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Hotter than ever: Bend median home sales price soars $57,000 in February, hits $740,000

Bend median home sales price zooming higher in February once again
Beacon Appraisal Group
Bend median home sales price zooming higher in February once again

(Update: Average Bend home sale price is even higher -- $879,000)

REDMOND, Ore. (KTVZ) -- Gas prices aren't the only thing zooming fast into record territory on the High Desert: Bend's median home sales price soared $57,000 in February alone to smash the record and reach $740,000, Beacon Appraisal Group reported Tuesday.

The inventory “remains less than a half-month supply,” appraiser Donnie Montagner said, “and there was a significant increase in the number of new (building) permits," jumping from 37 in January to a summer-like 79 new permits last month.

“In addition to market appreciation, about 64 sales were over $769K,” Montagner said. “The high number of sales in the $769K and higher (level) pushes the median upwards.”

How about Bend's average home sales price? That's even more troubling, if one is concerned about housing affordability.

"Due to the high volume of sales in the $769K and higher (category) last month, the shift of the mean (average) skews more than the median," Montagner said. "For example, the average in February was $879K." 

In Redmond, meanwhile, the median home sale price dropped slightly, from January's record $500,000 to $487,0000, amid a continued half-month inventory.

"The median time on the market in both Bend and Redmond was less than a week last month," Montagner said.

To check out other stats and the rest of the area's home prices, read the full Beacon Appraisal report below:

KTVZ news sources

Comments

22 Comments

  1. Houses used to be for living in, now their portfolio hedges. This country is suffering from psychosis, from greed and that reality can be seen every day on every major metropolitan street America.

  2. Bend is in the midst of a mega drought, no? Where does the water for the endless tracts of cookie cutter houses come from, the water fairy?

  3. If they have the numbers to calculate the median price why not give us the average price? Bend will seemingly always have a disproportionate percentage of homes being sold in the high status category to skew the median price. How about changes in the lowest quantile? If they raise interest rates to fight inflation it may pop the bubble except for wealthy out of town money paying cash which will skew the average prices even more.

    1. It’s possible that Central Oregon may start pricing itself out of profitable investment property. Investors will go to areas with more long term financial appeal. I’ve noticed that in other areas in America where locations are no longer considered profitable. Wealthy buyes don’t want to lose on their investments.

      1. It was even easier in 2009. Now I’m thinking that a potential property buyer should be very weary of the possibility of another real estate bubble to burst. The signs are there if you bother to look.

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