March 2022 Beacon Report for Central Oregon
The March Beacon Report for Central Oregon is here and yet again, it’s a HOT sellers market. Bend is showing a steadily low inventory trend, with soaring prices. Redmond’s market remains strong and fast, while also low on inventory. Let’s take a closer look at the details and the other communities.
The median home price for a single family home in Bend exploded upwards by a staggering $57,000. This represents an 8.3% change in just one month. Looking at the numbers year over year, February 2021 showed a median home price of $575,000, which is $165,000 lower than our current price point. The year over year comparison reflects a 28% growth in median home prices.
The past two months have shown a slight downward trend in median sales price per square foot, representing a $1 decrease in both January and February. The current price per square foot in Bend is $355.
Inventory in Bend rose from 0.3 to 0.4 months in February. Despite this slight increase, overall the inventory levels in Bend are extremely low. This has resulted in a strong sellers market, with only 131 homes sold in the month of February. If you are considering selling, you could be looking at a fast sale for a top dollar price tag.
In Bend, homes sold at an average rate of just 4 days in February 2022, which is 5 days quicker than the January 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: MARCH BEACON REPORT
Redmond saw a leap in median home price between the months of December and January. February’s median home price fell right in between those numbers at $483,000. This reflects a 29% increase in median home values compared to February of 2021. The average price per square foot rose by over 8%, settling at $288. The value for days on market in Redmond cut in half for the month of February, going from 14 to 7 days. Inventory levels remain low at 0.5 months.
SUNRIVER HOUSING MARKET NUMBERS | March 2022
In Sunriver, the March Beacon Report for Central Oregon shows median sold home price decreased from $892,000 to $885,000. The average time spent on market decreased by 50%, from 6 to 3 days on average for February. The number of sales decreased by 2, and the inventory remains consistent at 0.25 months of inventory for sale.
SISTERS HOUSING MARKET STATS |March 2022
The median home price went from the recently raised price of $730,000 in January, down to $625,000 in the month of February. This drastic drop in price (more than 14%) can be attributed to the low number of sales, at just 6 sales in Sisters, along with a low inventory rate of 0.25 months. The average days on market dropped from 3 to just 2 days in the month of February.