Signs of Stability in the Bend Residential Real Estate Market
After a fever pitch of real estate activity that began during the pandemic when Bend became a “Zoom Town,” our market trend data continues to show signs of stabilization.
The median home price in Bend — which was $695,900 in November — was up 2% month-to-month. Year-over-year, the median home price in November was up 7% compared with the average median price in 2021.
Seasonal trends that show a slowing of listings and sales activity around holiday time are more in line with pre-pandemic years. Because of this, the months of inventory is within 4% month-to-month, from 2.4 months’ worth in October to 2.5 months’ worth in November. That’s a dramatic increase compared with November 2021, when there was only 0.9 months’ worth.
This more “normal” market may help buyers regain some leverage, especially as the average rate on a 30-year fixed-rate mortgage has gone down from a high of more than 7% earlier this year to a current rate of 6.17%.
As you think about your real estate goals for 2023, we’re here to help sellers strategically price their Bend homes and also assist buyers with skilled and respectful negotiation. We look forward to hearing from you in the new year!
Median Home Price
- The median price of a home in Bend is $695,900.
- Month-to-month, the median price was $679,950, a 2% increase over October.
- Annually, the median home price is up 7% compared with the average price in 2021.
Active Listings and Months of Inventory
- Active listings are down 11%, from 389 in October to 347 in November.
- However, there are 90% more active listings than this time last year, when there were only 183 Bend homes on the market.
- During the first two weeks of this December, there were 290 active listings the week of November 28 and 270 the week of December 5.
- There is 2.5 months’ worth of inventory in Bend right now, up just slightly from 2.4 months’ worth in October.
- Again, compared to last year, the months of inventory is up dramatically, from 0.9 a year ago.
- The number of new listings in Bend is down 13% month-to-month, from 130 in October to 113 last month.
- There were 23% more new listings a year ago, with 147 new listings in November 2021.
Home Sold and Pending Sales
- Home sales were down 13% in November, from 159 in October to 139 last month.
- Annually, sales of Bend homes were down 30% compared to November 2021.
- Pending sales were up 2%, from 126 in October to 129 in November.
- Year-over-year, pending sales were down 37% last month.
- Combined sales activity was down 34% last month compared to November 2021.
Days on Market and Price Reductions
- It took an average of 37 days for a home in Bend to sell in November.
- In November 2021, it took an average of only 17 days.
- There are an average of 36 price reductions each week (based on our data from the last six weeks, including the week of Thanksgiving).
- During the same six-week period in 2021, there were an average of 14 price reductions weekly.