The second January since the COVID-19 pandemic began showed a slight increase in inventory of homes for sale in the Bend, Oregon, real estate market and an all-time high for median sales price.
New homes to market and active listings in January were greater than those same data points in January 2021. One hundred forty-seven homes were new to market (there were 138 in January 2021), and the month ended with 110 active listings (that figure was 92 one year earlier). Neither of those figures compare to pre-pandemic figures – 175 new homes and 350 active listings weren’t uncommon in Januarys before the pandemic – but January 2022’s figures show some movement toward a market with less constrained inventory.
January’s inventory of 0.8 month was unchanged from December 2021, but it was greater than the 0.6 month from the previous January. The average days on the market in January was 25 days. That was down from 30 days in December but would have been the third-highest figure in 2021. And it was higher than the 18 days from January 2021.
Even as the supply of homes for sale crept up, sellers were receiving offers near their asking price. The net difference in total price deviations in the Bend, Oregon, real estate market in January was minus-1.42 percent – the second-smallest decrease in eight years and virtually the same as the minus-1.41 percent of August 2020. The average sales price to list price was 100 percent for the third month in succession; that data point was 102 percent across all of 2021’s sales.
An environment of asking prices staying relatively firm contributed to a median sales price of $686,000 in January. That is a record for the Bend, Oregon, real estate market, a fraction more than the previous record of $684,000 in November 2021.
January’s median price was 1.6 percent more than in the month prior and 18.8 percent more than in January 2021. Since the start of the last half of 2020, when Oregon began opening up from stay-at-home orders, the year-over-year median price has increased by at least 18 percent in all but four months.
Even in light of January’s numbers, all of the evidence points to the Bend, Oregon, real estate market remaining one with incredible demand. If you are thinking about being in the Bend real estate market this year – either as a buyer or as someone considering selling your home – I’d love to be of assistance. My knowledge of the market extends broader and deeper than just these statistics, and I am confident I can help you in your real estate experience. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.