New numbers show that Bend’s housing market just had its best year since the collapse of the housing bubble. According to the Central Oregon Association of Realtors, sales of single family homes there were up 17 percent compared to 2011.
It’s not just sales that have gone up. Prices, too, are increasing. The median home price in Bend last month was $248,000. That’s more than $60,000 higher than 12 months earlier.
Michael Warren is president of Central Oregon Association of Realtors. He’s also a broker. He says right now inventory is tight, meaning buyers don’t have a lot to choose from.
“It wasn’t that long ago where buyers would see a house and it would be on the market for six months, so they’re not too worried about it,” says Warren. “And now, if it was in their price range you’re telling them, ‘Look, you need to make an offer,’ and by the time they do it they’re either in a multiple offer or they’re already pending.”
The Bratton Appraisal Group puts Bend’s current inventory at about a two month supply.