For the fifth straight month, the median price of a single- family home in Bend has risen, topping $560,000, according to new data from the Beacon Report.
And since May the median price has risen $115,000. The amount of inventory, or the number of homes on the market, has shrank as well, according to the report. The average number of days on market has fallen to four, compared to more than 100 in February.
It’s the classic tale of supply and demand, said Lester Friedman, a Coldwell Banker Bain broker.
“People want to live here. And if they want to buy a house here, they have to pay the price, unfortunately,” Friedman said. “We have a high demand and low supply. The result is rising prices.”
In the upper price range, the number of sales for a home $700,000 and above, rose 83% in October over the same time in 2019, according to the report.
The Beacon Report uses the median sales price, which is the midpoint value of all transactions in a month.
“Central Oregon has been attractive to those who want an outdoor lifestyle and a small-town feel,” Friedman said.
In Redmond, the story was the same. October single family homes topped $369,000, compared to $327,000 the same time the year before, according to the report.
The number of days on the market dropped to six compared to 73 in October 2019, the report stated.
In Sunriver, Sisters and La Pine the amount of inventory of single-family homes is one month. The median sales price in Sunriver in October was $672,000. Homes spent an average of five days on the market, according to the report.
“Inventory is going down because for the seller who wants to stay in Bend, there is nothing to buy,” Friedman said. “If I wanted to buy a smaller or bigger house, and I”m selling at the top of the market, I’m going to have to buy at the top of the market. Housing that’s affordable is a rarity.
“Sellers who are leaving Central Oregon are making out pretty good.”