The median sales price of a single-family home in Bend has risen by slightly more than $100,000 in the past year, according to the monthly home prices report by a Redmond appraisal group.

And in Redmond, the median sales price jumped to $500,000 in January, $123,000 higher than a year ago during the same period, according to Beacon Appraisal Group of Redmond.

“Typically there’s a drawdown in sales during the fall and winter,” said Donnie Montagner, owner of the Beacon Appraisal Group of Redmond. “On top of that there is low inventory and that impacts sales.”

In January both Redmond and Bend had about a half a month’s supply of single-family homes on the market, which puts pressure on the sales prices, forcing them to go higher, Montagner said.

The median sales price in January for a single-family home in Bend was $683,000, compared to $675,000 the month before, according to the report. Because of the low inventory there were only 131 sales in Bend in January, compared to a peak in July 2020 when there were 318 sales, according to the report.

Lester Friedman, broker at Coldwell Banker Bain in Bend, said inventory is extremely low and is pushing up prices.

“Even new construction is seeing multiple offers from what I’m hearing,” Friedman said. “In my opinion only increased inventory can moderate prices and I don’t see enough of an increase to offset demand coming anytime soon.”

The Beacon Report uses the median sales price, which is the midpoint value of all transactions in a month.

In January there were 49 single-family home sales recorded in Redmond, compared to the peak in October 2020 when there were 119, according to the report.

Despite the recent rising single-family home prices in Redmond, the market in that community is fairy stable, Montagner said.

Many buyers may have left the marketplace at the end of last year, fatigued by being outbid, he said.

But with the threat of the Federal Reserve raising interest rates, many are back out on the market looking for a home to buy, he said.

“The lower-priced inventory is pretty much depleted and this month I’m hearing that bids are coming in over the list price with multiple offers,” Montagner said. “If interest rates do rise, it will temper the market. In the long run it will help raise inventory levels and make it more of a level playing field for buyers and sellers.”

In Sisters, the median sales price of a single-family home was $730,000 in January, compared to $645,000 in December. Sunriver single family home prices went down a bit in January to $892,000, compared to $927,000 in December. And the median single-family home price in La Pine rose to $435,000 in January, compared to $390,000 in December.