Bend-Redmond home sales slow as autumn arrives, but listings also fall; prices hold near records

Inventory still tight; most sales happening in about a week

REDMOND, Ore. (KTVZ )-- The number of Bend and Redmond home sales dropped as fall arrived, which is fairly typical. But the number of active listings also declined, making for continued rapid sales and keeping October’s median home prices close to the records set earlier this year, Beacon Appraisal Group reported Monday.

Both the Bend and Redmond single-family home markets saw their “inventory shaved down slightly, to just under a one-month supply in October,” appraiser Donnie Montagner said. But Bend’s “active listings had also declined, which resulted in a net decline in housing supply.”

“The median marketing time of (single-family residential) properties in Bend and Redmond is eight and six days, respectively,” the appraiser said.

Bend’s median home price dropped $5,000 to $645,000 last month, but that’s only $6,000 below the record of $651,000 set back in April. The number of sales fell a bit, to 210, but remained above 200 for the seventh straight months. The median sales price per square foot actually set another record, at $330.

The Redmond median home sale price dropped slightly ($1,000) to $449,000, and that’s still only $2,000 below the record of $451,000 set in June. Redmond also set a record in October on the median sales price per square foot, up $5 to $271. Building permits dropped sharply, from 52 to 29 last month.