The real estate market has been a topic of conversation for the better part of a year, and it doesn't look as though that is going to change any time in the near future. Housing prices have continued to soar across the nation and Central Oregon is no exception. Inventory remains low, along with average days on market, while pricing continues to rise. The numbers for March 2021 are in and once again, the median single family home price across Deschutes Country has jumped, with one exception.
The median single family home price in Bend rose significantly from $575,000 in February 2021 to $590,000 in March 2021. In contrast to March 2020, the median price in Bend has grown by $130,000 over the last year. Inventory remains critically low at just 0.35 months of inventory available. A total of 175 single-family home sales were recorded, with an average of four days on the market. The average price per square foot dropped ever so slightly from February's $297 per square foot to $292.
Redmond's median single family home pricing skyrocketed to $412,000. That is a $39,000 jump from the median of $373,000 in February. Inventory is showing even more scarcity at 0.26 months of inventory. A total of 89 single-family homes were recorded and average days on market at just four days. In addition to the massive median price gain, the average price per square foot also skyrocketed up $22 to an average of $240 per square foot.
Sisters saw 15 single-family home sales in March 2021 with a median price of $428,000. Sisters was the only community in Deschutes County to see a decline in the median single-family home price, from $443,000 in February. I don't expect this decline to be a continuing trend for Sisters. Inventory remains tight at just 0.5 months of inventory and the average days on market remain low, at just six days.
Sunriver's median single family home price saw a $4,000 increase from February 2021 to $775,000 in March. Sunriver follows suit with the rest of Deschutes County with just 0.4 months of inventory available and average days on market at three days.
Rounding out South County is La Pine more than doubling the number of single-family home sales in March from seven in February 2021 to 16 in March 2021. The median home price saw a slight gain up $1,000 from the previous month to $308,000. With just 0.6 months of inventory the average days on market remains remarkably low at four days.
The real estate market in Central Oregon and nationally doesn't seem to be showing any signs of slowing. The increasing buyer demand and extreme lack of inventory have created a market where multiple offers from buyers scrambling to secure a property have pushed pricing across the region to continue to break and set new records. With buyer demand far outweighing inventory, these numbers will continue to climb across the region and it looks as though Central Oregon is on pace for another record-breaking year.