The spring buying season seems to have begun early this year, much different than in the beginning of 2019. Bend and Central Oregon experienced heavy snowfall in the first couple months of 2019, coupled with interest rates about a point higher than today’s rates, which made for a slow start to 2019. Once the snow thawed and interest rates lowered the Bend housing market heat up quickly and continued to be hot throughout the remainder of the year.
Buyer demand remains very strong in 2020, with multiple offers on well-priced homes. Bend ranks in the top 10 fastest growing cities in America and simply put, there are not enough homes to meet demand. Bend remains very affordable compared to many of the areas where our buyers are relocating from. The average residential sales price in Bend in 2019 was approximately $560,000.
The challenge we face in 2020 is inventory. Housing is being developed in Bend but may not be enough to meet demand. Inventory levels continue to be under three months’ supply on average.
An interesting trend we have seen which has certainly affected the local real estate market is the ability to telecommute. Technology changes have allowed many people to live and raise their families in Bend and be employed elsewhere. This has brought higher incomes into the area making Bend much more affluent and, in our opinion, much less resistant to any recession which could influence housing.
So far in 2020 we are experiencing buying activity at springtime levels which can be frustrating for buyers competing for homes. Interest rates are at record low levels and coupled with low inventory means one thing, rising prices!
Bend is a great market whether you are a buyer or seller. The community is growing tremendously offering opportunities for business, education and a lifestyle quality which is hard to match.
About Coldwell Banker Bain
Coldwell Banker Bain is the #1 Coldwell Banker affiliate in the world with nearly $6 billion in volume in 2018, and has been helping people buy and sell homes in the Pacific Northwest since 1972. With 1,100+ brokers in 32 offices throughout Washington and Oregon, the company provides the full spectrum of services to buyers and sellers, with special expertise in the luxury realm.
Coldwell Banker Morris Real Estate has been recognized as a Chairman’s Circle Company for the past 22 years, an award given only to the top Coldwell Banker Companies in North America and has been consistently ranked the #1 Coldwell Banker office in Oregon.