The Beacon Report – August 2023.
Another Record In Bend.
The Bend Single-Family Residential (SFR) market set another record high with a median sale price of $800k in July. Of the 141 sales in July, 46 sales (nearly 32%) were SFR properties that sold for $1Mill or higher. The inventory remains at around a 2-month supply and the median marketing time in July was 9 days.
I noted an increase in SFR inventory in certain price ranges in Bend and Redmond.
The inventory of SFR properties (within Bend) in the $1.6Mill – $1.8Mill is near a 5-month supply. The inventory of SFR properties in the 1.8Mill+ price range is near a 6-month supply.
In Redmond, the inventory of SFR properties in the $600k-700k price range is increasing. The SFR products in this price range have just over a 7-month supply. The next highest level of inventory in Redmond is SFR properties in the $550k-$600k price range, which have about a 6-month supply.
Redmond SFR market had an uptick in the median sale price to $500k last month. Inventory is just over a 2-month supply and the marketing time was around 2 weeks.
The link to the most recent report is below.
The Beacon Report is compiled each month by Donnie Montagner (State Certified Residential Appraiser) of Beacon Appraisal Group LLC with information obtained from the MLS of Central Oregon with permission from the Central Oregon Association of Realtors®.