By SCOTT ELNES
CENTRAL OREGON DAILY NEWS
When you hear the words “Worldwide Pandemic” you don’t normally think of a housing boom, but local real estate agents say that’s what we’re seeing here in Central Oregon.
Brian Ladd, the Principal Broker at Cascade Sotheby’s International, says this is an historic time for real estate.
“We went from what was essentially a complete shutdown of the housing markets for several months into the biggest sales year in Bend’s history,” he said. “Using a three-month rolling average we’re up 18% in housing prices this year over last year.”
In September, the median home price in Bend was nearly $550,000.
Lynnea Miller, Principal Broker and owner at Bend Premier Real Estate says that the interest from folks wanting to move to Bend came as a bit of a surprise.
“When COVID hit, we all thought everything was going to be very quiet for some time, but really what happened was people discovered that they want to be out of the urban areas,” she said.
Miller says supply has not kept up with demand. Not even close.
“September 2019 there were 900 homes in Bend for sale, in September 2020, 199 homes,” she said.
The pressure on the market, focused mainly in Bend, may force some local people to look at real estate in the surrounding communities.
“If you’re willing to expand where you’re willing to live,” Millers says, “think of Redmond, think of Lapine, think of Crook County, think of those all those wonderful places. In Cook County, your kids could even go to school.”
But no matter where you look for a house on the high desert, Miller says to expect stiff competition when it comes to sealing the deal.
“Come in with your strongest offer if you want to have any chance in this kind of crazy market.”