Redmond Home Sales Show Mixed Results
The August data for Redmond single family home sales reflect some of the normal end of summer trends as well as that expected in a growing market. While new inventory has become available, actual pending contracts are the same as a year ago and closings are down 13.6%. The average price of a Redmond home has now reached $178 per square foot - a price which is up 12.7% compared with the same month a year ago. And inventory levels are growing - up 19.2% from August 2016 for closed sales.
The data show as follows comparing August 2016 with August 2017:
- Homes for sale up 4.7%
- Homes sold down 13.6%
- Homes pended no change
- Average active price up 4.8%
- Average sold price up 9.8%
August trends from 2016 show the same increase in pending home sales between July and August - typically reflecting the final sales prior to school starting. If the pattern remains true, there should be a significant drop off of new pending home contracts in September. It remains to be seen if whether or not the continued increase in sales price will begin to impact Redmond home sales.*
*Data from Central Oregon MLS
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