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What's Up With Redmond Oregon Real Estate?

Written by Posted On Friday, 25 August 2017 22:48

Are Redmond Home Sales in Transition?

The July 2017 trends for Redmond single family homes appear to reflect a changing market. While the average sales price continues to rise, less inventory is now on the market. While closed sales are up significantly over a year ago, new pended sales are down. The asking price for a home appears to be leveling off, but the average sold price is up considerably over a year ago.

The data for July Redmond home sales are well shown in the following chart:

Redmond OR Real Estate TrendsComparing July 2016 with July 2017:

  • The number of homes for sale are up 2.8%
  • The number of homes sold are up 15.6%
  • The number of homes pended are down 4.5%

When the same quarters are compared 2016 and 2017:

  • The number of homes for sale are up 2.8%
  • The number of homes sold are down 4.6%
  • The number of homes pended are down 11.3%

The graph of homes for sale and homes sold shows home prices for active listings leveling off while the average home sale continues to rise in price. The average active price for a Redmond single family home is now $402,000 which is up 4.7% over July 2016. The average sold price is $336,000 which is up 18.3% over July 2016. The average price per square foot is now $175 which is up 4.8% from 2016.*

What Are the Predictions for Redmond Housing?

Although no one can guarantee an outcome, if the trends continue for Redmond home sales, we should see a continuation of demand for housing with the asking price of single family homes in the low $400,000s and sold prices coming up closer to that figure. However, the decrease in new sales reflected in the July pending data show that perhaps we have reached a price point that people are not willing or able to afford and the leveling of the asking price appears to reflect this trend.

*Data from Central Oregon MLS

Original blog can be seen at Bend Premier Real Estate Blog.

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Lynnea Miller

Owner/Managing Principal Broker Bend Premier Real Estate.

Lynnea began her real estate career when her husband became a general contractor in 1994. After years of working with her husband and selling many homes "for sale by builder," Lynnea got her real estate license in 2000 and began working at a local brokerage, first as part time Broker and marketing director for the company, and later as full time office manager/marketing director/transaction coordinator, and then as Principal Broker. In 2010, Lynnea started her own brokerage, Bend Premier Real Estate, with the encourage of her husband and several Brokers.

Prior to real estate, Lynnea worked for 9 years with her husband in the ownership and management of 3 retail Bend, Oregon businesses with up to 35 employees. Before moving to Bend in 1985, Lynnea worked in homeowner association property management, being promoted in the space of 1 year from Customer Service, to Property Manager, to District Manager.

Lynnea graduated from the University of Oregon Summa Cum Laude in 1983 with a Bachelors of Science degree and graduate first in her high school class in 1979. Lynnea and her husband have 3 adult children. Lynnea also teaches fitness classes part time, holding an ACE certification since 1990


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