The Beacon Report – July 2023.
Another record high in Bend.
A friend of mine informed me that the median SFR sale price in Bozeman, Montana is nearly $900,000. $900,000?!!!!
Since I have been working on the Beacon Report, the SFR median sale price in Bend has changed from $40k to $65k in single a month. For example, from 06/2020-07/2020 there was a $65,000 increase. A lot of factors can produce these results. It’s important to know that the month-to-month change does not give a good signal of a changing market. The long-term trend is what I pay attention to. Bend SFR has a significant location difference and offers diverse SFR product types.
Last month, the Bend SFR median sale price was $785k – about 41 sales were $1Mill and higher (24%). SFR inventory increased to about a 2-month supply and the median days on the market (DOM) was less than 2 weeks. New SFR building permits increased to 61- the highest since June of 2022.
24% of sales in the $1 Mill+ price points!
Compare that to the July 2019 Beacon Report (available to view on the website). In 2019, there were 12 sales of properties in the $1 Mill+ price range – out of 236 SFR sales (about 5%). Bend has a strong and growing market segment in the higher price ranges that have been consistently strong over the past several years.
Redmond SFR has been mostly stable over the past quarter. Inventory levels are around 2 months, and the median marketing time (DOM) is 16 days. Most sales in Redmond last month were in the $450k to $500k price points and the largest number of listings are in the $550k -$600k price points.
The quarterly numbers are complete for the small market areas. The inventory levels in several of the smaller market areas have increased. In fact, La Pine SFR has a 5-month supply and an increasing DOM.
Visit our website to view a study of a particular SFR product type within Bend. This study focuses on SFR properties improved with 1,800sf to 2,200sf SFR dwellings that have 3-Bed/2Bath counts.
Thank you for your interest in the Beacon Report. The link to the most recent report is below.
– Donnie
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®.
