April 2022 Beacon Report for Central Oregon
Basketball wasn’t the only thing seeing some high jumps in March — the April Beacon Report for Central Oregon proves, yet again, that it’s still a sellers market. Bend is showing another leap in prices, with a low inventory trend. Redmond’s market is remaining highly competitive, and had its highest priced month yet. Let’s take a closer look at the details and the other communities.
The median home price for a single family home in Bend has soared once more, landing at $773,000 for March 2022. This represents an almost 5% increase from last month. Looking at the numbers year over year, March 2021 showed a median home price of $590,000 which is $183,000 lower than our current price point. The year over year comparison reflects a 31% growth in median home prices.
The median price per square foot saw its largest leap in months. For the month of March, the price per square foot increased by almost 10%, landing at $389.
Inventory in Bend remains low, at 0.6 month for the month of March.
In Bend, homes sold at an average rate of just 4 days in March 2022, which is consistent with February’s average.
Bottom line: the market remains competitive, and the team at Bend Relo have the best tools to help you find and buy the right new home, or sell your current home. Learn more about our cash offer program.
REDMOND: APRIL 2022 BEACON REPORT
Just like Bend, Redmond is seeing its highest median home price, ever. After a dip in February, March’s numbers rose above all the rest landing at $520,000. This represents almost an 8% increase from February. The average price per square foot remained consistent with February’s numbers, at $288. The value for days on market has been dramatically declining in Redmond. January saw an average value of 14 days on market, February saw 7 days, and March is now at just 4 days on market. Inventory levels remain low at 0.6 days on market.
SUNRIVER HOUSING MARKET NUMBERS
In Sunriver, the median sold home price soared, from $885,000 in February to $950,000 in March. This increase represents almost an 8% change, month over month. The average time spent on the market remained the same, at 3 days for the month of March. The number of sales in Sunriver was 12, and inventory remains extremely low at 0.13 months.
SISTERS HOUSING MARKET STATS
After a large and sudden drop for the month of February, the median sold home price is back up to $695k for Sisters. The rise in median sold home price can be attributed to the rise in the number of sales, which jumped from 6 sales in February, to 19 sales in the month of March. Home inventory remains low, at 0.3 months, and days on market remain consistent at 2 days.