Executive Summary
- In Redmond, the median home price dipped to $515,000 in October, but days on market fell sharply from 47 to 24.
- Bend experienced a significant median price increase to $778,000, while the average days on market rose to 66.
- Year-over-year inventory in Redmond remained stable at a two-month supply, indicating a balanced market.
- Other local markets such as Sisters, Sunriver, and La Pine reported varied median prices and sales velocities for October.
The Central Oregon single-family housing market presented a varied landscape in October, with Redmond experiencing a stable market characterized by faster sales, while Bend saw a significant increase in median home prices alongside a slower sales pace. According to a monthly report from Beacon Appraisal Group, Redmond’s median price saw a slight dip, yet homes sold more quickly, contrasting with trends in neighboring communities.
Redmond Market Analysis
In Redmond, the median price for a single-family home decreased slightly to $515,000 in October. However, the market showed signs of efficiency as the average number of days a home spent on the market dropped dramatically from 47 in September to just 24. Donnie Montagner, owner of Beacon Appraisal Group, noted this could be due to an increase in newer home sales and typical seasonal cycles. Year-over-year, housing inventory has remained constant at a two-month supply, indicating a balanced market for buyers and sellers.
Trends in Bend and Surrounding Areas
Conversely, Bend’s market saw its median sales price climb by $65,000 to reach $778,000 in October. The report highlighted that 29% of home sales in Bend during the month were for properties valued at over $1 million. Despite the price growth, the time it took to sell a home increased to 66 days, up from 45 in September and just 21 in July. “This is normal for Bend. It’s holding its own,” Montagner commented. Other regional markets showed unique trends: Sisters reported a median price of $657,000 with a 28-day market time, Sunriver’s median was $830,000 with a quick 14-day sales period, and La Pine’s median price rose to $395,000, though with a much longer sales cycle averaging 99 days.
Key Takeaways
The October housing data underscores the distinct local dynamics within the broader Central Oregon region. While Redmond’s market demonstrated stability with accelerated sales, Bend’s market continued its price appreciation amid a more deliberate sales pace. The varying conditions in Sisters, Sunriver, and La Pine further illustrate a segmented market, influenced by local inventory levels and seasonal buying patterns.
