April 2024 Beacon Report: Central Oregon Market Trends
Last month the home-buying market started heating back up along expected seasonality patterns.
In Bend, the median sale price for SFR increased to $753 from $682K in February. Nearly 25% of sales last month were $1 million or over in price.
There are currently a little over 40 active listings in Bend for properties that exceed $1.8 Million in asking price, and the median marketing time fell to 20 days down from the 40 days it was in February.
Last month, the price per square footage increased to $366 representing a 15% climb.
114 homes sold in Bend in March, up from the 106 in February. New building permits ticked up by one to 54 in March from 53 the month before, bringing new supply to the market in future months.
In Bend, homes sold in only 20 days on the market, a 100% increase over February’s 40 days.
REDMOND: FEBRUARY 2024 BEACON REPORT
In Redmond, the median home price jumped from $511,000 to $537,000, a 5% increase. This is higher than it’s been since August of 2022. The average price per square foot also increased to $302 from $286 representing a 5% increase. Homes were for sale and on the market an average of 47 days, while this is a jump from February, but only 6 days more than they had in January. However, it’s important to note that this is the longest marketing time we’ve seen for the Redmond market since February 2023. There are currently three months of inventory.
SUNRIVER HOUSING MARKET NUMBERS
Sunriver homes were on the market for only 5 days. The median home price is down to $701,000 from $923,000 in February, a 31% decrease. Inventory for homes is just over three months.
SISTERS HOUSING MARKET STATS
The median home price in Sisters increased by nearly 8%, to $732,000. Homes were on the market in Sisters just over 19 days, with a little over 2.5 months of inventory.
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