Median down $40,000; not just seasonal, as a year ago, they didn't budge
BEND, Ore. (KTVZ) -- Bend home prices took a decided downturn from near-record levels in November, recording the lowest median price, at $431,000, since last winter, according to a report released Friday.
Bend's November figure in the report from Redmond’s Beacon Appraisal Group was a $40,000 plunge from October's median price and the lowest price since the $427,000 median seen last March.
While some real estate fluctuations are always seasonal in nature, the drop in Bend contrasts sharply with a year ago, when the median price of $433,000 didn’t change from October to November.
Days on market for sold properties in Bend dropped a bit, from 86 to 79. The number of home sales also fell, from 220 in October to 157 last month. But the inventory remains tight, at about two months for single-family detached homes.
Redmond saw a far less dramatic decline in its median home sales price, from $327,000 to $320,000 in November. The number of sales held steady, down two to 88.
Other median sales prices in the region reported for November ranged from $540,000 in Sunriver and $515,000 in Sisters to $255,000 in Crook County, $247,000 in La Pine and $181,000 in Jefferson County/Crooked River Ranch, the report said.