Bend, Oregon Housing Market Update October 2022
Welcome back to our monthly housing market update! In October, the push-pull between buyers and sellers might be creating some exciting friction and property competition. We’ve pulled the latest stats from the Central Oregon Beacon Report and the Bend, Oregon MLS data to bring you up to date with the Bend Housing Market Report October 2022.
The Beacon Report for Central Oregon | October 2022
The Beacon report shows us data every month on properties that closed in the previous month. We’re seeing promising signs of the market ticking up again, with the median home price up $8000 and the price per square foot inching up by $4 to $359. That said, the number of days homes spent on the market (DOM) also increased for the 5th month in a row.
MLS Data for Bend, Oregon | October 26, 2022
Our second round of MLS Data for Bend, Oregon happened on October 26, and tells a different tale than the data pulled 16 days earlier.
We’re seeing less homes on the market — while some of that is seasonal, we suspect some sellers don’t want to list while the market is soft — and a higher percentage of homes with reduced prices. However, the amount the prices are changing is not as significant as it was on the October 10th. Median days on market leaped up again to 65 days, a 12% increase.
The takeaways: High mortgage interest rates are bringing volatility to the October stats, however, our team is successfully closing deals with specific financing strategies and negotiations. Learn how to Lower Your Mortgage Interest Rate and make your move in Central Oregon.
MLS Data for Bend, Oregon | October 10, 2022
The MLS data shows current info regarding homes still on the market. While the total inventory and listings-that-changed-their-price remained relatively constant, days on market actually decreased from 64 to 58 in the first 10 days of the month, meaning homes are selling a bit faster. That reflects what we’re hearing anecdotally in the market—while some buyers may be letting houses sit to drive up bargaining power, this can result in a bidding war when another offer inevitably comes in on their desired property.
Letting the homes sit is also a likely driver of the increase in a home’s average price change, which went up to a total -8.07%. The longer a home sits, the more pressure on a seller to lower the price, but also the higher likelihood of another buyer to swoop in with an offer. Of course, we can’t discount the likelihood that these steeper price drops are another driver in the decreased days on market.
All in all, we’re seeing a predictable push and pull between buyers and sellers as the market works to level itself out.
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We are always committed to keeping our clients in the know. Our team pulls data from multiple industry expert resources to get you the full story on what is happening in the market. If you have any questions about how these changes might affect your situation, please reach out to us!