Growth has slowed in the Bend real estate market while Redmond gained steam, third-quarter data from the Central Oregon Association of Realtors shows.
Compared with the same period of 2017, prices were higher throughout Central Oregon, but the pace of growth was slowest in Bend, the region’s largest market, according to the report. The median sales price of newly built and existing residences of all types in Bend was $435,000, up 4.93 percent from the third quarter 2017. The quarter ended Sept. 30.
In the Redmond area, which includes Terrebonne and Crooked River Ranch, the median sales price was $309,701, up 8.14 percent from the prior year.
“The market is returning to a more predictable, more consistent market than what we’ve been dealing with, which is a good thing,” said Brent Landels, a broker with Re/Max Key Properties and a Central Oregon Association of Realtors board member.
Landels, who brokers new construction in Bend, said most builders have turned to Redmond, where costs are lower. Buyers appear to be following suit.
New-construction homes accounted for a larger share of sales in the Redmond area than Bend, according to the report. In Redmond, 24 percent of the 402 transactions were new construction while in Bend, new construction represented 17.65 percent of 929 sales.
Hayden Homes accounted for more than a third of the new-home sales in Redmond, spokeswoman Katy Wooderson said.
Hayden is the largest builder in Redmond with four neighborhoods — Emerald View, Maple Meadows, Obsidian and Brooktree — under construction, she said.
About one-third the size of Bend with a population of roughly 30,000, Redmond has approved some large housing developments in the past 12 months. The first phase of Dry Canyon Village, a master-planned community with more than 500 units, is under construction, said Scott Woodford, senior planner with the city of Redmond.
More recently the city approved Canyon Ridge, a development with more than 200 units in single-family houses, duplexes, townhomes and cottages.
Redmond expanded its urban growth boundary in 2007, and about four years ago, with the housing recovery well under way, the city began to receive master plans for the expansion area, Woodford said.
“It may just be a function of easily developable land with all the utilities and services available,” he said.
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