Bend’s median home sales price falls for fifth straight month, while Redmond’s rose a bit

BEND, Ore. (KTVZ) – A warm-cold, up-and-down winter has made for a cooling trend on Bend home sale prices, which dropped in February for the fifth straight month, while Redmond’s median price has stayed fairly stable since last summer, the monthly report by Redmond’s Beacon Appraisal Group says.

The Bend median same price last month fell to $682,000, off $18,000 from the previous month and the lowest figure since last May, according to the report based on Bend-area Multiple Listing Service figures. That's only $3,000 lower than the price seen in February of last year, but down $118,000 from the record price of $800,000, hit last July.

However, appraiser Donnie Montagner noted that the number of Bend home sales rose in February, to 106, and inventory remains at about a 1.5-month supply.

Sales of homes at $1 million or higher made up 16% of all Bend sales, he said, and “there was a significant increase” in new building permits, to 53, more than double the previous month.

Redmond, meanwhile, bucked the winter real estate doldrums, as its median home sale price rose $4,000 last month, to $511,000, having held in a narrow range around $500,000 since last summer, though still down from the $542,000 peak reached in August of 2022.

Redmond’s home inventory holds at just over two months, Montagner said, and the median time on market fell to below 30 days.

“Based on prior years, an increase in the market activity as the spring season draws near will begin this month,” the appraiser said.

Here's the full Beacon Report: