The Beacon Report, based on real estate statistics from our local MLS, released its report of the December 2017 figures on Bend single family residence sales of 1 acre or less. The latest report also gives us the complete statistics for the year 2017, with some interesting comparisons to last year for Bend and surrounding communities.
While the report shows the Bend median price per square foot increased by 8 percent over the prior year—from $200 to $216—the median sales price increased by about 5 percent over the same period, from $371,000 to $395,000. The total number of sales for Bend were 2,537 for the year 2016 and 2,478 for the year 2017, representing a 2 percent decrease.
The Redmond real estate market ended the year strong with an 8 percent increase in median home sales price, from $266,000 for 2016 as compared to $287,000 for 2017. As in Bend, the total number of sales for the year were also down by about 10 percent, from 969 for 2016 compared to 877 for 2017.
Surprisingly, Crook County figures showed a decrease of about 5 percent in the median home price, going from $215,000 in December 2016 to $205,000 in December 2017. The number of months of inventory increased from two and a half months in December 2016 to four months for December 2017. These changes likely reflect the increased building activity in the area.
When comparing the Bend and Redmond markets in terms of population, the Redmond market is performing proportionally to Bend, but there's definitely a big difference in the price points. For Bend, the sales distribution of total sales for December 2017 was 25 transactions or 13 percent in the $100,000-$300,000 price range, as compared to 33 transactions or 63 percent of Redmond sales in the same category.
When looking at workforce affordable housing, it appears that Redmond price points are helping meet that need—and perhaps explains the steady increase in rush hour traffic between Bend and Redmond.