Central Oregon home sales by the numbers, 2016

Bend, Tumalo, Alfalfa

• 3,601 properties* sold, up 2 percent

• $333,238, median sale price, up 7 percent

• 171 average days on the market, up 12 percent

La Pine

• 324 properties sold, up 7 percent

• $211,125 median sale price, up 36 percent

• 242 average days on the market, up 57 percent

Redmond and Terre Bonne

• 1267 properties sold, up 9 percent

• $285,000 median sale price, up 21 percent

• 127 average days on the market, down 37 percent

Sisters

• 250 properties sold, up 2 percent

• $285,000 median sale price, up 21 percent

• 119 average days on the market, down 6 percent

Crook County

• 520 properties sold, up 4 percent

• $170,000 median sale price, up 7 percent

• 164 average days on market, unchanged

Jefferson County

• 254 properties sold, up 4 percent

• $155,000 median sale price, up 22 percent

• 163 average days on market, down 26 percent

* Covers several types of residential property: houses, manufactured homes, condos/townhomes and lots

Communities outside of Bend saw the fastest growth in Central Oregon home sales last year, according to statistics released Friday by the Central Oregon Association of Realtors.

A short supply of homes for sale in Bend — which also has the highest prices in the region — drove many buyers to Redmond and elsewhere, said Carolyn Bostwick, president of the Realtors association and principal broker at Windermere Central Oregon Real Estate.

Not only did buyers consider other markets, they also began looking at other types of housing, such as manufactured homes and condominiums. Across the region, the median sale price of manufactured homes rose by double-digit percentages. The number of condo sales in Bend and Redmond increased, but with more listings available, price increases stayed in the single digits.

The total value of real estate sold ­grew by at least 10 percent across Central Oregon.

In the Bend market, which includes Tumalo and Alfalfa, brokers handled $1.5 billion in transactions, an 11 percent increase over 2015.

Although the growth means more income for brokers, real estate agents said they don’t like seeing it driven by runaway prices. “Every time there’s a big price increase like that, there’s more people that can’t buy,” Bostwick said. “That’s our issue in Central Oregon — affordable housing.”

One of the fast-growing markets was Redmond and Terrebonne, which also covers the Eagle Crest development. The number of residential properties sold increased 9 percent to 1,267, and the median price rose 21 percent to $285,000.

Another sign of the demand in Redmond was a 37 percent drop in the average number of days a home stayed on the market to 127 days.

“The inventory is so low, when something does go on the market, if it’s priced right, it will sell,” said Kris Rees, a broker with Coldwell Banker Mayfield Realty.

Many buyers have been priced out of Bend, and Rees said she hope that doesn’t happen in Redmond. “We want to keep Redmond, Redmond,” she said. “People are coming not just because of the price difference. They choose not to be in Bend because of the lifestyle difference.”

Sales activity and prices were also on the rise in La Pine. The total number of properties sold rose 7 percent to 324, and the median sale price jumped 36 percent to $211,125. A majority of the property sold in La Pine is on one acre or more of land, and that includes manufactured homes.

The number of manufactured homes sold on large acreage rose 13 percent to 95, and the median price jumped 17 percent to $150,000.

Manufactured homes in the Redmond area saw an even bigger price jump. The median sale price for manufactured homes on less than one acre rose 56 percent to $285,000.

Bostwick said affordable housing is in high demand, and manufactured homes are generally more affordable than so-called “stick-built” homes. Another factor that could drive up the median price of manufactured homes, however, is the availability of brand-new homes, some of which are 2,000 square feet or larger, she said.

The trend in condominium sales was more favorable for buyers, said Kim Gammond, spokeswoman for the Realtors association. The total number of condo units sold in Bend rose 10 percent to 282, but the median sale price increased by only 3 percent to $306,475.

Builders are filling in vacant land with small developments of 10 units to 15 units, Gammond said, and the availability of new construction and competition for buyers held prices in check.

The total number of residential properties sold in Bend, Tumalo and Alfalfa rose 2 percent to 3,601, and the median price rose 7 percent to $333,238.

The Realtors association includes several residential property types in its statistics, but the most common type sold in the Bend area is a single-family house on an urban lot. The median price in that category was $360,000, up 9 percent from 2015.

The Bend market was extremely competitive in the spring of 2016 with multiple buyers placing offers and prices rising rapidly, Bostwick said. Then it seemed that buyers backed off for the summer, she said. The fall election season and snowy winter further slowed momentum, she said.

Bostwick said it’s hard to tell what will happen once the spring homebuying season gets under way. “There’s so many factors at work right now,” she said. “I think we’ll have a decent year, but I really can’t predict it.”

— Reporter: 541-617-7860, kmclaughlin@bendbulletin.com

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