Bend Real Estate Market Report
by: Amanda Ferrari April 2022
Hello April! I want to share the latest information on current mortgage rates and give you an update on the market in Bend. If you have any questions about buying or selling in 2022, reply to this email- I would love to be a resource for you!
Coming into 2022, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It is only April, and rates have already blown past those numbers. Freddie Mac announced last week that the 30 year fixed-rate mortgage rate is already at 4.72%.
Just five days later, the Mortgage News Daily quoted a rate of 5.02%.
We will not know the true impact of the increase in mortgage rates until the housing numbers become available in May and June.
March was another record breaking month. The Bend home median sales price hit $773k and inventory slightly ticked up. Redmond took a huge leap and the median sales price reached $520k.
Current Bend Area Market Trends:
Median home price: $773,000
Change in median home price since March 2021: 31%
Median number of days on the market: 4
Months of Inventory: .6
Average Sales Price/ Listing Price: 103%