Inventory Levels of Bend OR Homes for Sale Remain Low

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Bend Oregon Housing Trends

Ever since coming out of the recession, we have written about Bend's lack of housing. Before the recession, Bend was known as the sixth fastest growing city in the United States with a population over 50,000. During the housing boom of the mid 2000s, speculative building occurred all over the city, but we rarely discussed lack of inventory. People who wanted a home could purchase one, although many bought through easy credit which ended up facilitating the housing meltdown of the late 2000s. Once the crash happened, home values fell nearly to half of what they had been.

Bend is back. Home values have escalated to pre-recession prices and are now creeping higher. Bend is once again the 6th fastest growing city in the United States and its population now exceeds 90,000. However, building has not kept up with the demand. As the chart below shows, inventory levels for Bend single family homes in all price points continue to decrease. Affordable housing is almost non-existent and even the inventory levels from $600,000 to $999,999, which have been balanced over the last 3 years, are trending down. Anyone who wants to hire a builder or a tradesman for work on their home has difficulty finding someone available on short notice. And although the state has finally approved the increase to Bend's Urban Growth Boundary, the two thousand acres brought in are far short of what is needed; it will take years for the infrastructure to be installed before any development can be started in this newly incorporated land.

What does the future hold? Although we cannot guarantee anything, the trends show that Bend will continue to be the destination for many Americans seeking to relocate. And as long as this trend persists, we don't foreseen any easy solution to the housing crisis we are experiencing.

 

Original blog can be read at Bend Premier Real Estate's blog page.

BendRealEstateMonthsofSupply

Comments (10)

Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Our inventory looks a lot like Bend Oregon's when you look at the lower prices versus the higher-priced homes Lynnea Miller 

Jun 21, 2017 05:30 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow Lynnea Miller,  look at the homes going up, you will have lots of money if you sell them all.  Make it a great day!

 

Jun 22, 2017 09:20 AM
Lynnea Miller

We are working on that, Will Hamm !

Jun 22, 2017 09:25 AM
Roy Kelley
Retired - Gaithersburg, MD

Families moving to the area will appreciate your local real estate market reports.

Jun 23, 2017 04:39 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Lynnea

I didn't realize Bend held the title of 6th fastest growing city in the past, pre-recession, and is holding it again. Sounds like some real housing challenges. Must be tough for the city to grow when people are needed for businesses but housing is a shortage.

Hope your weekend is an enjoyable one!

Jeff

Jun 23, 2017 05:18 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

This is good information to know, Lynnea. Such a booming market means you a busy lady.

Jun 23, 2017 05:53 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great information on Bend, Lynnea and you're definitely the person to call with regards to real estate in Bend, Oregon! 

You are in a very similar market to me here in Charlotte - that 2.5 month inventory is truly slowing things down - the demand is high but, you just can't build them fast enough! The infrastructure can't keep up here either. 

Happy Sunday, Lynnea!

Jun 25, 2017 08:07 AM
Lynnea Miller

Thanks, Debe Maxwell, CRS .  Have a great Sunday yourself.

Jun 25, 2017 09:23 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments on my blog.

Have an outstanding week.

Jun 25, 2017 04:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, great market update for Bend OR, and hope homeowners contemplating a sale, give you a call to list their home and help this low inventory issue.

Jun 26, 2017 06:09 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Lynnea.  Thanks for keeping us informed about the Bend Oregon real estate market.

Jun 29, 2017 04:49 AM
Roy Kelley
Retired - Gaithersburg, MD

I hope you are enjoying an outstanding week.

We have a rainy day in Maryland.

Jul 06, 2017 06:41 AM