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Bend, Redmond home sales prices hold at or near records as 2021 ends; C.O. inventories stay tight

Bend median home prices 1997-2021 Beacon Appraisal 110
Beacon Appraisal Group
Graph shows a quarter-century of ups, downs in Bend real estate market

(Update: Adding video, C.O. Association of Realtors comment)

REDMOND, Ore. (KTVZ) – December was mild, then cold and snowy – but the Bend and Redmond real estate markets remained hot, as inventory levels in both markets dropped to under a half-month supply, the Beacon Appraisal Group said Monday in its monthly report.

Things were even tighter in Sisters and Sunriver, where the inventory fell to about ¼ of a month supply, appraiser Donnie Montagner said in his review of the MLS stats.

Bend’s median sales price, at another record of $683,000 in November, dipped a bit as the year ended, to $675,000. But Redmond’s median price hit another record, surging to $467,000 last month, the figures show.

Home sales usually drop some around the holidays, and this year was no exception, with 171 sales in Bend and 74 in Redmond, the report showed.

Montagner also released a chart showing Bend's median home sales prices dating back to 1997, showing a figure 25 years ago of $117,000, a pre-downturn peak of $396,000 in 2007 and a sharp drop to $166,000 five years later, with a steady climb since.

You can check out December’s figures in the full report.

KTVZ news sources

Comments

5 Comments

  1. Better sell your houses quick, before the “pump & dump” bubble catches up to you.

    The gas lit smoke inflammation benefits only the ones not stuffing their life savings into the real estate sausage casings, at the high end of the over bought market.

    1. Makes me wonder just how long it’s going to last. Sooner or later it’s either going to slow down or crash. I’m glad to be out of that market, it’s scetchy

        1. That’s only going to happen with people who over-leveraged themselves buying a home in the first place. If you’re not making $100K a year as a household in Bend, you’re going to struggle, and quite frankly you have no business buying a house here unless you can do so with a large enough down payment that will result in a manageable mortgage/property tax payment. A lot of folks with actual money took advantage of the Great Recession and picked up properties cheap (relatively speaking) and either rented them out or fixed them up and later sold them at much higher prices. That’s what smart rich folks do. I’ve got three nice properties myself here in central Oregon aside from my personal residence in a gated community, and I purchased all four during the Recession using money I made selling my tech business in California. I owe my fiscal smarts and my personal success, at least in part, to a guy named Dave Ramsey. I like his philosophy: the guy with the money controls the transaction.

          1. Absolutely spot on, nice to just see some factual grounded intelligence here. And an extra nod to Ramsey, we wouldn’t be able to handle our current situation if not for having taken his courses early in life. As is we’re confident to weather this climate out or uproot and buy outright in a more sensible state. Just how rich people think: live like no one else so that later you can live like no one else.

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