The Beacon Report – July 2021.
We hope you had a wonderful 4th of July.
The Single Family Residential (SFR) inventory level in Bend increased (very slightly) last month, but remains at significantly low levels when compared to early 2020. Since August 2020, the SFR inventory level in Bend has been less than 1 month. The median sale price increased last month from $628k in May to $640k. The $1.8Mill+ and higher SFR market in Bend had 13 sales in June, while in June of 2020 there were only 6 sales in that price range. Of the total 247 sales in June, 48 sales were in the 1Mill and higher price ranges, making up nearly 20% of all SFR sales in Bend. The data indicates this is a new trend for the $1Mill+ market in Bend.
Comparing the bulk of sales (bar graph) from the July 2020 Beacon Report to the July 2021 Beacon Report, the bulk number of sales have shifted from the $350k-$500k price range in 2020, to the $450k to $650k price range in this report. The July 2020 Beacon Report is available on the website (see Bend SFR: # Sales vs. Current Listings bar graph). $1 Mill+ properties have an influence in the Bend SFR median sale price within this report, however, prices in the other market segments continue to increase.
Redmond SFR market has increased for the third month in a row finishing at $451k, a new record. Like in Bend, the SFR market in Redmond had a slight increase in inventory to 1/2 month supply in May 2021 but is left unchanged in June.
The quarterly figures for the smaller Central Oregon SFR market areas are included in this report. Each area reflects similar patterns as seen in the Bend and Redmond SFR markets. Low inventory levels (most under one month supply), low marketing times, and rising prices.
The link to the recent Beacon Report is below.
Have a great month.
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®.