CENTRAL OREGON 2022 Q2 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
Q2 MARKET REPORT
JOHN DEELY Executive Vice President of Operations “ While there was a decrease in closed sales during Q2 in most regions, there is no reason for concern, as we continue to move toward a more balanced market. Some of the slowdown is simply part of a seasonal cycle our area experiences once school is out, as people begin to travel. In fact, travel is hitting peak numbers, as the world continues to open. The Luxury markets experienced increasing sales over prior year as we see a shift to investment in the safe harbor of real estate. The typical statistic for a balanced market is considered between 4-6 months’ worth of inventory. We have less than a month and a half’s worth of inventory in most areas, which is still a solid seller’s market. Almost every region continued to see upward pressure on prices despite slowing and leveling out this year. The building inventory and slowdown in the steep price appreciation provides more available properties for buyers and has sellers jockeying to be the most desirable listing in their marketplace.”
2022 Q2 CENTRAL OREGON MARKET REPORT
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2022 Q2 MARKET REPORT
BRIAN HOUSTON Principal Managing Broker of bend & sisters “In the last several months we have experienced rising interest rates and a volatile stock market. With that being said, the median sales price for Bend has seen an increase 15.7% in 2022 at $775,000 compared to 2021 at $670,000 for single family. Single family with 1+ acres has a median sales price of $1,100,000 with an increase of 18.9% compared to the median sales price of $925,000 for 2021. On the other side, homes that have sold over $1M have seen a slight decrease in median sales price of -2.3% for 2022 with the median price being $1,363,000 compared to the median sales price of $1,395,000 for 2021. The Sisters area is still a seller’s market. The median sales price for Sisters has seen an increase 24.2% in 2022 at $770,000 compared to 2021 at $$620,000 for single family. Single family with 1+ acres has a median sales price of $1,178,000 with an increase of 40.2% compared to the median sales price of $620,000 for 2021. Homes that have sold over $1 Million have seen a significant increase in median sales price of 31.1% for 2022 with the median price being $1,540,000 compared to the median sales price of $1,175,000 for 2021.”
4 2022 Q2 CENTRAL OREGON AREA MARKET REPORT
central oregon area
SINGLE FAMILY (SF), ACRE +1 & LUXURY
BEND | SISTERS MEDIAN SOLD PRICE
AVERAGE DOM
13
$775K
Bend Area (SF) Bend Area Acre +1
24
$1.10M
Bend Area Luxury ($1M+ SF)
18
$1.363M
19
$770K
Sisters Area (SF) Sisters Area Acre +1
39
$1.178M
Sisters Area Luxury ($1M+ SF)
34
$1.54M $500K
$1.0M
$1.5M
$2.0M
NUMBER OF SALES CLOSED
800 700 600 500
729
400
202
300
93
200
62
100
18
15
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 / 06.30.22
508
111
194
47
25
20
+130.9%
+48.0%
+88.3%
+14.6%
-16.7%
-13.0%
Bend Area
Bend Area 1 Acre +
Bend Area Luxury ($1M+, SF)
Sisters Area
Sisters Area 1 Acre +
Sisters Area Luxury ($1M+, SF)
2022 Q2 CENTRAL OREGON MARKET REPORT
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bend area BEND AREA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
729
875
-16.7%
MEDIAN SOLD PRICE
$775K
$670K
+15.7%
13
12
+8.3%
100%
103%
-2.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
24
24
+0.0%
MEDIAN SOLD PRICE
$1.10M
$925K
+18.9%
29
24
+20.8%
93%
105%
-11.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$775K
MEDIAN SOLD PRICE UP +15.7% from 2021
BEND AREA 1 ACRE+
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2022 Q2 CENTRAL OREGON AREA MARKET REPORT
$1.10M MEDIAN SOLD PRICE UP +18.9% from 2021
BEND AREA LUXURY
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
202
177
+14.1%
MEDIAN SOLD PRICE
$1.363M
$1.395M
-2.3%
18
23
-21.7%
100%
102%
-2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.36M
MEDIAN SOLD PRICE DOWN -2.3% from 2021
2022 Q2 CENTRAL OREGON AREA MARKET REPORT
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sisters area SISTERS SINGLE FAMILY
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
62
76
-18.4%
MEDIAN SOLD PRICE
$770K
$620K
+24.2%
18
32
-43.8%
99%
102%
-2.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
18
24
-25.0%
MEDIAN SOLD PRICE
$1.178M
$840K
+40.2%
39
70
-44.3%
96%
99%
-3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$770K
MEDIAN SOLD PRICE UP +24.2% from 2021
SISTERS ACRE +1
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q2 CENTRAL OREGON AREA MARKET REPORT
$1.17M
MEDIAN SOLD PRICE UP +40.2% from 2021
SISTERS LUXURY
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
15
12
+25.0%
MEDIAN SOLD PRICE
$1.54M
$1.175M
+31.1%
34
114
-70.2%
96%
100%
-4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.54M
MEDIAN SOLD PRICE DOWN -27.3% from 2021
2022 Q2 CENTRAL 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.