Bend home sales price cool in fall, but sales still hot, inventory still very tight
Redmond prices hold fairly steady, days on market at record low
REDMOND, Ore. (KTVZ) – Bend’s median home sales price dropped $25,000 in November from October’s record $560,000, but the market is still tight and sales still hot – averaging just six days on the market, on average, for sold properties, Beacon Appraisal reported Monday.
Appraiser Donnie Montagner noted that the median price of Bend homes sold last month dropped a bit, from 2,006 square feet in October to 1,920 square feet in November. That means the sales price per square foot didn’t change, at $279 per square foot. And there remains a very tight inventory, of less than a half-month.
The number of Bend home sales, which had fallen each month since a record 318 in July, rose a bit, to 257 in October. The number of building permits dropped a bit, to 62, though the city of Bend’s pause as it moves to a new online permit system could have had an impact.
In Redmond, meanwhile, the median price dropped by just $5,000 from the October record of $369,000. The number of sales slowed to 74, from 119 in October, while average days on market for sold properties dropped to a new record low of just five days.
Redmond’s median sale price per square foot rose $1 to a new record $212. Sixty building permits were issued, close to the record 62 seen in October. And the monthly inventory dropped to a record low, equaling Bend, of less than half a month (0.4).
Other, smaller markets fared this way in November: Sisters had a median home sales price of $580,000, with nine sales, six days on market and a one-month inventory. Sunriver’s median price was $738,000, highest in the region, with 14 sales, six days on the market and a one-month inventory.
La Pine’s median home sales price was $383,000, with 11 sales, four days on the market and a month inventory. Jefferson County/Crooked River Ranch had 12 sales and a median price of $288,000, with an average 19 days on the market and two months inventory. Crook County’s median home sales price was $365,000, and there were 17 sales, averaging 12 days on the market, and a one-month inventory.
