The real estate stats from January have come in and things are holding steady in Bend. Despite the rise in interest rates in the second half of 2022, and the steady decline in overall number of sales, the median home price holds strong, likely due to lack of inventory on the market. Buyer’s have more time to make a decision, but not necessarily more options in a given price range. Here are the numbers for Bend and Redmond…
Median Sales Price- $685,000, up slightly from $678,000 in December but following the downward trend from the peak of $773,000 in April of 2022. Although the prices have been on the decline from April, it is a slow decent and hovering just under $700,000 since 4th quarter of 2022.
To put this into perspective, 2020 began with a median of $449,000 in January and peaked at $560,000 in October while 2021 began with a median price of $524,000 and steadily increased to $683,000 by December. This steady increase in pricing has pushed Bend’s median home price up over 46% in 3 years.
Days on Market- 36, up from 30 in December of 2022, and the highest we’ve seen since March of 2020.
Cost Per Square Foot- $335, down from $340 in December but fairly consistent with the cost per square foot in Bend since April of 2021 (ranging from $325-$389, at the peak).
Supply of Inventory, in Months- Bend has 1 month of inventory, down from 1.5 in December and November, respectively. This low inventory is likely what is holding the median sales price up, despite the number of days on market.
Median Sales Price- $420,000, down from $425,000 in December, and the lowest Redmond has seen since April of 2021.
For perspective on the Redmond Median home price, 2020 began with a median of just $330,000 in January and peaked in October at $364,000. 2021 saw a steady increase from $377,000 in January to $467,000 by December. From 2020 to 2023, Redmond had a 27% increase in the median home price.
Days on Market- 42, up from 40 in December of 2022, and the highest we’ve seen since March of 2020.
Cost Per Square Foot- $267, down from $300 in December but fairly consistent with the cost per square foot in Redmond since April of 2021 (ranging from $240-$326 at the peak in April of 2022).
Supply of Inventory, in Months- Redmond has 1.5 months of inventory, down from 2 months that we saw from September through December of 2022, the inventory highs since June of 2020.
Redmond continues to be more affordable than Bend, but inventory in both markets remains low. Overall, the market is becoming more optimistic for buyers, many of which were forced out of the market during the buying frenzy of the pandemic. Although we do not know what 2023 will hold, it’s hopeful that inventory will improve as Spring approaches, and buyers will feel like they have more options and time to make a sound decision.