CENTRAL OREGON 2021 Annual MARKET REP ORT
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2020. With 34 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound are and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
MIKE GRADY President & Chief Executive Officer of Coldwell Banker Bain “It’s been 20 months since this hyper-market started and, from a numbers perspective, no one predicted anything like what we experienced in 2021. We ended up increasing listings by 10%, closings by 8.5%, average sales price by 21.1% and ended the year surpassing $8 Billion in total closed volume. Looking ahead at 2022, the economic news continues to be positive: interest rates, net new job formations, migration patterns all good for the Pacific Northwest. The attitudes and moods of our business leaders is positive and upbeat. There are some concerns for 2022. The media recent focus on recent “inflationary” trends, the announced easing of mortgage-backed securities being purchased by the Federal Reserve’s lead one to be aware that home mortgage interest rates are very low today and might slightly increase in 2022. And we’re slightly concerned about a report from NAR that the percentage of first-time home buyers was below 30% in November. But we believe the positive economic news is significantly stronger and we remain bullish on 2022 and early 2023. Yes, inventory will be a continuing challenge and yes, home prices will continue to increase as the competition for inventory continues - but neither as concerning as 2021.”
2021 Q3 OREGON MARKET REPORT
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2021 ANNUAL MARKET REPORT
BRIAN HOUSTON PRINCIPAL MANAGING BROKER OF BEND & Sisters “Home sales in Central Oregon remained strong rounding out 2021 vs. 2020. Closed sales for single family residences in Bend dropped slightly at -2.7% compared to 2020 while properties greater than one acre rose 6.7% and properties greater than $1 million rose 69.8%. Home sales in Sisters for single family rose 1.2% compared to 2020, while luxury homes greater than $1M rose 91.7%. The median sales price in Central Oregon showed significant increases 2021 vs. 2020. Median sales price for single family residences in Bend increased 27.3% compared to 2020 while properties greater than one acre the median sales price rose 24.5% and properties greater than $1M dropped -1.9%. Median sales prices in Sisters for single family rose 28.5% compared to 2020 while the median sales price for luxury homes greater than $1M dropped slightly at -0.1%.”
4 2021 Q3 OREGON AREA MARKET REPORT
central oregon area
SINGLE FAMILY (SF), ACRE +1 & LUXURY
BEND | SISTERS
MEDIAN SOLD PRICE
AVERAGE DOM
20
$679K
Bend Area (SF) Bend Area Acre +1
35
$967K
Bend Area Luxury ($1M+ SF)
32
$1.312M
20
$596K
Sisters Area (SF) Sisters Area Acre +1
29
$724K
Sisters Area Luxury ($1M+ SF)
$1.49M $300K
$600K
$900K
$1.2M
90
$1.5M
NUMBER OF SALES CLOSED
3500 3000 2500 2000
3090
1500
443
1000
673 236
500
75
46
Sisters Area
Sisters Area 1 Acre +
Sisters Area Luxury ($1M+, SF)
0
Bend Area
Bend Area 1 Acre +
Bend Area Luxury ($1M+, SF)
INVENTORY IN UNITS / 12.31.21
159
39
71
6
2
8
-65.1%
+30.8%
+18.3%
-60.0%
-50.0%
+0.0%
Bend Area
Bend Area 1 Acre +
Bend Area Luxury ($1M+, SF)
Sisters Area
Sisters Area 1 Acre +
Sisters Area Luxury ($1M+, SF)
2021 Q3 OREGON MARKET REPORT
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bend area BEND AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
3,090
3,175
-2.7%
MEDIAN SOLD PRICE
$679K
$523K
+29.7%
20
53
-62.3%
100%
97%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
443
415
+6.7%
MEDIAN SOLD PRICE
$967K
$777K
+24.5%
35
94
-62.8%
96%
93%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$679K
MEDIAN SOLD PRICE UP +29.7% from 2020
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 ANNUAL OREGON AREA MARKET REPORT
$967K
MEDIAN SOLD PRICE UP +24.5% from 2020
BEND AREA LUXURY
2021
2020
CHANGE
TOTAL HOMES SOLD
673
396
+69.9%
MEDIAN SOLD PRICE
$1.312M
$1.386M
-5.3%
32
97
-67.0%
98%
94%
+4.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.31M
MEDIAN SOLD PRICE UP 0.7% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT
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sister area SISTERS SINGLE FAMILY
2021
2020
CHANGE
TOTAL HOMES SOLD
236
245
-3.7%
MEDIAN SOLD PRICE
$596K
$496K
+20.1%
20
63
-68.3%
100%
97%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
75
91
-17.6%
MEDIAN SOLD PRICE
$724K
$677K
+6.9%
29
78
-62.8%
100%
98%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$596K
MEDIAN SOLD PRICE UP +20.1% from 2020
SISTERS ACRE +1
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL OREGON AREA MARKET REPORT
$724K
MEDIAN SOLD PRICE UP +6.9% from 2020
SISTERS LUXURY
2021
2020
CHANGE
TOTAL HOMES SOLD
46
24
+91.7%
MEDIAN SOLD PRICE
$1.497M
$1.34M
+11.8%
90
143
-37.1%
98%
95%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.49M MEDIAN SOLD PRICE UP +11.8% from 2020
2021 ANNUAL OREGON AREA MARKET REPORT
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*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.