Will Coronavirus Change the Central Oregon Real Estate Market?

With the outbreak of the coronavirus worldwide, which has sickened thousands and created panic and uncertainty in our stock market, we are left to question if the effects will extend to the US real estate market, and more specifically to our local Central Oregon real estate market.

Coronavirus Pushes Down Interest Rates

Mortgage Interest Rates have already fallen to new record lows (3.29% as of March 5^th) as investors are taking money out of the volatile stock market and putting it into safer US Treasury Bonds. Historically, when bonds are strong, mortgage rates go down.

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A Surprising Number of New Bend Home Sales in November

Traditionally as the weather cools and we move toward the end of the year, Bend home sales decrease. There are fewer buyers actively looking for homes in the winter and the holiday celebrations of most families impact real estate sales.

This year, however, there has been a large uptick in the number of Bend homes which went into contract during November.  When Bend single family home sales in November 2019 are compared with those from November 2018, the following changes can be noted:

• The number of homes for sale are down 10.5% to 408*
• The number of homes sold are down 1.8% to 167
• The number of homes pended are up 23.6% to 183
• The average price per square foot on sold homes is up 6.2% to $258
• The average days on market are down ....

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Central Oregon Cities Show Varied Growth

Out of area buyers often think of Bend exclusively when they consider moving to Central Oregon. However, Central Oregon has several towns and small cities, all with their own urban "vibe" and lifestyle.  Bend is by far the largest town with its population now pushing 100,000. However, Redmond has been a great neighbor to Bend with home prices considerably less than the larger city to the south. 

Besides Bend and Redmond, Sisters offers both a closer location to the western half of the state plus a more intimate small town feeling, permeated by seasonal tourist traffic from nearby Black Butte Resort and such renowned festivals as the Sisters Quilt Show and the annual rodeo.

Prineville, Central Oregon's oldest city and the original county seat of much of Eastern Oregon, is now experiencing a building boom with new construction and...

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Bend Luxury Homes Sales Growing

Bend's high end real estate market has been trending upward for several years. Almost unheard of less than 10 years ago, the sale of million dollar homes in Bend has become common and the construction of million dollar spec homes the norm in several Bend neighborhoods.

From July 2018 through June, 2019, 67 Bend homes priced between $1,000,000 and $1,299,999 have sold, a figure that is up 11.7% over the previous 12 months. For homes priced $1,300,000 to $1,599,999, 29 Bend homes have sold, up 11.5% over the same period a year before. Homes priced between $1,600,000 and $1,999,999, the figure is 13 homes, up 30% and for the very high end, the $2,000,000 or more price point, the figure is 7, which is up 75% over that same 12 month period.  This data pertains to Bend single family homes on less than an acre.

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Permits Down for New Bend Homes

After many years of growth in new home construction in Bend, the number of permits pulled so far this year for single family homes are significantly down compared with previous years. From a high of 117 in March 2017, February 2019 had the lowest number of new home permits pulled in 4 years with less than 40.* February is typically a busy month for builders obtaining permits to build homes for summer sales.  This decline is significant as it is not following the normal trends.

Why Are Bend Builders Not Pulling Permits?

When a good analysis of Bend home trends is looked at, it becomes obvious that Bend new home construction has slowed. Many builders are sitting on inventory and while prices have continued to rise, sales have s...

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