Home prices down in Bend, up in Redmond

Published 12:00 am Wednesday, October 15, 2014

After climbing for two months, the median price of a single-family home in Bend dropped 13 percent in September over August, according to figures released Tuesday by the Bratton Appraisal Group.

However, in Redmond, the median price of a single-family home increased nearly 4 percent, according to The Bratton Report.

Bend’s median home price dropped to $282,000 in September, about $43,000 below the median price in August and $10,000 below the median price recorded in June, according to the report. In September 2013, the median price for a single-family home in Bend was $298,000.

Sales of single-family homes in Bend dropped about 15 percent in September, to 190, over August sales, according to the report.

The decline in Bend’s median home price is expected this time of year, said Lynnea Miller, principal broker at Bend Premier Real Estate.

Property owners whose homes didn’t sell before the start of school may have reduced their asking price or removed them from the market altogether, she said. Overall, Miller said, the market is firm.

Bend Premier has several $1 million properties under contract and many prospective buyers continue to drop in at the firm’s downtown office, she said. Miller said she expects the market to pick up again in March.

“I look upon this right now as a seasonal slow down,” she said Tuesday. “I see this happen often this time of year.”

In Redmond, the median price increased to $218,000, about $8,000 higher than the price in August and $38,000 more than the median price in September 2013, the report showed.

The number of single-family homes sold last month in Redmond dropped about 6 percent, to 80.

— Joseph Ditzler of The Bulletin staff contributed to this report.