Predictable. No surprises. More of
the same.
Those are some of the likely
responses of anyone monitoring the Bend and Central Oregon real state market, which has been in an upward arc for months. Or make that years.
The latest numbers come from Beacon
Appraisal Group of Redmond, based on tablulations by the MLS of Central Oregon
covering Deschutes, Crook and Jefferson counties.
In the first quarter of 2022 the median
price of a single family home sold in Bend rose to $773,000, a nearly 4.45% jump over the
$740,000 in February and 13.17% more than the $683,000 in January.
On a rolling 12 months basis from the
end of March 2021 through March 2022, the median price rose by $115,000, from
$535,000 to $650,500, or 22%, over the previous March 2020 through March 2021
period.
There were 2,503 sales for the 12
months, with only 132 listings at the end of the period. Calculated
by averaging sales for the 12 months, the inventory based on current listings
in a scant 0.6 months.
Viewing sales by price groupings, 57.69% of units sold were in the $400,000 to $700,000 range. There were only 100 sales lower than $400,000, and only four listings under that at the end of March this year.
The number of $1 million plus sales continued upward, with 391 above that and 70 of more than $1.8 million.
In Redmond, the median price for March of 2022 was $520,000, a rise of 7.66% from February. The rolling 12 months median for Redmond was $450,000, 24% over the $363,500 for the previous comparable period.
Redmond
Redmond had 1,056 sales in the 12
months and only 55 listings at the end of March, translating to an inventory of
only 0.6 months, the same as Bend.
There were 58% of Redmond sales in
the $350,000 to $500,000 range and none above $1 million.
Although Redmond’s 12 months median
price of $450,000 was 30% lower than Bend’s, the smaller city to the north had
only a single listing under $400,000 at the end of March, even lower than Bend’s
four in that range.
The smaller submarkets
In the smaller submarkets tracked by
Beacon Appraisal and the MLS of Central Oregon, single
family sales totaled 1,140, with Crook County leading the group at 333 closings.
Also included in the smaller
submarkets are Sisters, Sunriver, La Pine and Jefferson County (including
Madras and Crooked River Ranch).
Sunriver – including the resort
complex of Sunriver Resort, Caldera Springs and Crosswater – had the highest
median price mark in the first quarter of 2022, at $885,000, with 33 recorded
sales.
Sisters was next with a median of
$667,000 on 38 sales, followed by La Pine, $452,000 on 51 sales; Crook County,
$390,000, 70 sales; and Jefferson County, $356,000, 62 sales.
Inventory in the smaller submarkets
ranged from a low of only 0.12 months in Sunviver to 1.5 months in Jefferson
County. La Pine has a 1.2 months supply and Crook County 1.3.
