Skip to Content

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.

Barney Lerten

Barney is the digital content director for NewsChannel 21. Learn more about Barney here.

Comments

60 Comments

        1. not at all. Back in the buying opportunity of 2006 there was no Covid induced ‘zoom’ boom. Bend housing demand will outstrip supply for at least a decade as folks have discovered they can excape the cities and thrive

    1. By rich liberals do you mean Californians fleeing the cesspool down there and coming here to drive up our home prices and embrace liberal ideology of welcoming homeless and anyone with a victimized mentality?

      1. This is not sustainable. It isn’t just the home prices going up… So are the apartments… Some monthly prices are more than most mortgages! So where are folks supposed to live?
        These wealthy tech people relocating require housekeepers, babysitters, yard crews, etc. Just look on the I love Bend Oregon fb pages and see what they are asking for! They are used to lots of services and pampering. Soon, they will be living in their bubble by themselves as the working class will be completely priced out of the region. We are now officially significantly higher than Portland for median price home.

    1. There are always people predicting doom and gloom. They don’t like to see people prosper because they, themselves, are left in the dust. Why not ride the train instead of shouting at it as it goes by?

  1. I am currently in the real estate profession. I can tell you that I am not working with a single buyer from California. They are all from Oregon up to Seattle. Mostly from Portland area.

    And most are cash buyers, even with interest rates at or below 3%.

    1. So are you telling your clients prices will go up forever or are you realistic that there will be a correction. And here in bend the bubble correction hits harder.

      1. Clown, for your information, people who buy a home often do it to live in, not to use it primarily as an investment tool. And, as bison points out, they are largely cash buyers. Basic rule of real estate investing (and most other businesses) is that you use as much of other people’s money (i.e. borrow up to the hilt) for the investment while you reap the profits. In this day of 3% mortgages that rule is truer than ever.

    2. Investors from California bought the property I just moved from in Prineville. They have plans to renovate the existing building and build more units on the property, but have no intention to move here.

      1. This sounds about right. Being from California they will most likely just AirBNB the units so locals will not even get a chance to rent.

  2. Just give Ol Sally & her crew a little more time & Bend will never recover. Like drban says rats are jumping from sinking (stinking) kalifornia to here. We are screwed

  3. And the average, law abiding, hard working folks who’ve played by the rules and dream of home ownership and who’ve lived here all or most of their lives will NEVER get into a house.

    Those that “got theirs” will chime in that if you cant afford to live here they should leave to someplace affordable. Yeah, go live in Burns or Madras and commute to Bend daily…

    One wonders how these folks will manage when their serfs and peons have to leave.

    1. There will be 2 classes of people . The elites & the worker bees. The elite will build slums for the worker bees…. a save distance away as to not tarnish their view

    2. total nonsense. ‘average’ folks were able to buy cheaper than renting until about 5 years ago. ‘average’ folks work hard, keep good credit and are ready when the buying opportunitys arrive. I bought my house for 170K 9 years ago, it;s ‘worth’ 400K today.

      1. Good for you. Here’s a brownie button for you.

        Most average people in this town cant afford the huge down payment nor the average additional $100 grand to out bid the other potential buyers. My wife and I work hard, have excellent credit, and make a reasonable and quiet professional living and are unable to even have a glimmer of a chance at any house. Fortunately, I enjoy our apartment. However, this market…free as it is and God bless capitalism…is not conducive to families or single folks. It’s made for technophiles working remote after selling in Cali or Washington or retirees.

    1. You are flat. I see a problem . The major problem is that you are a BETA MALE!!!! Can’t stand up for yourself unless you are on ktvz and backed by barney you little BETA.

      1. You seem awful concerned with asserting yourself as an “alpha”. I’m put in mind of the words of the immortal bard, “the lady doth protest too much, methinks”.

      2. Sounds like you’re trying to learn Greek, and managed to get the first two letters of their alphabet. Maybe by the time you are old enough to reach college age you’ll be able to recite at least half of it, although that doesn’t guarantee a fraternity would even look at you.

  4. Time for you fellas tho whip em out and pull out a tape measure and get it over with. In the meantime, I am tearing down my house and parting it out. Even at 650K, the plywood alone is worth more!

Leave a Reply

Skip to content