CENTRAL OREGON 2022 Q1 MARKET REPORT
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting over $8 billion in sales in 2021. With 34 offices and more than 1,200 brokers in Washington and Oregon, plus a global reach that extends to over 100,000 brokers in 41 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 area 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.
2022
Q1 MARKET REPORT
JOHN DEELY Executive Vice President of Operations “ First quarter economic data shows a tight labor market with strong growth and a decline in unemployment rate - all great news for our region. And, as the world continues to open, large employers are beginning to ramp up employee relocation. However, high demand on existing inventory continues to cause prices and value to distance themselves from each other. Bank financed properties are seeing some appraisal issues. It is important for sellers to price their homes accurately - some overpriced properties have been sitting on the market longer and seeing activity pick up as prices are reduced. Interest rate markets are volatile right now and reaching 11-year peaks. Fluctuations in interest rates are causing buyers to lock in affordable rates. Since most buyers are not cash buyers, as interest rates go up, it will reduce the number of qualified buyers in certain segments of the market. Rising interest rates will reduce demand and put downward pressure on pricing and competitiveness in the marketplace. However, in our robust economy with good employment prospects, it remains to be seen whether this will actually have an impact on anything other than entry level and middle home markets.”
central oregon area
SINGLE FAMILY (SF), ACRE +1 & LUXURY
BEND | SISTERS MEDIAN SOLD PRICE
AVERAGE DOM
29
$790K
Bend Area (SF) Bend Area Acre +1
49
$1.038M
Bend Area Luxury ($1M+ SF)
41
$1.317M
19
$725K
Sisters Area (SF) Sisters Area Acre +1
53
$827K
Sisters Area Luxury ($1M+ SF)
41
$1.2M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED
600 500 400
588
300
86
200
156 50
100
12
7
Sisters Area 1 Acre +
Sisters Area Luxury ($1M+, SF)
0
Bend Area
Bend Area 1 Acre +
Bend Area Luxury ($1M+, SF)
Sisters Area
INVENTORY IN UNITS / 03.31.22
163
47
75
13
10
10
+59.8%
+20.5%
+33.9%
-55.2%
-52.4%
-44.4%
Bend Area
Bend Area 1 Acre +
Bend Area Luxury ($1M+, SF)
Sisters Area
Sisters Area 1 Acre +
Sisters Area Luxury ($1M+, SF)
4 2022 Q1 CENTRAL OREGON AREA MARKET REPORT
bend area BEND AREA
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
588
564
+4.3%
MEDIAN SOLD PRICE
$790K
$630K
+25.4%
29
24
+20.8%
99%
100%
-1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
86
87
-1.1%
MEDIAN SOLD PRICE
$1.038M
$920K
+12.8%
29
24
+20.8%
94%
97%
-3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$790K MEDIAN SOLD PRICE UP +25.4% from 2021
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.04M MEDIAN SOLD PRICE UP +12.8% from 2021
2022 Q1 CENTRAL OREGON AREA MARKET REPORT
5
bend area BEND AREA LUXURY
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
156
110
+41.8%
MEDIAN SOLD PRICE
$1.317M
$1.250M
+5.4%
41
40
+2.5%
99%
98%
+1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
50
51
-2.0%
MEDIAN SOLD PRICE
$725K
$550K
+31.8%
19
40
-52.5%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.32M MEDIAN SOLD PRICE UP 5.4% from 2021
SISTERS SINGLE FAMILY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2022 Q1 CENTRAL OREGON AREA MARKET REPORT
$725K
MEDIAN SOLD PRICE UP +38.1% from 2021
sister area SISTERS ACRE +1
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
12
15
-20.0%
MEDIAN SOLD PRICE
$827K
$1.20M
-31.1%
53
81
-34.6%
96%
94%
+2.1%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
7
8
-12.5%
MEDIAN SOLD PRICE
$1.2M
$1.65M
-27.3%
41
112
-63.4%
96%
91%
+5.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$827K
MEDIAN SOLD PRICE DOWN -31.1% from 2021
SISTERS LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.20M
MEDIAN SOLD PRICE DOWN -27.3% from 2021
2022 Q1 CENTRAL OREGON AREA MARKET REPORT
7
*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.