It's no secret that Central Oregon's real estate market is making a sound recovery and sellers are reaping the benefits. Home prices are up for the 48th consecutive month, and nearly 10 percent higher than at this point in 2014. This upward trend, combined with the scarcity of inventory in the lower price range, makes for a ripe sellers market in the Bend area. Redmond is faring equally well, with a near 13 percent increase in home prices over this month in 2014.
Bend's upward growth in home prices and quickly reducing inventory, as well as an extremely tight rental market, leaves middle-income buyers in a highly competitive spot. With a median home price of $325,000, and only about 220 single-family homes for sale in Bend under that price, many Central Oregon buyers are facing multiple offer situations and feeling forced to offer well over asking price as they search for their home.
While many sellers are celebrating the quickly rising prices, others, including some real estate experts, are worried that Bend's market is headed towards another "burst bubble." Not to worry, says Becky Seim, owner of Preferred Residential Real Estate in Bend. "We have had a lot of people tell us they think there is going to be another big downturn because home prices in Bend are so high again, but we think that the price increase is due to demand, and not due to speculation like we saw in 2007. Word is out that Bend is a great place to live, and we don't expect to see a major pricing correction here for some time, unless it is on a national level."
1888 NE Wichita Way, Bend, 97701
3br, 2ba 1200sf, built 1988, 0.16-acre lot
listed by Berkshire Hathaway HomeServices NW
147 Telima Road, Bend, OR 97701
4br, 2.5ba, 2630sf, built 2006, 0.12-acre lot
listed by Total Property Resources, LLC.
61961 Ballantrae Ct., Bend, 97702
7br, 10ba, 14,821sf, built 2008. 10.29-acre lot
listed by Cascade Sotheby's International Realty.