Posts with tag 'Central Oregon Real Estate Trends'
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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:
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Redmond Oregon Real Estate | June 2017 Trends
Redmond OR Home Sales Show Continued Growth
Redmond home sales remain strong with new real estate contracts, home prices and the number of new homes on the market all trending upward. Redmond has always been a more affordable option for Central Oregon residents to Bend, but its desirability as a great place to live, work, and raise a family has made Redmond the 1st choice for many moving to our area.
Redmond trends are as follows comparing June 2017 with June 2016:
- Homes for sale up 16%
- Homes in pending status up 19%
- Average price per square foot up 12.3%
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Redmond Oregon Real Estate | April Trends
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.
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Redmond Oregon Real Estate | February 2017 Trends
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Home Sales in Redmond Oregon
Real estate sales continue to be strong in Redmond. Despite our difficult winter, data from the Multiple Listing Service of Oregon show that Redmond home prices continue to rise and that housing demand is high. Comparing February 2016 statistics with 2017, the following can be noted:
- The average active home price is up 9.5% to $392,000
- The average sold home price is up 23.9% to $301,000
- The average price per square foot on sold homes is up 18.3% to $168 - the highest figure in 10 years.
There remains a shortage of available homes with only 1.8 months of inventory based on pended sales, down 36.1% from January 2017.
