Bend Oregon Among Strongest Housing Markets
Sort of a catchy headline . . . simply to create some controversy and stir things a bit! But, a recent study by Bloomberg Businessweek continues our roller coaster theme for Bend Oregon real estate, alternating a dose of optimism with the steady diet of pessimism.
The study (see the full report here) focuses on recovery, and selects markets in various parts of the country where it is anticipated that housing prices will rise the most by 2014. Amazingly, Bend Oregon was rated number #2 with an anticipated home value increase of 33.6%.
Granted, four years is a long way out (most of us have a hard time looking beyond next week), but we’ll take any good news we can get. The study uses 2014 as a target date, and feels that prices will actually hit bottom during the first quarter of next year. 384 areas were examined by Fiserv and Moody’s Economy.com data . . . demographic trends, foreclosure rates, unemployment rates, income growth, and construction costs were all factored into the creation of the forecast.
No. 1 . . . Bremerton, Washington
The big winner! An anticipated appreciation rate of 44.7% . . . predicated by an unemployment rate well below the national average, thanks largely to The Naval Base Kitsap and the Puget Sound Naval Shipyard.
Not sure I really want to live in Bremerton though.
The Bend Oregon Forecast . . . 33.6% Appreciation . . . wow!!
Following is a bit of the report on our own housing market. All of Deschutes County is used, thus accounting for the lower median price and increased population.
Forecast 4-year price increase: 33.6 percent
Current median price: $144,533*
Prices to reach trough in: 2011 Q1
Median family income: $58,200
“The area around Bend area, in Central Oregon’s high desert by the Cascade Mountains, has the second-highest four-year growth forecast, 33.6 percent, after Bremerton-Silverdale, Wash. Bend draws home buyers and visitors with its wealth of outdoor recreational opportunities,
but its prices have dropped about 40 percent since hitting a peak in late 2006. Fiserv and Moody’s Economy.com now expect a rapid recovery starting next year. Greg Broderick, a real estate broker in Bend, says prices have over corrected and buyers are seeing good value in the market.
Homes priced in the low hundred-thousand-dollar range “are being snapped up at a furious pace,” he says. Still, the area must deal with a higher-than-average unemployment rate, which the BLS says was 13.4 percent in June.
Get a jump on the crowd; 2014 will be here before we know it. Search for homes in Bend Oregon!
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