. That’s pretty much the only silver lining we’re seeing – you’ll still have to pay a lot more, no matter your price point.
January, 2022 Bend Real Estate Market Report
Here we go again: Bend’s inventory is back at record lows as we open the New Year, dropping 25% month-over-month to just 0.6 months in January. Meanwhile, prices tied the record highs that we saw in November, reaching a median of $690,000.
That’s all in spite of the signals we saw in December that buyer activity might be cooling down. Homes were spending longer on the market, going pending in a median of 18 days. In January, though, that figure was down to 11 days.
List prices fell back to a median of $690,00, with a number of new listings between $550k and $700k. Plenty of buyers took advantage, though pending sales did stay flat month-over-month in January. That could indicate some hesitation to purchase at the inflated prices we’re seeing now.
Overall, new listings were up 15% month-over-month. That could turn down the pressure valve a bit, and prices may stay relatively flat until the spring buying season begins in earnest.
That’s a pretty big “maybe” though, especially with homes still going off the market at a rapid clip. Meanwhile, list prices are still hovering around $830,000, with Bend’s $1 million-plus market remaining exceptionally active.
December, 2021 Real Estate Market Report for Bend
The last month of 2021 saw inventory plunge further in Bend, from 1.2 to 0.8 months. That’s comparable to what we saw in December of 2020, when inventory climbed briefly in the fall before bottoming out in the winter. The difference this time? Sub-$500k properties are almost nowhere to be found, with 13 on the market at the end of 12/2021 versus 50 a year earlier.
Sale prices in Bend have gone up dramatically of course, with residential properties selling for a median of $675,000 in December. Bend’s booming luxury market has continued to set the trend, but buyer and seller activity alike have also increased significantly at the $600-650k price point. That’s quickly becoming the real entry point for Bend’s market, and sticker shock is inevitable if you compare homes selling at that price point today versus just a year earlier.
Interestingly, homes spent significantly longer on the market at the end of 2021 than they did in December of 2020 – 18 days versus just 6. Clearly, buyers aren’t loving what they’re seeing, and homes are selling for an average of more than 2% below list price. But with inventory so low and prices rising so fast, home shoppers are eventually settling for less. That includes homes that were listed in the fall but didn’t sell for a variety of reasons.
With listings down 20% year-over-year and pending sales up 19%, that trend is certainly poised to continue in the early months of 2022. Bend’s inventory may even approach record lows, but a lack of buyer enthusiasm should dampen the potential for price increases.
November 2021 Bend Real Estate Market Report
Hitting record-high sale prices in November isn’t exactly normal in Bend’s market. One might even call it bizarre, and yet here we are. A drop in inventory from 1.5 months in October to 1.2 months in November coincided with a 7% month-over-month increase in the median sale price to $690,000. Let’s put that number into context, however.
Over the summer, the market for residential properties in Bend appeared to be cooling down, with inventory steadily increasing. Prices remained high through the warmer months but started to drop heading into the fall, which is the normal seasonal pattern. Nonetheless, buying pressure has remained higher than normal and hit an inflection point in November.
It isn’t that bidding wars have suddenly become the norm again, with homes selling at an average of 2% under list price. List prices aren’t up either, having dropped in October and November from September’s record high. Rather, the upper end of Bend’s market is seeing more activity than the lower end.
Pending sales of $1 million-plus homes were up 13% month-over-month in November. Meanwhile, pending sales of homes between $400k and $1 million were down 17%.
In other words, we’re seeing a typical seasonal cooldown in the lower and middle-end of Bend’s market, while the upper-end is unseasonably hot. That’s skewing median sales figures upward. Bend’s inventory of luxury homes is still significantly higher than it was a year ago, but plenty of buyers are choosing to bite. For the rest of Bend’s market, we still expect prices to remain relatively flat leading up to the spring even though inventory will likely drop somewhat further.
October 2021 Bend Real Estate Market Report
October is typically the time when Bend’s market starts to undergo its usual seasonal slowdown, and this year was no exception. But new listings dropped significantly more than pending sales (19% versus 8%), leading inventory to drop for the first time since the spring.
Basically, buyers are grabbing up the inventory that accumulated in Bend during the summer. Price reductions have made these properties more palatable. Though Bend’s median list price has continued to climb steadily, up 2% month-over-month, homes sold on average for 98% of list price. That’s a shift from the late spring, when bidding wars drove homes to an average of 104% above list.
Bend buyers won’t see that kind of competition during the winter months. We expect purchase activity to level off significantly in November, but if pending sales continue to outstrip new listings the scene could be set for a very hot market in the spring. Potential sellers can be reassured that Bend remains a strong seller’s market. Still, it’s much more important now than it was during the summer not to overprice your home, with properties staying on the market longer and selling for less relative to list price.
August 2021 Bend Real Estate Market Report
The numbers for August 2021 are in, and they paint a clear picture. Bend’s market is finally getting less frenzied, with prices dropping some amount from the record highs we saw just a month ago. On the other side of the mountains in Eugene, things are just about as tight as ever but prices are staying flat rather than jumping up.
If you’ve recently bought a home pretty much anywhere, it’s natural to worry that you “bought at the top.” Conversely, if you’ve been on the fence about selling your home, you might be wondering if you’ve lost your window of opportunity.
But the changes we’re seeing in Bend and Eugene are incremental rather than drastic. Inventory is still really tight. Activity will cool heading into the colder months, as it usually does. But there aren’t any realistic scenarios where surplus inventory clogs either market heading into the spring and summer buying season next year.
Timing is everything, but so much depends on your situation. There are many more factors than we can go into here, so reach out to us any time and we’ll help you get your bearings. In the meanwhile, we’ll continue to keep a close eye on our local markets and keep you informed.
For Bend in August, the median sale price for all residential properties in Bend dropped from $675,000 to $632,000. A 6% month-to-month drop seems drastic, but we fully expect prices to stabilize around this point heading into the fall.
Listings were down 7% month-over-month while pending sales were actually up slightly. That’s a recipe for inventory to drop slightly the next month. We expect that trend to continue as sellers avoid listing during the colder months and buyers who missed out in the summer compete to grab up what does hit the market.
In other words, buyers and sellers should expect more of the same in the next chunk of time. List prices still trended upward in August, but sellers may need to be somewhat less aggressive heading into the fall.
July 2021 Bend Real Estate Market Report
You may have seen headlines recently that the “housing boom is over” nationwide. Inventory in Bend and Eugene reached their lowest points in the spring, and it’s been climbing steadily since. At the same time, prices are also climbing, especially in Bend. Why?
Well, inventory is still really, really low in both Bend and Eugene. Inventory averaged 6.3 months nationwide in June, but here, it’s hovering around 1 month. Things aren’t as tight as what we saw in the spring, when inventory dropped to 0.7 months in both Bend and Eugene. But in July, prices were still up 26% year-over-year in Bend and 21% in Eugene.
Through the remainder of the year, we expect appreciation to flatten as inventory accumulates heading into the colder months. That’s typical for the winter – but we still expect higher than normal activity in the fall and a market that is still overall very competitive.
The question is always: how does this bigger picture affect you if you’re thinking of buying or selling in the near or more distant future? We are more than happy to chat about that and give you personal context. Regardless of broader trends, the devil is always in the details, and we bring a level of attention and expertise that will help you navigate the choices you need to make.
n July, the median sale price for all residential properties in Bend hit an incredible $675,000. That’s up 3% from just a month earlier.
Still, there are signs that Bend’s hot seller’s market is starting to lose a bit of its steam. Buyer activity is down significantly from a year ago. New listings, on the other hand, are up. The result is that inventory is finally climbing, reaching 1.2 months in July. That’s still really, really low, but it’s welcome news for buyers. We expect that prices will start leveling off soon, but we’d be surprised if they drop much if at all from here at least through the warmer months.
Inventory is up especially in the $500-650k range. In June, there were 50 such properties available, but that number climbed to 90 in July. Sellers at these popular price points will need to do more to stand out from the crowd, while buyers should have a bit easier time.