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What's Up With Redmond Oregon Real Estate?
Redmond Home Sales Strong Through 3rd Quarter 2021
We haven't looked exclusively at Redmond Oregon single family home sales for six months. We know that home sales have been strong throughout Central Oregon with prices up and inventory levels down. But as a community without a lot of single family luxury homes, Redmond attracts a great number of people for whom Bend has become unaffordable. Although a smaller community to Bend, Redmond has also had prodigious growth over the past decade. The Covid lockdowns and work from home orders have also impacted Redmond with more people moving there than available inventory creating bidding wars and pushing home prices up.
When we compare the first 3 quarters of 2021 with 2020 for Redmond single family home sales on less than an acre, the following changes can be seen:
- Median sales price up 27% to $444,416*
- Average sales price up 28.2% to $482,201
- New listings down 1.9% to 998
- Homes for sale down 32.2% to 249
- Pending sales up 20.3% to 1032
- Sold homes up 7.5% to 922
- Median days on market down 76.5% to 4
- Months of supply down 45.2% to 2.3
- Median price per square foot up 24.1% to $263
- Average % of list price to sales price up 2.1% to 102.1%
- Dollar volume of sold homes up 37.7% to $444,589,575
Our Predictions for the Rest of 2021 for Redmond Real Estate Sales
The first 3 quarters of 2021 have been the strongest ever seen for Redmond single family home sales. But just like Bend, Redmond is also starting to experience a change in the real estate market as we move into fall. Well priced homes are still receiving multiple offers, but inventory levels are starting to rise. Homes which are priced over market are having few showings. And as homes sit, sellers are becoming more willing to entertain price reductions. We predict as we move into later fall and early winter, we will see more stability for Redmond home sales with prices rising at a less dramatic level.
*Data from Central Oregon MLS