The Beacon Report – June 2019.
Increasing median sale prices and inventory.
The single-family residential (SFR) median sale price in Bend edged up to $466k in May and now has increased at record high levels for two months in a row. Redmond SFR median sale price also increased for the second month in a row, above prior record level. Interestingly, the SFR inventory level in Bend and Redmond increased slightly to around a three month supply. Perhaps a push back on prices? Only time will tell.
Given the $325,000 median sale price in Bend in May of 2015, the annual increase over time is approximately 9%/year, (taking into account time value of money). In Redmond over the same time period, the annual increase is approximately 8%/year.
Marketing time in Bend and Redmond remains below 3 months.
From all of us at Beacon Appraisal, have a great summer!
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®.