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.