(541)408-6625 Reed@EnjoyBendLife.com
Housing Supply and Economic Recovery
Not many would argue that the US economy was healthy before the pandemic hit, but there have been many theories about how long it would take to regain steam. For those of us living in Central Oregon, the volume of out of town visitors has been an encouraging sign. Yesterday, the Federal Reserve reported a modest increase in May industrial production, but the big news came from retail. Sales at restaurants, stores, and the internet increased by 17.7% from April! Businesses are still down considerably from 2019, although the latest numbers are promising.

Home inventory in Crook, Deschutes, and Jefferson Counties has dropped a whopping 27% to 1894 active listings compared to 2604 last year. New listings are down 23% while the number of homes under contract has risen 47% from 2019. As you can imagine, robust sales with limited inventory have increased the average sale price in Central Oregon to $520,904, representing 12% appreciation from the previous year. Granted, buying in a rising market can be unnerving. But, most buyers I know would feel good about 12% appreciation in a single year! 
Enjoy Bend Life Real Estate - Links
Saturday marks the first day of summer, and Mother Nature is delivering the goods! Time to trade in the Gore-Tex for sunscreen and enjoy the great outdoors.
Stellar Realty NW
Reed Melton
(541) 408-6625
What in the world can I do for you?