Posts with tag 'bend real estate trends'

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 sales on less than an acre are compared with those from April 2021, the following changes can be seen:

• Average sales price up 13.7% to $876,041*
• Median sales price up 17.9...

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What's in the April 2022 Newsletter?

• Bend Oregon Real Estate - March 2022 Sales
• So You Think You Know Doughnuts
• 7 Smart Strategies for Kitchen Remodels
• 5 Tips to Improve Your Listing Photos

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 price up 12.7% to $867,475*

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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 properties have seen their value increase into t...

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What's in the March 2022 Newsletter?

• How High Can Bend Prices Go? 2022 Market Trends & Predictions

• Oregon Lifting Covid Mask Mandates

• The Best Time to Buy Things for Your Home

• Bend's Newest Italian Fare

• What's Driving High Buyer Demand?