It is no secret that there is strong home-buyer demand in Central Oregon, and many would-be buyers are looking for affordable solutions. One strategy that has become increasingly less affordable is building from scratch. When government restrictions related to the pandemic went into effect, businesses had to make inventory adjustments based on expected buyer demand. Scaling back of production reduced inventory of building materials just when homeowners were ramping up their improvement projects. The increased demand has more than doubled the costs of framing lumber from last year, as reported yesterday in the Bend Bulletin. Land costs have also increased as inventory has declined. The additional expenses of developing a vacant lot include a domestic well, septic system, and permits. These site-specific costs vary significantly based on soil type, well depth, etc. Developing a property is a fantastic way to create the exact home you desire, but not the most affordable! In our current market, renovations to an existing home can be easier to manage financially than building from scratch.
Currently, in Bend, 108 vacant lots are pending, with 176 active vacant lot listings. March 1, 2020, through September 2, 2020, shows 211 sold vacant lots at an average sale price of $362,000, up from $254,676 in the same period of 2019! The median list price of the available vacant lots in Bend is $299,900.
Madras sits at the "top" of Central Oregon, and is in close proximity to Lake Billy Chinook in Postal Code 97741. Year to date 2020, Madras has had 123 sold properties, with 54 currently pending, and 40 active listings. The average listing price of the homes currently under contract in Madras is $288,393.
Sisters is the gateway to the Three Sisters Wilderness Areaand as picturesquea town as any in Central Oregon. The thriving art community and incredible Cascade Mountain vistas are only a couple of compelling reasons to consider Sisters. There are currently 55 homes for sale in Sisters, and in August 2020, there were 44 homes sold, with an average sale price of $549,823. In August 2019, there were 34 sold homes with an average sold price of $487,985.
