Presidents’ Day is on February 21, 2022, this year! Did you know that while Presidents’ Day has been celebrated on President Washington’s legal Birthday (February 22nd) since right after his death, it was not made into a 3-day weekend until the late 1960s when the Uniform Monday Holiday Act was passed by Congress. This shifted the celebration of several federal holidays, Washington’s Birthday included, from specific dates to Mondays in order to create more 3-day weekends for workers. It is one of 11 federal holidays brought by Congress. While federally it’s still called Washington’s Birthday, the name, President’s Day is more commonly used by states.
This holiday is not only appreciated by unions and workers but also quickly became a favorite holiday by marketers and consumers. The BEST sales to look for on Presidents’ Day are discounts on electronics, major appliances, furniture, vacuums, and mattresses. So, if you’ve recently bought a home or are expecting to, then this is your weekend!
Since this is a federal holiday, you can expect that banks, schools, NYSE, NASDAQ, and the Post Office are all closed. All non-essential federal employees have the day off as well.
Principal Broker of Bend and Sisters Oregon, Brian Houston, gives the summary for Central Oregon:
“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%.”
President and Chief Executive Officer of Coldwell Banker Bain, Mike Grady, with the following report:
“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.”
If you’d like the Annual 2021 Market Report for other areas, please reach out to Patty@DempseyGroupBend.com for a specific report in your area of interest.
The latest Central Oregon Market Report is in and we’ve compiled the Bend highlight from our office’s Principal Managing Broker at Coldwell Banker Bain in Bend.
Brian Houston said, “The third quarter of 2021 showed fewer closed units for residential properties under $1 million compared to the same quarter of 2020. Homes priced over $1 million saw a 27.5 percent increase over the same period in 2020.
Listing activity in the third quarter of 2021 vs. the third quarter 2020 shows an incredible increase of 67.5 percent for homes priced under $1 million and an increase of 72.9 percent for homes above that price point. The Central Oregon market remains strong as we enter the seasonal cooling period. We are still seeing multiple offers in every price range for homes in excellent condition in a desirable area.”
For the full Market Report click on the photo below of Patty Dempsey’s client’s home which is featured in the report.