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Bend’s median home sales price jumps $17K to record $547,000 in September

Bend homes new generic

Records set in much of the region as days on market, inventory shrink

REDMOND, Ore. (KTVZ) – Perhaps September’s record heat had an impact, but Bend-area home sales showed no signs of cooling as fall arrived. In fact, the median sales price jumped $17,000 in a single month, to a record $547,000, as high-end homes were snapped up quickly and inventories dwindled.

Monthly and quarterly figures in Thursday's report from Redmond's Beacon Appraisal Group showed much the same picture across the High Desert -- record prices and tight inventory making for faster sales.

In a review of monthly third-quarter stats, Beacon appraiser Donnie Montagner noted a significant rise in sales of Bend-area homes valued above $700,000, starting with a 54% jump from June to July, continuing that trend in August and starting to decline in September.

At its peak, in August, there were 102 Bend-area sales of homes in the $700,000 to $1 million-plus price range, representing 34% of all sales – more than double the percentage seen last year.

The sales numbers did drop during the summer, from a record peak of 318 in July to 296 in August and 279 in September. At the same time, the average number of days on market for sold homes, as high as 115 days as the year began, dropped to just five days last month.

The upper-end sales also pushed the median sales price per square foot to a record $264 last month. Building permits peaked for the year at 73 in August, dropping to just 21 in September. And the monthly inventory, usually 2-3 months, dropped to just 0.7 of a month in August and 0.5 last month.

Redmond also hit a new record median home sales price, of $363,000 last month, with just nine days average on market for sold properties (the record was eight days, in May). The median sale price per square foot rose a bit, to $202. Building permits rose in September, to 55, but Redmond had the same 0.6 of a month inventory.

The Sisters-area median home sales price also reached a record in the third quarter, up more than $50,000 to $456,000, with a record 68 sales over the three months. Average days on market fell to just 19 days, compared to 81 days in the third quarter of last year.

While not a record, the Sunriver-area median price rose to $550,000 last quarter and there were a record 83 sales, with an average of just eight days on the market. The La Pine area saw its median home price reach a record $327,000 and a record 58 sales, nearly triple the previous quarter.

Jefferson County-Crooked River Ranch sales hit a record median price of $262,000 and a doubling of sales from the previous quarter, at 73. Crook County’s median home sales price rose to a record $307,000 and a record 114 sales, and a record-low 29 days average on market before being sold.

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Barney Lerten

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

Comments

14 Comments

    1. Agreed. Expect a bunch of foreclosures to hit the market next year due to policies that are currently preventing evictions from lack of mortgage/rent payments. When the policies end, you’ll start to see a bunch of foreclosures hit the market. I don’t think the crash will be as bad as 2008-2011 though.

      1. The foreclosure process can take years, and even if we see a chunk, they will be snatched up by 1st time buyers who are getting beat out by investors, or investors. Our little town will never be the same.

    2. I’ve only seen a few “overpay”. The market dictates the price, so even though the price has gone insane, it doesn’t mean they have overpayed. We have entered a new world I’m afraid, where prices and town have changed for good. This was foretold by Bill Valentine who called out the 08 crash here locally, not to thiscrapid degree, but that mountain towns like this are in high demand and will only go up. He said this in his presentation last year to the Bend Realtors.

    1. Exactly. My sister left Oregon after college and after many years bought a home in Burlingame near SFO outside SF about 20 minutes for $700K. She did a nice remodel, maybe $300k and it’s now worth an estimated $2.8.

  1. These price increases are nothing compared to N. Idaho, Montana, and Wyo. Bend is not far enough away for those moving to distance themselves from the riots and decay of cities. I’ve seen these homes a month ago in the $400k to $500k range increase as much as $100K . It’s crazy, but now that more people can work remotely these places are accessible. Downside for these states and what we have experienced in Bend, will these newcomers bring the same ideology that ruined the states they’re running from?

    1. When people no longer want to live in a big city, the price of housing falls through the floor. A lot of these alleged “riot and decay” cities are in tremendous demand–look at the housing prices. Tons and tons of people want to live there.

      The good news is that people who don’t like living in big cities who move to Bend are unlikely to bring the big city with them–they did leave it for a reason, after all.

  2. If you want to see some great insight into what I believe is the future of our market, look up the presentation by Bill Valentine of Valentine Ventures here in Bend that was given to Realtors, I think last year. He couldn’t have possibly known about this, but he did say Bend is now on an upward trend that will never go back, much like A span or other high end mountain town markets. Bill was the one man who warned everyone of the 08 collapse here locally if you’re not familiar, and he sold his house in 07 I think and rented.

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