July 2022 Market Trends for Bend
An increase of new listings and a moderate slowdown of sales activity helped boost the available inventory of Bend homes for sale again in June. Active listings were up 33% month-to-month, from 269 in May to 357 in June.
There were 197 home sales in June, down 10% from May, and 181 homes went pending, a 26% decrease month-to-month. Homes in Bend sold more quickly in June than in May, with an average of 12 days on the market.
The median sales price of a home in Bend was $720,000 in June, a 3% decrease from May when the median price was $740,000. Compared with a year ago, the median home price is up 10%. Asking prices being lowered continues to become more common again, with an average of 67 price reductions each week over the last four weeks (compared with 45 reductions in the four weeks prior).
Pricing strategy is critical for homeowners who want their homes to sell as efficiently as possible. There are other strategies, too, that can help a listing stand out as inventory increases and the market becomes more competitive for sellers.
Both buyers and sellers benefit from partnering with a deeply experienced real estate team that can help navigate a rapidly changing market based on data. Have questions? We’re here to help.
Median Sales Price
• The median sales price of a home in Bend was $720,000 in June, a 3% decrease from May when the median price was $740,000.
• Year-over-year, the median home price is up 10% compared with June 2021, when it was $654,500.
• Compared with its peak of $773,000 earlier this year, the median home price in Bend is down 7%.
Active Listings and Months of Inventory
• Active listings were up 33% in June, from 269 in May to 357 last month.
• Year-over-year, active listings are up 129%.
• Our weekly data continues to show a steady trend of increased active listings, from 324 the week of June 13 to 406 the week of July 4, a 25% increase over four weeks.
• The Months of Inventory metric is at its highest since May of 2020.
• There was 1.8-months’ worth of inventory last month, an increase of 50% over May 2022.
• There was a 7% increase of new listings in June, from 295 in May to 315 last month.
• New listings were up 2% year-over-year.
Pending Sales and Homes Sold
• Pending sales were down 26% in June, from 245 in May to 181 last month.
• Annually, pending sales were down 37%.
• Home sales were down 10% last month, from 218 in May to 197 in June.
• Year-over-year, home sales were down 23%.
Days on Market and Price Reductions
• Homes sold more quickly in June, with an average of 12 days on the market compared with 28 in May.
• In June 2021, homes were on the market for an average of only 7 days.
• Price reductions continue to be more common than they have been, with the asking prices lowered on 67 homes in Bend over the last four weeks.
• There were 45 price reductions in the four weeks prior to that span.