It’s no secret that Bend is an intoxicating place to be…to live, to work, to visit, to stay. The lifestyle is the lure for many. Mountains, trails, water, sun. How fortunate we are to be surrounded by so many natural wonders to enjoy while basking in almost 300 days of sunshine per year and snowcapped mountains in plain sight at almost every turn. Bend is an outdoor explorers dream. Skiing, hiking, biking, cycling, golf or rafting and rock climbing….. it is all within reach and if you cared to experience two or more of those in the same day, that’s possible too. If scenery is your thing, well that is quite readily available as well! The scenery extends beyond the great outdoors and into The Old Mill District, downtown Bend, quaint, charming downtown neighborhoods or picturesque communities such as Northwest Crossing or unbelievable golf course properties such as Broken Top, Tetherow or Pronghorn. Bend is good for business too. Breweries are of course a favorite with 17 on the local map and 6 more to come. High quality water and high quality talent makes Bend a great fit for advanced manufacturing, software and technology, outdoor retail and outdoor products as well as aviation. Businesses are thriving especially in the hospitality business where employment and overall opportunity is growing. Across the board there is growth in all business sectors here, making business better than it has been in the last 5 years. The City of Bend is working hard to see this continue while also pushing to entice new businesses to give Bend a shot. Although unemployment in Bend is higher than the City would like to see, the City is working hard to diversify the employment base as a way to combat this, says Carolyn Eagan, Business Advocate for the City of Bend.
But let’s not forget about housing in Bend. Bend represented one of the greatest boom to bust real estate stories in the United States, however real estate is still a draw for people looking to call Bend home. It is a weighing factor to the allure. So what lies within Bend for real estate?
2013 has seen a marked improvement in real estate sales in Central Oregon. Both the number of units sold and the median price point have increased. In the Bend area, the number or residential property sales this year to date versus the same time frame last year are up nearly 13% and the median sales price is up over 26%. With the median sales price still 25% below the median sales price at the height of the market in 2006, it is a good time to buy in Bend says Wendy Adkisson Principal Broker at Cascade Sotheby’s International Realty. But what about those waiting or wanting to sell? Adkisson points out that in the case of those people who are still upside down in what they owe on their home versus what their home is worth, today’s median sales price being where it is, mean that we are closer than ever to making selling a reality for many of those people who bought near or at the height of the market. We are also currently in an inventory crunch with only four months of inventory available in many price ranges.
And for those wondering if Bend is growing up and moving on or just growing up too fast, most economic indicators, local experts and today’s lending standards tend to lean towards recognizing that we are in the midst of good, solid, sustainable growth. A good time to invest in Bend? A good time to make a move within Bend? A good time to make Bend home? We think so!
For more local assistance or real estate information contact Cascade Sotheby’s International Realty 541.383.7600