The Beacon Report – October 2020.
SFR 3rd Quarter 2020 finishes strong in Central Oregon.
In the past quarter, the Single-Family Residential (SFR) median sale price in Bend spiked to over $500,000 ($529,000 in July) and finished at $547,000 in September. The inventory level of SFR properties has been low for several years, lowering further in 2020. There has been a significant increase in the number of sales of SFR properties in the $700,000 to 1Mill+ price range in this quarter.
From June to July 2020, the data shows about a 54% increase in the number of SFR sales in the upper price range. That trend continued through August and has begun to decline in September. June 2020/54 sales – July 2020/83 sales – 54% increase
Number of sales in $700k to 1 Mill+ price range compared to total SFR sales:
- June 2020 – 54 Sales/24% of all sales
- July 2020 – 83 Sales/26% of all sales
- August 2020 – 102 Sales/34% of all sales
- September 2020 – 86 Sales/31% of all sales
The increase in the number of sales in the upper price ranges resulted in significantly increasing the SFR median sale price in Bend. In September, sales in the $700k-1Mill+ made up about 31% of all sales. The upper price range in June made up about 24% of all SFR sales in Bend.
Looking back at June 2019 there were 236 SFR sales in Bend and there were 36 sales of properties in the $700k to 1Mill+ price range, or about 15% – nearly half as in September 2020.
Other Central Oregon SFR markets show a similar pattern of inventory levels declining, like Bend, have not followed the sharp increase in SFR median sale price.
Redmond SFR market shows a steady increase in price trends; however, the inventory level has declined to under a one month supply.
Most smaller Central Oregon SFR markets, were all around a 1 month supply of SFR inventory while Jefferson County had approximately a 2-month inventory level last month.
Deschutes County Notice Of Default (NOD) results are up to date and posted; however, the Eviction and Foreclosure Moratorium has been extended to the end of 2020. The data will not be reliable until after the moratorium has terminated.
Thank you for your interest in the Beacon Report and have a wonderful Fall season.
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®.