The COVID-19 Effect on Bend’s Real Estate Market

Written by: Laura Blossey

11750 NE Canyons Ranch Drive Terrebonne, OR 97760
Presented by Laura Blossey | Offered at $4,500,000 | MLS# 220111416

Bend, Oregon is the epitome of COVID-19 accelerated real estate sales. After only a few weeks’ pause in March from new restrictions, out of town buyers doubled down on Bend as the perfect escape from their respective cities. After evaluating the quality of life and relatively lower cost of living in Bend compared to our feeder markets like the Bay Area and Orange County/ LA, for example, Buyers have been even quicker to move here in the second half of 2020 than in past years.  Why Bend? Buyers are choosing Bend over other markets for many reasons, including the year-round outdoor lifestyle (skiing, hiking, mountain biking, kayaking on the rivers & mountain lakes, golf, horseback riding & more), easy direct flights to West coast markets for ease of visiting clients and friends & family, luxury amenities with a laid back lifestyle, and an overall better quality of life. Bend is the perfect escape from restrictive or chaotic worlds.

COVID-19 set the precedent for working from home, so people started asking themselves, why not work from home in another city? It’s now common for lenders to ask for written proof from Buyer’s employers that the Buyers can indeed work from home in Bend. Contingent purchases are more commonplace as Buyers are willing to put their homes on the market the minute they write an offer on a home in Bend, but even more so cash offers are dominating our sales. Bend has recently been named by WalletHub as the second-fastest growing city in the nation, with COVID-19 clearly a contributing factor.

Examples showing the accelerated growth in Bend since COVID-19 based on sale prices and days on the market (DOM) abound. One of my listings in a desirable neighborhood sold for $905,000 in April, 2020 after 171 days on the market with 2 price reductions. A home on the same street with almost identical specs is currently pending in just 10 days. Listings at all price points have yielded multiple offers – as many as 22! – and are selling for up to $200,000 over asking price which is a new phenomenon in our market since COVID-19.

This graph depicts a sharp increase in median price in 2020 compared to past years during June through September across multiple years. From just the same period a year ago, we saw a 2% decrease in median price in 2019 compared to an 18% increase in 2020. We will continue to be in a strong Seller’s market until new inventory can catch up with demand, but since most people don’t want to leave Bend we’ll rely on new construction to fill the gap.


WalletHub names Bend 2nd fastest growing city in the US

61794 Tam McArthur Loop Bend, OR 97702
Presented by Tebbs & Little Group | Offered at $3,899,000 | MLS# 220102501

From Central Oregon Daily

According to WalletHub’s recent report on 2020’s Fastest Growing Cities in America, Bend ranked second next to Fort Myers, FL.

WalletHub is a personal finance website that compares 515 US cities across 17 key metrics to determine where the most rapid local economic growth occurred over a period of seven years.

The factors considered in the release of this report ranges from population growth to college-educated population growth to the unemployment rate decrease.

Furthermore, WalletHub produced a separate ranking by city size.

Bend topped the report’s rankings for “mid-sized” cities, ahead of Meridian, Idaho, Enterprise, Nev. and Frisco, Texas.

Economic Growth in Bend (1=Fastest-Growing; 258=Avg.):

  • 11th – Population Growth
  • 43rd – Median Household Income Growth
  • 1st – Job Growth
  • 263rd – Poverty Rate Decrease         
  • 10th – Regional GDP Growth
  • 163rd – Unemployment Rate Decrease
  • 1st – Growth in Number of Businesses
  • 11th – Working-Age Population Growth
  • 87th – Median House Price Growth

Full article on Central Oregon Daily


Dreams Do Come True in These Bedrooms With a View

It’s hard to wake up on the wrong side of the bed when your lavish private suite has a vista of city lights, mountains, vineyards, sunsets or the sea.

Glass Oceanfront Modern

80644 Hwy 101, Cannon Beach
Listed by Sally Conrad

An organic fusion of glass, slab stone and steel create a stunning, yet simplistic, seamless design connecting nature and architecture offering amazing ocean views and access. This home spans 3,348 square feet on 1+ acre with unparalleled quality and construction!

Masterpiece in the Sky

10699 SE Ridgeway Dr, Happy Valley
Listed by Jason Mendell & Veronica Park

A modern masterpiece in the sky. Quality, design and expansive views come together that make this one of the most private and exclusive gated properties in Oregon. An entertainers dream home with Lake, River, Mountain and City views. Waking up and gazing out at this view will surely be the pinnacle of one’s day.

Private Oceanfront Estate

5555 Kimball Ct, Yachats
Listed by Lisa Morrigan

Inspiration, thought and craftsmanship went into the details of this private oceanfront estate home on the Oregon Coast. This estate home provides a level of tranquility and comfort that is rare on the Oregon Coast. The gated entrance leads to a circular driveway framed by a peaceful coastal pond that spreads alongside the main house to a guest house/garage with a swim spa. The main house is oriented 15 degrees to the south to take advantage of sweeping ocean views and built on 44 steel pilings. Main level living with oceanview master bedroom, living room and gourmet kitchen. The spacious deck just steps away from miles of sandy beach.

Cascade View Home

60990 Bachelor View Rd, Bend
Listed by Brian Ladd

Here is a home quite like no other, built following appropriate mathematical elements in its design, harkening the builders of old, creating what is known as the Divine Proportion. The Divine Proportion exists everywhere in nature, but here the principle is applied to modern architecture. Famed cathedrals and the like adhered to this concept in an attempt to inspire all those who entered, and this home does not disappoint. Upon entry, the pavered drive is reminiscent of an Italian villa courtyard with authentically proportional solid limestone columns quarried in Indiana, shaped in Michigan and sent by train to Oregon. From a grand foyer, you can see the home is perfectly symmetrical, each wing a mirror image of the other, perfectly proportionate.

World Class Ocean Views

640 N Oak St, Cannon Beach
Listed by Cole Horsley

Unparalleled oceanfront at Chapman Point. Constructed by renowned builder Rich Elstrom. Distinguished by world-class views of Haystack Rock, Ecola State Park, and the ocean surf from the living and family rooms and master suite; the chef’s kitchen, wine cellar, and four gas fireplaces. The west side deck gives you ample room to lounge and enjoy your view and a hot tub for soothing comfort.


2019 Yearly Market Reports

Our 2019 Yearly Market Reports for Central Oregon, Portland Metro, Oregon Coast, Columbia River Gorge, Southwest Washington, and Southern Oregon are here.

Our Market Reports offer an overview of trends, insight and existing market conditions in key communities throughout Oregon and SW Washington. The reports cover the history of key areas, communities, and sectors such as residential, residential with land, townhomes and condos, farm & ranch.

You can see all of our reports below or by visiting CascadeSothebysRealty.com/Market-Reports.

Central Oregon

Columbia River Gorge

Oregon Coast

Portland Metro

Southwest Washington

Southern Oregon


Cascade Living | December 2019

Enjoy our Cascade Living events and newsletter! We cover notable events and news happening in Central Oregon, Portland, Southwest Washington, The Columbia River Gorge, The Oregon Coast, and the Willamette Valley.

Click below to see the newsletter for your region:

Central Oregon
Columbia River Gorge
Oregon Coast
Portland
Southwest Washington
Willamette Valley


Cascade Living | November 2019

Enjoy our Cascade Living events and newsletter! We cover notable events and news happening in Central Oregon, Portland, Southwest Washington, The Columbia River Gorge, The Oregon Coast, and The Willamette Valley.

Click below to see the newsletter for your region:
Central Oregon
Oregon Coast
Columbia River Gorge

Portland
SW Washington
Willamette Valley


Cascade Living | October 2019

Enjoy our Cascade Living events and newsletter! We cover notable events and news happening in Central Oregon, Portland, Southwest Washington, The Columbia River Gorge, The Oregon Coast, and The Willamette Valley.

Click below to see the newsletter for your region:
Central Oregon
Columbia River Gorge
Oregon Coast
Portland
Southwest Washington
Willamette Valley