Steady Prices and Rising Permits: Bend’s February Housing Market
In the Bend area, the housing market continues to show resilience and steady prices. The median sales price for a single-family home in Bend remained at $700,000 in February, holding steady since the end of last year, according to the latest monthly housing report from Beacon Appraisal Group of Redmond. This stability, coupled with other notable trends, paints a compelling picture of the current real estate landscape in the region. Notably, 18% of homes sold were priced above $1 million. Homes in Bend took an average of 45 days to sell, a decrease from the 53-day average in January.
Another significant trend highlighted in the report was the increase in building permits for single-family homes in Bend. In February, there were 53 building permit applications, up from 29 in January.
For reference, the median sales price represents the midpoint of all sales transactions for the month.
In Redmond, the median price for a single-family home fell to $530,000 in February, a drop of $32,000 from January, though it was higher than the previous five months when the median was $500,000. Homes in Redmond sold faster in February, with the average time on the market dropping by 10 days to 50 days.
In Sisters, the median sales price for a single-family home decreased slightly to $635,000 in February from $684,000 in January. The inventory of homes remained unchanged at a two-month supply.
Sunriver saw a decline in the median sales price to $841,000 in February, down from $928,000 in January. The supply of homes available for sale held steady at a three-month supply.
In La Pine, the median sales price of a single-family home dropped to $381,000 in February, down from $403,000 in January. The inventory of homes for sale in La Pine also decreased, with the supply shrinking from five months in January to three months in February.
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