Although we often focus on Bend for real estate trends, Redmond has also seen tremendous growth over the past 5 years. And while still more affordable than Bend, Redmond's housing prices are also a reflection of the available inventory.
In 2015, Redmond had 4 months of supply of single family homes, all price points, and on less than an acre of land. In 2016, this figure had lowered to 2.9 months and in 2017, we are at 2.3 months of supply. A healthy and balanced market is considered 6 months of supply.
Directly impacted by the months of inventory is the average sales price. Since 2015, the price of a single family home in Redmond on less than an acre of land has gone from $223,152 to $285,830 - more than 10% increase each year.
The question remains - how high can prices go in Redmond? Is the increase in price sustainable? Redmond has always been a more affordable option than Bend, but are we reaching a place where Redmond residents are priced out of their housing market? We will continue to follow these trends throughout 2017.
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