Bend, Redmond home sales prices zoom to new record high in October

BEND, Ore. (KTVZ) – The steady upward, record-breaking trend for Bend and Redmond home sales prices continued in October, as did the sales pace and record-tight inventories around the area, a report showed Saturday.

Bend’s median home sales price jumped another $13,000, to $560,000 last month, according to the report from Redmond’s Beacon Appraisal Group, based on Central Oregon Association of Realtors data. Bend's sales price per square foot also smashed a record, jumping $15 to $279.

The days on market for Bend's sold properties dropped from five days to a record-fast four days in October. The number of home sales in Bend, however, dropped for a third straight month, to 248, down 70 from the record set in July. And the monthly inventory also broke a record, down to just 0.4 of a month.

Appraiser Donnie Montagner noted also that the number of Bend home sales in the $700,000 to $1 million-plus price range has risen about 83% from a year ago.

Meanwhile, Redmond’s median home sales price rose $6,000, to $369,000 and a record $211 per square foot, as sales rose to a record 119, up 14 from September, the data showed. Redmond’s days on market for sold properties – as high as 130 days last winter – fell to a record-low six days.

Redmond also saw a record 62 building permits last month (Bend’s October building permit statistics in Bend were not yet available) and Redmond's homes for sale inventory remained tight, at 0.7 of a month.

Looking at smaller markets in the region, median home sales prices ranged from $263,000 in Jefferson County/Crooked River Ranch to $672,000 for homes in Sunriver, $449,000 in Sisters, $340,000 in La Pine and $320,000 in Crook County.