The summer months are quickly approaching and the real estate market is really heating up in the high desert. Phones are ringing, inboxes are filling up and it's hard to keep up with all the homebuyers and sellers coming out of the woodwork. Everyone's trying to get new homes locked down or homes sold, preparing to move as soon as school's out.
People are moving here at rapid rates—and at the same time, many locals are using their equity to either upgrade into a larger home or a better location, or choosing to downsize and eliminate a mortgage. As predicted, the buyer pool has gotten bigger and inventory remains slim. Even with an average of 60 to 70 new listings hitting the market every day, it's barely enough to keep up with demand.
The Beacon Report from April confirmed what we've been hearing and seeing, April was hot, hot, hot, making up for a slower February and March. The median sale price of single-family homes in Bend hit a record high of a whopping $463,000, significantly higher than last month's numbers, where the median sale price was $445,000—an increase of 11.57 percent.
A quick rundown of the Bend market: The total number of homes sold was up, from 149 homes in March to 177 homes in April. The average days on market remained the same, at 77 days, and the price per square foot is sitting at $237 per square foot, up from March's $220.
Bend isn't the only city in Central Oregon setting record highs. Redmond's numbers are booming this month, too. The Redmond median sale price of a single-family home is $326,000, compared to March's $313,000—a 12.8 percent increase. There were 85 homes sold in April, up from 67 homes sold in March. Redmond's average days on the market decreased from 141 days in March to only 98 days in April. The cost per square foot increased to $190 per square foot in April.
Outlying areas are increasing in popularity, as well. Terrebonne, Prineville, La Pine and Sunriver have a lot to offer and are getting plenty of attention from people moving to or within Central Oregon. These remote areas are attractive for those looking for a slower pace of life, less-crowded stores and roadways, and more affordable home prices. I've been hearing clients refer to these areas as "more country than Bend" and "the way Bend used to be." Whether staying close to the center or moving to the outskirts, Central Oregon is thriving and growing, and has a wide array of options for everyone's unique wants and needs.