Redmond’s single family housing market is experiencing a seasonal sales slump— or trough — that occurs annually, according to a monthly housing report.

“From discussions in the field, we are seeing a slow down, or a cooling off, but that’s to be expected for this time of year,” said Donnie Montagner, Beacon Appraisal Group LLC owner.

“Supply is still low, there’s not enough listings. Interest rates are affecting sales, lowering the purchasing power.”

In Redmond, the median sales price of a single family home rose slightly to $520,000 in October, up $14,000 from September, according to the report. The highest median sales price in Redmond was $542,000 in August 2022. Since then the median sales price has jumped around from a low of $420,000 to the October median sales price of $520,000.

Still, the number of sales is slowing. In October there were 41 sales recorded. By comparison, there were 74 sales in June and 105 in March 2022, according to the report.

“Redmond is following the same pattern as Bend,” Montagner said. “There’s a bigger inventory, a few more days on the market, and fewer sales. That’s consistent with the season. We’ll start picking up in March or April.”

In Redmond, there is an eight month supply of homes in the $600,000 to $650,000 price range, Montagner said.

The median sales price of a single family home in Bend dipped to $735,000 in October, a $15,000 decline over September, according to the monthly Beacon Appraisal Group in Redmond. There were 121 sales in October, down from 135 in September. The high was 237 sales in April 2021, according to the monthly report.

The report uses the median sales price, which measures the midpoint value of all transactions in a month. A balanced real estate market in Central Oregon typically has about a five month supply of homes on the market.

In Bend, it is taking an average of 17 days to sell a home and there is about a two month supply of homes on the market, according to the report.

In Sisters, the median sales price in October was $670,000, up $100,000 from September. There currently remains a three month supply of homes on the market.

Single-family home prices edge up slightly in Bend, Redmond