Market Trends April 2017

The SFR inventory levels are below a 2-month supply in Bend and Redmond.  In March, a significant increase in the number of new SFR permits were issued.

It appears the 1st quarter of 2017 is off to a strong start for real estate market in Central Oregon.

The median home price in Bend has increased to the mid 2000 levels.  However, the Bend median income level has not fully recovered to the median household income levels in 2005 -2007.

Historical Inflation Adjusted Median Family Income for Bend

Date US Oregon Bend
2015 $68,260 $66,287 $66,076
2014 $65,986 $62,742 $62,122
2013 $65,153 $62,850 $59,222
2012 $64,548 $61,398 $58,255
2011 $64,766 $61,500 $63,185
2010 $65,888 $61,596 $61,021
2009 $67,476 $65,369 $66,947
2008 $69,756 $67,361 $65,901
2007 $69,929 $67,619 $73,633
2006 $68,801 $65,741 $65,142
2005 $67,761 $63,957 $68,584

Source: http://www.deptofnumbers.com/income/oregon/bend/

Migration of homeowners into smaller areas around Bend will continue in 2017 if housing prices continue to rise.

I searched the Bend and Redmond market areas with the same search criteria in order to see how much, if any, price difference there is for very similar homes.

The search criteria:  Sales in the prior year, 3-bedroom 2 bath homes built from 2013 to date with living areas of 1,400 sq-ft to 1,600 sq-ft.

City Sample Median Sale Price Med Sq-Ft
Bend 68 $310,000 1,544
Redmond 53 $246,000 1,552

 

The difference in median sale price for this product type is $64,000 between Bend and Redmond.

Link to Beacon Report