Few people disagree that the coronavirus pandemic has partially driven our current hot real estate market. Some have speculated that a mass exodus from the large west coast cities (and elsewhere) drives growth, and they are not entirely wrong. The US Census has shown a stagnating growth rate in large metro areas, starting in the late 2010s. Back in 2016, the Source published an article titled "Bend's Growth Rate: Scary or Sustainable?" lamenting the summer crowds and a city "bursting at the seams." The article mentions that some in the community even considered a moratorium on new construction! Growth in Bend and Central Oregon has outpaced the rest of the state, and that trend looks to continue. Growth projections the City of Bend made in a 2007 report for the sanitary sewer collection system shows we have already surpassed expectations by a considerable margin.
This week's median list price in Sunriver is $975,000, strengthening the seller's market even further. Zero of the properties listed have had a price decrease. With a seller's market index of 84/100, the Sunriver market's most significant issue is the lack of homes for sale. Not including fractional ownership properties, there are only eleven homes currently listed for sale in Sunriver. Interest rates are at record lows, which certainly improves buying power. Unfortunately, even with low-interest rates, buying in Sunriver in the current climate is extremely challenging. Contrasted with La Pine, which saw 45% of the listed properties with a price decrease last week, it is clear the Sunriver market is hot. If you have considered selling a home in Sunriver, the time is now! If selling in La Pine is your goal, correct pricing is imperative, and conversely, buyers need to be cautious about over-paying. Give me a call if you need help devising your strategy.
