This September 2020 photo shows a pair of homes are for sale in a Bend neighborhood.

While the median sales price of a single family home in Bend declined in February, the number of homes selling for more than a million dollars rose, according to a monthly real estate report.

About 16% of all home sales in Bend in February were for more than $1 million, according to the monthly Beacon Report. That’s fewer than in July when nearly a quarter of all sales were more than a million in Bend, said Donnie Montagner, Beacon Appraisal Group LLC owner.

“Prices are stabilizing and Bend looking like it’s dropping in price, but other things are at play, like the number of homes selling for more than a million,” Montagner said. “Redmond’s consistent single family housing products are proving to be stable.”

For the first time in nine months, the median sales price of a single family home in Bend dipped below $700,000. In February, the median sales price was $682,000, according to the report prepared by the Beacon Appraisal Group LLC of Redmond.

However, in Redmond, the picture is a bit rosier in terms of sales price. For the past three months the median sales price of a single family home in Redmond has been over $500,000, according to the report. In February, the median sales price was $511,000, up a smidge from January when it was $507,000, according to the report.

The average home is taking only 28 days to sell in Redmond, down significantly from January when it took an average of 41 days. There is currently about a two month supply of homes for sale.

The monthly Beacon Report uses the median sales price to measure the midpoint value of all transactions in a month.

In Sisters, the median sales price of a single family home in February was $965,000, up significantly from January when the median sales price was $686,000, according to the report. In December the median sales price of a single family home was $755,000.

It is taking about 28 days to sell a home and there currently remains about a month’s worth of inventory for sale. The national average is about six months to have a balanced marketplace for buyers and sellers.