Great news if you are a homeowner, or if you’ve been waiting to put your home on the market: home prices are headed up, up, up! And Central Oregon–Hayden Home’s playground–is no exception! In fact, home prices in Bend, Oregon are up 13.7 percent from a year ago…that’s twice the national average, which is also up!!!
Up almost 2 percent from October alone, Bend has seen a huge uptick in pricing. As one of the most devastated areas after the housing crash and recession, Bend was expected to make a larger than normal recovery once things leveled out. Bend is a desirable place to live, and mountain views, recreational activities, and majestic high desert beauty is something that can’t be changed, so people will always (eventually) come back. This has left home buyers with a lower-than-normal housing inventory, and a created a boom in new home construction in Central Oregon.
“We really started to see more movement and an uptick in building at that time,” Renner [Principal Broker, Cascade Sotheby's International Realty] said. “And it’s going to continue to accelerate.”
That also means folks in the home construction business going back to work.
“Big trucks are rolling, lumber trucks are rolling — haven’t seen this in five years,” Renner said.
Renner says it’s going to take a little bit of time for builders to get more inventory and overall get the market back to a healthy level.
“We don’t want to stay at this level of low inventory, because we’ve had the reverse problem for five years,” Renner said.”Now it’s getting hard to find buyers good quality properties in a reasonable amount of time.”
Realtors hope to see housing inventory numbers somewhere between five and seven months’ worth, which they say will give them good buyer/seller parity.
“Both sides have a really good opportunity to do what they want to do,” Renner said. “Sell at a fair price and buy at a fair price.”
Rising home prices and an uptick in the economy are just ammunition for Bend making on the top of more “Best of” lists. Most recently, Travel and Leisure magazine named Bend No. 3 “Best Ski Town” and accolades just keep coming.
Hayden Homes has over eight communities in beautiful Bend, Oregon, and the surrounding Central Oregon area. In Bend alone, Hayden Homes is currently selling properties at Obsidian Ridge, Merrick, South Briar, Aspen Rim, and our newest community, North Village. Our communities in Central Oregon offer value and options at a variety of price ranges, sizes, and locations. Tour one of our model homes today, or take an online tour of our designs.