Bend’s median home sales price jumps 10.3% in a month, hits $651,000

(Update: Comment from Bend broker)

Redmond prices held steady in April

REDMOND, Ore. (KTVZ) – The Bend area’s median home sales price jumped by more than 10% last month, up $61,000 to $651,000, fueled by numerous sales of over $1 million, Beacon Appraisal Group reported Monday. By contrast, Redmond’s median sales price barely budged in April.

The number of Bend-area home sales also rose by about 60, to 237, while the average days on the market for sold properties is still at a record low four days, as it’s been for several months. The extremely tight inventory continues, at just over 1/3 of a month's worth of homes on the market.

"Things are super-crazy right now," Rob Eggers, principal broker at Duke Warner Realty in Bend, told NewsChannel 21. "It's the strongest seller's market I've ever seen in Bend. We are seeing some new listings go as high as $100,000 or more over the asking price." 

The Bend area median sales price per square foot also zoomed to a new record, up $33 to $325 last month.

Redmond’s median sales price, which jumped from $373,000 to $412,000 in March, only rose $1,000 in April, to $413,000, the report said. The days on market for sold homes was the same as Bend’s.

"In July of 2020, the Bend SFR (single-family residential) median sale price had a significant increase to $529k from $464k in June," appraiser Donnie Montagner said. "After reviewing the data several times, I noticed the median was heavily influenced by the number of sales in the $1 million+ range, which had increased significantly. 

"Last month, Bend SFR had another significant increase in median sale price, to $651K! Again, the search was re-run several times. Of the 237 total SFR sales in Bend, 40 sales were in the $1 million and higher price range.  Sales in this range account for nearly 17% of all sales in Bend, with the highest sale at nearly $3.5 million.   

"When compared to last year (April 2020), the Bend SFR median was $468k, with 146 total sales, of which 10 sales were in the $1 million + price range, nearly 7%.

"While sales in the $1 million+ price range have an impact on the median, the overall SFR price trend in Bend is significantly trending upwards, when compared to the past several years.

"Redmond SFR had a large increase in median sale price in the prior month (March) to$412K, and stayed relatively stable last month, at $413K.

"SFR inventory levels in Central Oregon remain low, resulting in upward pressure on sale prices," Montagner concluded.

Inventories are at less than a month across Central Oregon, with median prices ranging from $301,000 in Jefferson County/Crooked River Ranch to $906,000 in Sunriver. Crook County's median price was at $369,000 last month, La Pine at $335,000 and Sisters at $434,000.