BusinessInsider.com reported that the latest data from Fiserv Case Shiller shows that national home prices are expected to grow at an annualized rate of 3.2% between 2011 and Q2 2016. They picked the best housing markets for the next 5 years and you probably already guessed that Bend made the list. The data predicts annualized growth for Bend from 2011 – 2016 will be +11.9%. Let’s take a look at the median sales price for the past 5 years.
Year 2011 Median sales price $200,000 (down 1% from 2010)
Year 2010 Median sales price $202,000 (down 9% from 2009)
Year 2009 Median sales price $222,000 (down 26% from 2008)
Year 2008 Median sales price $299,000 (down 16% from 2007)
Year 2007 Median sales price $355,000
You can clearly see that the decline in values has slowed drastically and home values are only 1% lower than they were last year. Depending on which types of homes I include and which neighborhoods, I can even show that values didn’t decline at all. If this trend continues, we certainly could see some appreciation over the next 5 years.