Activity in the Bend, Oregon, real estate market slowed in December 2022, producing the fewest monthly sales in almost nine years.
Ninety-eight homes were sold in December 2022, 25 percent fewest than in any other month in 2022 and the fewest in any calendar year since 96 were sold in January 2014.
The sales data point wasn’t the only one indicating a slowing of activity. Forty-seven homes were new to market in December. That’s 31 (40 percent) fewer homes new to market than in any other month in our data set, which starts with January 2007.
The final month of the calendar year had a median sales price of $677,500. That’s 0.4 percent more than the median of December 2021 – the 31st consecutive month there has been a year-over-year increase in the monthly median sales price – and 2.6 percent less than the month prior.
The year ended with a monthly median price less than the median price in January ($686,000). Though unusual, this phenomenon occurred most recently in 2019 – the last year before the COVID-19 pandemic.
From the record-high median sales price of $773,000 set in February, December’s median price represented a 12.4 percent decline. (Of course, it should be noted that the record price in February resulted from a 12.7 percent jump in median price from the month before.)
Looking again at December 2022 and January 2014, a comparison of data points other than homes sold shows contrasts in the two real estate markets.
In January 2014, the average days on the market was 74; in December 2022 it was 42. Inventory in January 2014 was 74 days; it was 42 days in December 2022. There were 461 active listings in January 2014; there were 271 in December 2022.
So, whereas December’s median sales price might appear to be sending one signal, other data points indicate that the real estate market retains its strength and remains a draw. Moreover, activity tends to slow during the winter – regardless of the vibrancy of the market – and we are most probably experiencing that seasonal trend as well.
December ended with 76 pending sales. That’s the fewest on record and indicates that January might be a relatively quiet month as well.
There were undoubtedly other factors in play in December, including perhaps mortgage rates that are more than double what they were at the start of 2022. Regardless of environmental factors, though, and whether you’re in the market to buy a home or considering selling your residence, I am confident I can help you realize a successful real estate journey. My knowledge of the market, my experience in all types of market conditions and my ethical approach to the profession will allow me to exceed your expectations. I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website.