Friday, 17 November 2017

Bend Real Estate | Lack of Inventory Remains an Issue

Written by Posted On Wednesday, 14 December 2016 18:32
Bend Real Estate Trends Bend Real Estate Trends

There are many ways to look at real estate trends in Bend, Oregon. Among the most in interesting is to compare sales over the last twelve months with those of the previous year. While the actual numbers of properties sold are up just slightly at 3%, the value of the property is up significantly at 11% on average, with the biggest increase found in the sale of multi-family properties at over 30% followed by commercial buildings at 22%.*

There has been a significant lack of affordable housing in Bend over the last few years with the rental vacancy rate less than 1%. This helps to explain the reason that multi-family properties have increased so much in value. Anyone driving around Bend's eastside will see many new apartment complexes under construction. Hopefully once completed, these new apartments will help ease some of the burden the lack of affordable homes has had for many Bend residents.

Commercial buildings have also increased greatly in value over the last year. This can be attributed to the need for more commercial space as new businesses move into Bend, but also due to a lack of available land zoned for commercial. With the approval of Bend's urban growth boundary expansion by state planning agencies in Salem earlier this fall, some of the needed space for expansion will be addressed. But 10 years ago, Bend planners asked for 10,000 acres; this year less than 3000 acres were finally approved. In order to accommodate the expected growth, Salem has dictated Bend needs to grow up rather than out with expected density to greatly increase. This will change the appearance and ambiance of a town that has grown 100 years in a different way. It remains to be seen how this change will impact Bend's livability and the reason Bend transplants moved here to begin with.

Check available Bend listings on our Bend Real Estate search.

*Data from Central Oregon Multiple Listing Service

Original blog can be seen at Bend Premier Real Estate's website

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Lynnea Miller

Owner/Managing Principal Broker Bend Premier Real Estate.

Lynnea began her real estate career when her husband became a general contractor in 1994. After years of working with her husband and selling many homes "for sale by builder," Lynnea got her real estate license in 2000 and began working at a local brokerage, first as part time Broker and marketing director for the company, and later as full time office manager/marketing director/transaction coordinator, and then as Principal Broker. In 2010, Lynnea started her own brokerage, Bend Premier Real Estate, with the encourage of her husband and several Brokers.

Prior to real estate, Lynnea worked for 9 years with her husband in the ownership and management of 3 retail Bend, Oregon businesses with up to 35 employees. Before moving to Bend in 1985, Lynnea worked in homeowner association property management, being promoted in the space of 1 year from Customer Service, to Property Manager, to District Manager.

Lynnea graduated from the University of Oregon Summa Cum Laude in 1983 with a Bachelors of Science degree and graduate first in her high school class in 1979. Lynnea and her husband have 3 adult children. Lynnea also teaches fitness classes part time, holding an ACE certification since 1990

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