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Redmond Oregon Real Estate | July 2017 Trends
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:
Comparing 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