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The median price of a single-family home in Bend climbed in May to $325,000, while sales spiked and homes spent fewer days waiting for buyers, according to the monthly report from the Beacon Appraisal Group, in Redmond.

The median home price increased by 5 percent between April and May, and by 9 percent over May 2014, according to the report. The median days on market dropped in May to 67, continuing a steady decline from a four-year high of 137 days in February.

The inventory of homes available for sale continues at about a three months’ supply, according to the report.

“There’s definitely a resurgence in our market,” said Terry Denoux, a real estate broker and owner of Better Homes and Gardens Real Estate Northwest Living.

Lower inventory means homes in Bend are seen by twice the number of buyers than 1½ years ago, he said. West-side homes for sale go pending quickly and often after several offers, he said.

The price of an entry-level home continues to inch up in Bend, said Donnie Montagner, a residential appraiser who compiles The Beacon Report. More homes priced between $200,000 and $250,000 sold in the last year than in any other range, 501. In May, six homes sold in that range.

The number of homes listed for sale under $300,000 in Bend fell in May to about 110, according to the report. Like the housing boom that peaked in 2008, finding a home under $300,000 in the city will soon become difficult, Denoux said.

“They can’t build fast enough in our city and there’s not enough land to build on,” he said. “A lot of things are at play right now.”

In Redmond, the median price of a single-family home also increased in May from $208,000 to $242,000, according to the report. The median number of days spent waiting to sell increased from 60 in April to 81 in May. A spike in monthly numbers, like the median sale price, is not unusual, Montagner said. “The next several months will determine if this increase is an anomaly or a justifiable change,” he wrote in an email.

A total of 74 single-family homes sold in Redmond in May; 241 total sold in Bend, according to the report. The median sales price of a single-family home in Bend peaked in January 2007 at more than $375,000.

Montagner said that while the Bend median price rose 9 percent in the year ending in May, it increased 14 percent between May 2013 and May 2014.

He said 37 homes in Bend priced at $1 million or more sold in May, 21 properties sold at that price in May 2014.

“The million-plus market was sluggish for a long time, but that’s starting to grow,” he said Wednesday.

— Reporter: 541-617-7815, jditzler@bendbulletin.com