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Bend Oregon Real Estate | Lack of Inventory Remains an Issue
There are many ways to look at real estate trends in Bend, Oregon. Among the most in interesting is to compare sales over the last twelve months with those of the previous year. While the actual numbers of properties sold are up just slightly at 3%, the value of the property is up significantly at 11% on average, with the biggest increase found in the sale of multi-family properties at over 30% followed by commercial buildings at 22%.*
There has been a significant lack of affordable housing in Bend over the last few years with the rental vacancy rate less than 1%. This helps to explain the reason that multi-family properties have increased so much in value. Anyone driving around Bend's eastside will see many new apartment complexes under construction. Hopefully once completed, these new apartments will help ease some of the burden the lack of affordable homes has had for many Bend residents.
Commercial buildings have also increased greatly in value over the last year. This can be attributed to the need for more commercial space as new businesses move into Bend, but also due to a lack of available land zoned for commercial. With the approval of Bend's urban growth boundary expansion by state planning agencies in Salem earlier this fall, some of the needed space for expansion will be addressed. But 10 years ago, Bend planners asked for 10,000 acres; this year less than 3000 acres were finally approved. In order to accommodate the expected growth, Salem has dictated Bend needs to grow up rather than out with expected density to greatly increase. This will change the appearance and ambiance of a town that has grown 100 years in a different way. It remains to be seen how this change will impact Bend's livability and the reason Bend transplants moved here to begin with.
Check available Bend listings on our Bend Real Estate search.
*Data from Central Oregon Multiple Listing Service