Madras

Beacon Report – Marketing Time Comments Correction In relation to the marketing time figures provided in the earlier email, I failed to state that marketing times were calculated differently beginning in April of 2020.  In preceding years, the marketing time was calculated from the list date to the sale date.  As of April 2020, that changed to calculating from list date to contract date.  Below is a table that adjusts the DOM prior to April 2020 in order to account for a 40 day escrow period between pending date to close date.  The high noted in 2020 was prior to the change in DOM calculation and is, therefore, adjusted in the table. 4 to 15 days marketing time remains lower than what is seen in past years (adjusted) and will [... read more]

National housing inventory levels increased slightly in April 2021 to 4.4 months, the highest level since May of 2020, which was 5.3 months (according to Federal Reserve Economic Data – FRED).  The same source shows average interest rates ticked up to 2.99% on 6/3/2021 for a 30-year fixed rate mortgage. SFR inventory levels in Bend and Redmond scarcely increased in May 2021.  Heavy competition between buyers and lack of supply are continuing to fuel the increases in sale prices. Bend  SFR shows a decline in median sale price in May 2021 when compared to the high median sale price of $651,000 in April 2021.  It is common for the Bend SFR market to show significant increases and declines in median sale prices due to the wide [... read more]

Bend SFR price chart shows a decline ($535k) in median sale price last month from October ($560k).  The median home size in Bend is smaller in November (1,920sf) than it was in October (2,006sf).  Therefore, between these two factors, median home size and sale price, the price per sf calculates to $279/sf, same as in October.  In November, the number of sales in the $700-1Mill+ price range declined slightly from October. October: 80 sales $700k – $1Mill+November: 78 sales $700k – $1Mill+SFR inventory in Bend remains below a half month supply.Redmond SFR median sale price also declined slightly last month, and SFR inventory dropped to under a half month supply.Marketing times in Bend and Redmond and most smaller Central [... read more]

SFR 3rd Quarter 2020 finishes strong in Central Oregon In the past quarter, the 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 have 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% increaseNumber of sales in $700k to 1 Mill+ price range compared to total [... read more]

Last month the SFR inventory level in Bend declined from a 2 month supply to just over a 1 month supply.  The SFR median sale price is up 4.27% from last June.  Redmond SFR inventory held steady at about a 2 month supply and the median sale price is slightly higher than last June.Smaller market areas also have experienced a reduction in inventory as most are near/or just over a 2 month supply.From all of us at Beacon Appraisal, have a great 2020 summer. Link to Beacon [... read more]

Change in Reporting of DOM You will note a considerable difference in the Days on Market in this report, which is the result of a new MLS platform that properly counts the days on market from the list date to the contract date.   The prior platform provided the total time between list date and closed date.  In summary, SFR median sale prices in Bend and Redmond increased in April while the number of sales took a downward turn, unlike the trend noted in the past several years.  Although the number of sales dropped, the inventory remains around a two month supply.   We wish you a safe and healthy spring season.  The link to the recent Beacon Report is below. Link to Beacon [... read more]

2020 will begin with low SFR Inventory in Central Oregon The quarterly numbers for the smaller Central Oregon market areas are updated in this report and all areas show low levels of inventory.The inventory in Band and Redmond calculate slightly lower than 2 months.The link to the recent Beacon Report is below.Have a great and successful 2020. Link to Beacon [... read more]

October is Ongoing… The median sale prices in Bend and Redmond declined slightly in September.  Inventory remains low at just under a three month supply in both areas.   The quarterly figures for the smaller market areas have been updated in this report.  Click the link below in order to view the recent report. Link to Beacon [... read more]

Annual Rate Increase Observation The SFR median sale price in Bend has increased for the second month, at records levels. Looking further into the trend, I found something interesting.  Since 2015, and calculating the Time Value of Money, there has been an annual increase in the SFR median sale price of approximately 8.95% per year.  My records show that in the mid to late 1990’s there was annual rate of increase of 5%-9%, which was prior to the unreasonable increases that preceded the recession. The median SFR sale price in Redmond also increased last month and inventory remains at around 3 months.  Over the past four years, the annual rate of increase in Redmond is 8.86%/yr. I wish you the best this Fall season. Link to Beacon [... read more]

Record High SFR Median Sale Price in Bend In July, the median SFR sale price in Bend hit $470,000, another record high.  The number of new detached SFR unit permits in July was 32, which was the lowest since March of 2018.  Inventory remains close to 3 months, which has been the same since May 2019.  Redmond had a slight drop in median SFR sale price in July and the inventory has been stable at around 3 months since May 2019.The link to the most recent Beacon Report is below.  Enjoy the remaining summer season. Link to Beacon [... read more]