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Redmond Oregon Real Estate Trends - 1st Quarter 2021 Market Trends
Redmond Oregon Home Sales Reflect Great Buyer Demand
Redmond Oregon home sales have been in high demand over the past year. Although not involving the high end homes that are now such a component of Bend real estate sales, Redmond real estate sales have been tremendously strong since the Covid-19 pandemic hit with home prices and inventory levels reflecting an extremely strong sellers' market.
We made a comparison of 1st quarter 2020 with 1st quarter 2021 single family home sales in Redmond on less than an acre. The following trends can easily be seen:
- Average sales price is up 28% to $450,328*
- Median sales price is up 22.6% to $400,000
- New listings are down 9.1% to 291
- Homes for sale are down 64.1% to 118
- Pending sales are up 87.7% to 413
- Sold homes are up 12.3% to 247
- Median days on market are down 87.9% to 4
- Months of supply is down 71.1% to 1.1
- Average price per square foot is up 21.8% to $246
- Median price per square foot is up 20.9% to $243
- Average percentage of list price to selling price up 1.9% to 101.7%
- Dollar volume of closed homes up 43.7% to $111,230,906
Redmond Real Estate Expected to Remain in High Demand
With prices up over 20% from the same quarter a year ago, the relative affordability of Redmond versus Bend is not as clearly defined. A median priced home in Redmond is now over $400,000 and months of inventory just over 1 month. Builders are constructing new homes as quickly as they can, but building and land costs are pushing the price of these new homes higher. We are seeing buyers bidding up the price of new homes in various stages of construction and the demand for Redmond homes is great. We anticipate this situation will remain throughout 2021, pending any huge increase in interest rates.
*Data from Central Oregon MLS