Redmond inventory also up, but 'inadequate to meet demand,' appraiser says
REDMOND, Ore. (KTVZ) -- The market of homes for sale in the Bend area rose to a one-month supply in July, for the first time in a year, an appraiser's report said Sunday.
"Redmond also shows an uptick in inventory levels (close to a one-month supply), but a one-month supply is inadequate in order to meet the current level of demand in either market," Beacon Appraisal Group appraiser Donnie Montagner said. "In general, the marketing time (time on the market) remains less than one week in both Bend and Redmond."
"The increasing inventory trends in Bend and Redmond may be a sign that the markets are transitioning," Montagner said. "Regardless, in my opinion, the market remains favorable to sellers at this time. Marketing times are less than one week and the inventory is significantly lower than in 2017-2019 (2-3 months), which I considered low at the time."
Montagner said he pays "close attention to the inventory levels in order to recognize transitions in a market. Inventory trends are precursors to prices increasing, stabilizing, or declining.
"Supply and demand components lead the way, but only time will tell if the increasing inventory trend is here to stay (indicating a market transition), or simply a short-term occurrence," he said.
The Bend-area median home sales price in July rose by $10,000, to $650,000, just $1,000 shy of the record price set in April. Home sales held steady, at 246. But the median sales price per square foot rose to a record $329 last month, as Bend-ara home building permits dropped, from 59 to 47.
The Redmond-area median sales price dropped $15,000 last month, to $436,000, as sales rose by a dozen, to 117, and the median sale price per square foot rose $9 to a record $250.
The link to the most recent Beacon Report is here.