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Central Oregon Real Estate Trends | October 2017
Central Or Single Family Home Sales Trend Up
Despite the snowy winter of 2016-2017 and the unprecedented wildfires experienced during the summer, Central Oregon real estate sales remain strong. Although the trends seem unsustainable, the roughly 10% increase in sales price year after year since 2011 have continued in the single family home market in Bend, Redmond, and Sunriver. Only Sisters shows a reduction in the average October sales price from a year before, perhaps a reflection of this summer's Milli fire which was located just outside of the Sisters city limits.
Central Oregon Single Family Home Inventory Levels Remain Low
During a short time during the summer months, Bend had an increase in the months of inventory for single family homes. This may be due to the tremendous growth in new construction and also a reduction in the number of home sales during the wildfire season. However, that trend has disappeared during October with Bend, Redmond and Sunriver all showing a decrease in inventory levels from 2016; only Sisters has a slight increase. The greatest change in inventory levels over the last few years is in the Sunriver market where 8.1 months is now 2.7; the 2nd home and vacation rental market in Sunriver appears to be fully recovered.
What are Our Predictions for Central Oregon Real Estate?
Despite challenging weather last winter and terrible wildfires this summer, Central Oregon continues to grow. As long as the economy remains strong and people from around the country find the Central Oregon lifestyle something they want to live themselves, we predict that housing prices will continue to trend upward.