Central Oregon is known for its largest city - Bend - and we focus a lot of our efforts in watching real estate trends for Bend. However, the nearby communities to Bend are also important to our clients and we often represent both buyers and sellers in Redmond, Oregon which has also grown considerably over the past 10 years. Although typically a more affordable option than Bend, Redmond single family residential real estate trends have followed Bend over the past two years with lack of inventory and escalating prices. The following data is from Central Oregon MLS through January, 2017:
- Average active price 2015 - $284,000 2017 - $370,000 Up 30.3%
- Average sold price 2015 - $221,000 2017 - $298,000 Up 34.8%
- Average price per sq ft 2015 - $121 2017 - $167 Up 38%
- Months of Inventory (closed sales) 2015 - 4.3 2017 - 2.4 Down 44.7%
- Number of homes for sale Jan 2015 - 153 2017 - 117 Down 22.2%
- Number of homes sold Jan 2015 - 36 2017 - 49 Up 36.1%
Just like Bend, Redmond is currently experiencing a lot of demand with little inventory. And although new construction is being built in Redmond, it is also being sold very quickly. Pending a major national issue, we don't anticipate any true relief for the housing shortage in Redmond during 2017.
Original blog can be seen at Bend Premier Real Estate's blog page.