Inventory Levels of Bend Homes for Sale Remain Very Low
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.
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