What's Up With Redmond OR Real Estate?

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Redmond Oregon's First Three Quarters 2021 Reflect Strong Home Sales

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.

Redmond Oregon Real Estate

 *Data from Central Oregon MLS

Original blog can be read at Bend Premier Real Estate's blog page.

Comments (6)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and thanks for the great information to share with us here in the Rain.  Make it a great day!

 

Oct 20, 2021 10:50 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Lynnea... at least your closed and pending sales are still up even in the face of low inventory. I see pressure on closed sales around Charlotte... you can't sell what you don't have to sell.

Oct 21, 2021 04:43 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

If anyone wonders what is going on in the Redmond real estate market, they need only visit your blog or give you a call.

Oct 21, 2021 05:07 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Take care, be safe and have a great day.

Oct 21, 2021 07:25 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Lynnea,

Thank you for sharing this real estate market report. 

Buyers and sellers in your area will find value in this report. 

Wishing you continued success.

Bob

Oct 21, 2021 03:48 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, sounds like our markets are pretty similar, and great market update for Redmond! 

Nov 08, 2021 08:24 AM