Bend, Redmond home prices cool in May; sales down from spring ’19 levels

REDMOND, Ore. (KTVZ) -- Bend and Redmond home prices fell noticeably in May amid the varied impacts of the COVID-19 pandemic, and home sales were also off sharply from May of last year, an appraiser's report said Monday.

The monthly Beacon Appraisal report, based on Multiple Listing Service data, showed Bend's median home sales price dropped from $468,000 in April to $445,000 in May, a $23,000, 5% decline.

Bend single-family home sales also fell, from 166 in April to 137 in May, continuing the significant drop from last spring, when there were 236 sales in May.

But when homes do sell, they sell quick -- the days on market for sold Bend homes plunged from 74 in March to just nine days in April and up just a bit, 16 in May.

Building permits for new Bend homes have held steady at just over 40, as have the median sales price per square-foot, at $221 in May. And there's still about two months inventory on the market.

Redmond's single-family home median price also saw a sizable drop from April's record $358,000, falling $24,000, or 6.7%, to $334,000. Sales were steady, at 66, down just two from April, but down from over 100 a year ago.

Redmond homes that sold were on the market just eight days, compared to 130 days earlier in the year. And the median sale price per square foot set another record, up a bit to $207, while the number of building permits fell from 46 in April to 33 last month. Like Bend, Redmond has a two-month inventory of homes.

Elsewhere, median prices ranged from $516,000 in Sunriver to $448,000 in Sisters, $277,000 in La Pine, $265,000 in Crook County and $247,000 in Jefferson County/Crooked River Ranch, the report said