Greetings to our clients and friends. While listing and selling real estate is our primary focus as professional Realtors, it is also important to keep our clients and friends informed about what has happened in the past and current trends in our local real estate market.
The Market Study reflects a ten-year history of real estate activity in Bend. Click here for details:
As an example, Bend (SFR) single family residences up to one acre, ended with a 6% increase in the average sales price. Of the total active, contingent, and pending listings, 39% are pending sales. Of the totals pending and sales for (SFR), 16% are new construction (up 14% since 2018). With tourism at an all-time high and continued migration to Central Oregon, we predict 2020 will be another year of growth and a steady real estate environment.
We enter the new decade experiencing a shortage of inventory, a consistent theme for the last 12+ months. The Washington Post states that we’re going to have super tight inventory, low interest rates and that 1 in 4 homes are predicted to have multiple offers. Realtor.com, Redfin & Zillow echo much of the same sentiment predicting further that Millennials will originate more mortgages than baby boomers and gen-x’ers – surpassing 50% of all home purchase mortgages. Expect 30-year fixed mortgage rates to remain low, hovering around 3.8%. Buyers will have fewer homes to choose from, but competition will tempt more homeowners and builders to list, which will help improve the balance between supply and demand by the end of 2020.
If and when you are in the market to purchase or sell real estate in Central Oregon, we would be grateful for your business and welcome the opportunity of serving you.
Wishing you all the best in 2020!
Julie, Jared, Martha, Melissa, Camille & Alison