Economic Outlook for Bend and Central Oregon in 2021

Now that 2020 is finally behind us, it’s the perfect time to take a look ahead: What exactly is waiting in the future of Central Oregon? This time, we wanted to take a specific look at how the past year has affected the economy of Bend and the surrounding area, and what the outlook is for 2021. Here’s what you should know if you’re moving to Bend!

Real Estate Prices Continue to Grow

During 2020, real estate inventory in Bend was one of the many things to go into lockdown, with relatively low numbers of sellers in the market. However, trends like remote work and people seeking smaller cities to escape the crowds continued to make property in the area extremely popular, so home prices continued to rise, with the median sale price of residential properties shooting up as much as 14% toward the end of 2020. Home appreciation is expected to continue its fastest growth in 2021 since the Great Recession, although sellers that were waiting are also likely to add inventory to the market this year, leading to greater activity.

But there’s also good news for buyers: Interest rates for mortgages are expected to remain particularly low in this period as well.

Employment in Bend

In 2020, Bend and surrounding areas fought the impact of lockdown procedures halting various sectors – some hit harder than others. Deschutes County became the country with the third-highest share of layoffs in the state during the year, and employment in the third quarter was down 7.2% compared to the previous year.

However, the area also proved both adaptable and resilient. By the end of the year, many sectors had started to recover, while tourism continued to be profitable despite travel being discouraged. Although lockdown measures continue to affect the area, 2021 is shaping up to be a record year for tourism and will hopefully see the rebound of all sectors affected by 2020 conditions – dependent on things like vaccine rollout, of course.

That brings us to two positive observations. First, the health industry in Bend has remained strong, one of the largest employment sectors in the region with relatively little job loss. Second, Bend’s population continued to grow from outside relocation even during 2020, and 2021 should be another key year for population increases.

Overall Economic Expectations for 2021

After a sharp recovery in the third quarter of 2020, where the Central Oregon Business Index rose by 16%, growth slowed and stabilized as new lockdown measures were implemented. That puts the first quarter of 2021 in an interesting position: The first few months are likely to present challenges, followed by a period of activity and growth with a dramatic rebound likely as the year moves on.

Bend’s economy also saw continued diversification throughout 2020. As skilled professionals continue to move into the area in 2021, that diversification will provide a growing number of new opportunities for those living in Bend.

Long term estimates expect Central Oregon to have the highest job growth in Oregon by the end of the 2020s (narrowly beating out the Portland area), with healthcare and social assistance leading the pack. Software development, research analysis, and marketing are also expected to be key sectors for jobs and growth.

A Guide to Each Season in Bend, Oregon

Bend is famous for its abundance of clear, sunny days and relatively low precipitation (especially compared to the rest of the Northwest), but new residents moving to Bend still have questions about the high desert’s dramatic turns from summer to winter, and what to expect with each season. So we made a guide just for that! Here’s what the seasons look like in Bend, Oregon.

Spring

Spring in Bend is a constant jostling between winter and summer as both seek to remain dominant. That can lead to some wacky weather, including warm sun one day and snow the next! The good news is that spring also opens both the cold and warm month activities for residents. There’s still enough powder on the slopes to make regular trips up to the mountains, but the weather is getting warm enough to enjoy more outdoor time, hikes, jogging, and other activities that may have been paused over the winter.

Businesses also take advantage of this by opening up more outdoor spaces and advertising outdoor activities, from concerts to paddling boarding events. Just keep in mind, if you’re hitting the trails then you’ll really want your mosquito spray during this time of year!

Summer

Summer is when outdoor activities around Central Oregon really bloom. From bike races to free concerts at the Les Schwab amphitheater, there’s really something from everything. Make sure you put important events like Beerfest on your calendar! Temperatures here rise to reliable high 80s and venture even further up as August approaches, but the dry heat of the high desert doesn’t hinder anyone from enjoying the outdoors.

Pets and people alike love playing in the water during this time, so the Deschutes River can become a popular, crowded place. This is also the best time to plan summit hikes or camping trips around the trails in Central Oregon, many of which are not accessible during winter. If you can do it under the open sky, summer is the season to do it in! Unfortunately, the slopes do close for winter sports during this time, but there is still lots of mountain biking and zip-lining to try!

Autumn

Unlike the back and forth of spring, fall tends to be a slower, steadier progression into winter weather. Temperatures usually remain high through September (make sure you check out Oktoberfest) and then start a steady decline. While Central Oregon doesn’t have many native trees that turn colors, Bend is full of carefully selected deciduous trees that look gorgeous in October. The nights start getting crisp and cold, and it’s best to finish any outdoor plans you have before the real winter weather hits.

This is also the season to bundle up, make sure your snow gear is prepared, and switch to winter tires on your vehicles if necessary. Snow in autumn isn’t very common until late November/December, but it can happen.

Winter

Outside the city, the higher elevations already have plenty of snowfall by the time winter hits, and that only increases during the coldest months – this is the perfect time for winter sports of all kinds, so make sure your slope passes and parking plans are ready! Snowshoeing and sledding are also popular, family-friendly activities. Temperatures are now well below freezing every night, so be sure to stay warm. Many businesses will put out heat lamps and light fires so people can still stay cozy.

Inside the city, snowfall can vary greatly from year to year. At least a few inches throughout winter is the norm, but some winters are much drier while others introduce Bend to several feet of snow with every blizzard. It’s best to prepare for anything! Ask the locals for advice if you have any questions, we’re always happy to help give advice about winter driving, how to prep your new home, and any other questions you may have!

Walk Your Pet Month: 10 Best Parks & Trails for Dogs

Bend offers miles of trails and numerous dog parks to exercise your best friend.

If you are moving to Bend with a beloved dog, your pawed friend will love the many outdoor locations to explore around Central Oregon! On your journey to find the best spots, we suggest starting with these pet-friendly parks and trails.

1. Riverbend Dog Park

This beautiful park is nestled right against the Old Mill shops and is one of the best locations in Bend for pups who love playing in the water. In addition to a fenced-in run area, the park also has direct access to the shores of the Deschutes River – one of the only legal river access points for dogs within city limits. It can get a bit crowded in summer, so it’s a good pick if your pet likes lots of doggy friends!

2. Deschutes River Trail

This is almost a combo with the Riverbend Dog Park, so they are so close together, but these popular trail loops go along the river, across bridges, and back again to Old Mill (with alternative trails going from there). The average loop only takes an hour or two depending on your speed, and it’s a perfect spot for jogging or walking with your dog, with tons to explore. It does get busy, though.

3. Bob Wenger Memorial at Pine Nursery

This dedicated off-leash section of the park is perfect for owners living in the area. It’s a combination between park and trails, with more than 18 acres to explore or jog with pets. There’s also a special spray park activated in summer, water fountains for dogs, and free poop bags for all.

4. Big Sky

Big Sky is a smaller park that’s perfect for short sessions with your pet…and teens, since the nearby BMX track gives kids plenty to do as well. It’s a large off-leash area that includes a doggy pond and other amenities.

5. Gooddog!/Rimrock Trail

This loop near the city offers perfect park views and an off-leash environment for dogs to explore, including waterfalls, lawns, and groves. The smaller park, with its easy terrain, is a nice trail for those who may have accessibility needs and allows it to stay a viable option throughout much of winter.

6. Overturf Butte Reservoir

Does your doggo like climbing and more mountainous terrain? This four-acre, off-leash park is a perfect spot for exercise and exploration, including short trails. It’s a bit rougher than some parks in Bend, so you’ll have to bring your own source of water, but active dogs will love it!

7. North Fork Trail

For the more adventurous, this part of the Tumalo Falls Park is great for a day of exploration and will give dogs miles to explore with this gorgeous loop that’s surrounded by fir trees. Tumalo Falls is filled with great trails that dogs can enjoy, but this is the place to start!

8. Shevlin Park Commons

This hiking spot overlooks the desert and mountain range, is easy to get to, and is a perfect spot for taking doggy photos. Just get there early, because the trail can become very busy!

9. Ponderosa Park

Ponderosa Park has a fenced-in 5 acres for dogs to cut loose as much as they want, including poop bags, water fountains, and restrooms (for the humans). There’s also a subsection that’s designed for smaller dogs and pets that don’t like as much roughhousing

10. Green Lakes Trails

If you’re looking for a full weekend adventure with your lovable companion, you can’t do better than Green Lakes. This system of trails has an incredibly varied landscape, lots of different areas to explore, and incredible views. It gets very popular for camping in the summer months, which is why dogs are generally required to be on leash when the trail is open.

Housing Market Trends to Watch in 2021

As the new year opens, industry experts are busy publishing their housing market forecasts. At Evergreen, we’re keeping an eye on 2021 and what it means for our industry. Below are three trends we think are important to watch and what they mean for your business in the new year.

Home purchase demand will continue to rise. Home is more important than ever and people are reevaluating their current space. Extra space for home offices, kids learning remotely, or for new hobbies have many homebuyers wanting to move or purchase their first home.

What this means: 2020 has changed our lives and people are looking for homes to fit their new lifestyles. This could result in increased competition for homes and homebuyers should prepare by determining their budget upfront and reacting quickly to new listings (1) .

More new construction. Increasing demands for homes may result in low inventory for many markets. Low inventory could drive up home prices, making new construction homes an attractive option. Home builders may also have more opportunity as they have reduced competition with office builders and low interest rates have allowed them to purchase materials at lower costs (2).

What this means: New construction homes, especially in suburban and rural areas, may offer clients more variety and affordability in tight inventory markets. Keeping an eye on new construction opportunities could allow you to open up new markets.

Homebuyers more likely to leave urban areas

With employers extending work from home policies or making remote work permanent, many homebuyers are eyeing areas away from the office and city (2). Suburban and rural areas often offer more affordability, less density, and lower living costs.

What this means: With the ability to work remotely, homebuyers may be more willing to look outside urban areas to meet their price range. Becoming knowledgeable about suburban or rural areas with desirable amenities could help expand the selection of homes for your clients.

The forecasts predict new opportunities and we’re excited

to work with you in the upcoming year! If there’s anything

we can help with, please don’t hesitate to reach out.

1. Source: Falcon, Julia. “Despite Low Inventory, Expect a Strong 2021 Housing Market.” HousingWire, 11 Dec. 2020.

2. Source: Fairweather, Daryl. “Redfin’s 2021 Housing Market Predictions: 10% More Home Sales.” RedFin News, 15 Dec. 2020.

 

10 Reasons Why You Should Relocate to Bend in 2021

The magnificent Mt. Bachelor reflected in Sparks Lake near Bend, Oregon.

It’s safe to say we all have many expectations for 2021: Fortunately, those planning on moving to Bend in the coming year will find a lot to look forward to! And if you haven’t created a timetable for moving here yet, 2021 may be one of the years to do it. Let’s take a look at what to expect.

1. Bend’s New High School Debuts

Families with growing students will have a new high school district to look forward to in 2021, the southeast Caldera High School. Not only is this an exciting opportunity for students who are living (or will be moving to) that district, but it should lessen the load and open up more resources for the other high schools in the city, benefiting everyone in the city.

2. You Will Have Plenty of Like-Minded Friends to Meet

Bend has quickly become an immensely popular destination for workers looking to escape larger cities with COVID-19 issues, leading to an influx of residents in 2020 and 2021. That means some serious competition for certain types of real estate, but it also means that those moving to Bend will be far from alone – you’re likely to meet plenty of other people in similar circumstances that you can share experiences with.

3. Innovative New Housing Options Are On Track

Bend is continually updating its development code to help make room for more residential housing and effective developments. In 2021, the city is considering enabling “micro unit developments” (basically one-room occupancies) and smaller dwellings to help meet the latest population needs of the city, which will be opening up a wide variety of new opportunities for developers and those interested in moving!

4. Bend Continues to Enable Remote Work Situations

Bend was one of the premier locations for remote work even before the days of COVID-19. Now that so many organizations have switched over to remote work in 2020, those new organizational structures are likely to stay in 2021 – and Bend is perfectly positioned to enable new remote work scenarios!

5. Oregon Is Helping People Find Health Insurance in 2021

Oregon is joining 14 other states in the big Get Covered 2021 campaign, which is designed to help enable safe distancing protocols and masks (hopefully while vaccines continue to be distributed throughout the year), while also making it easier for people to find health insurance and financial aid for health issues. It’s a great program that should help many people in need!

6. Many Communities Are Planning Important Expansions

A plethora of community expansions are coming to neighborhoods and parks in 2021, including safety and accessibility improvements, many new developments throughout Central Oregon, better access to existing locations, and the completion of developments that were begun years ago. This can provide opportunities for those looking for homes in the area, while also making the city easier to enjoy for residents.

7. Festivals Are Set to Come Roaring Back

Everything from Bite of Bend to Winterfest has been waiting anxiously until 2021 to open again, and with a little bit of luck Bend will see its festivals arrive with great anticipation: You can expect them to be some of the biggest that the city has had in many years!

8. Buying Real Estate Now Should Lead to Gains in the Coming Years

Real estate values in Bend are expected to continue to grow in 2021 and into the future. That means that buying property in Bend next year – albeit in a competitive environment – is likely to be a sound investment as prices continue to increase.

9. Services for New Businesses Are Better Than Ever

Bend has developed a robust network of services, organizations, and local connections/mentorships designed to help new businesses. Other entrepreneurs in the area will be happy to provide support as well, making 2021 one of the best years for people to move to Bend and begin their dream ventures.

10. There’s Plenty of Room to Help Bend Grow

In many ways, Bend is in an important transitional period right now, making many important decisions about community, transportation, local support, education, and much more. Moving to Bend in the coming year is a great way to get involved in these decisions when they matter most and help influence the city toward the best possible future!