According to real estate statistics released this week in The Beacon Report, which is based on Central Oregon real estate statistics of single family residence sales of 1 acre or less, the Bend median sales price remained unchanged at $410,000 from January to February 2018, but still up from $354,000 in February 2017. Inventory remains tight at two months. Sales volume was up by 20 homes over January and up by 30 units over February 2017.
What is interesting to note on a national as well as regional level is that the lower end of the market, which is what is affordable for the average wage earner, is steadily growing in price due to higher demand, as evidenced by sales price growth in Redmond. In contrast to Bend home prices, the median home price in Redmond was $285,000 for February 2018, up from $279,000 in January 2018. Prices per square foot in Bend increased by almost 2.5 percent over February 2017 and Redmond increased by almost 9 percent for the same period.
A recent CoreLogic report forecasts an increase of 4.8 percent nationally for January 2018 to January 2019, but that among homes with a local purchase price of less than 75 percent of the median, it will be more like 9 percent.