Tourism growth another sign of economic recovery

            Another sign of Bend’s continued economic recovery is emerging with the rise in lodging tax receipts showing steady growth in regional tourism.

            Visit Bend reported that for the first 11 months of Fiscal 2013-14 through June lodging visits accounted for more than $4 million in room taxes, which a tourism agency official said represented a collections “milestone.”

            The results were more than 18% over the 11 month period for the previous fiscal year.

            The May collections of $423,454 were also up more than 18% over May of the previous year.

Seven Wonders of Oregon campaign

            Besides the marketing efforts of Visit Bend, the city is also a beneficiary of the Central Oregon Visitor Association’s participation in the “Seven Wonders of Oregon” television campaign.

            Prominent for the region in the television ads is Smith Rock State Park along the Crooked River north of Redmond. The dramatic rock spires of the park--legendary challenges for expert rock climbers--are also the backdrop of trailers for the screen adaptation of “Wild,” Portland resident Cheryl Strayed’s account of her Pacific Crest trail trek starring and produced by Reese Witherspoon.

            The Seven Wonders campaign, estimated at $2.3 million, included $25,000 from Deschutes County and $50,000 invested by COVA.

            Target markets for the campaign--produced by Wieden+Kennedy, the award winning agency for Nike--included Seattle, San Francisco, Boise and Vancouver, BC.

            COVA’s funding is derived in part from lodging taxes collected from stays at  hotels and resorts in the county.

Bend housing market maintaining steady pace

            Moving into the second half of 2014 the Bend real estate market is holding steady with unit sales dipping slightly from the comparable 2013 period while prices are up year-to-year.

            Statistics gleaned from the Multiple Listing Service of Central Oregon show there were 1,149 sales of single family homes in Bend through the first six months of 2014, down 64 from the same period of 2013.

            The median price of all single family home sales was $295,000 at mid-year, up from $275,000 through the first six months of 2013, or a 7.27% gain.

            Total sales volume was $405,463,176 compared with $394,933,710 in 2013, a 2.6% increase.

            A notable trend is the continued strength of the new home market, with sales of 249 homes constructed in the previous 18 month period of 2014 compared with 241 in the 18 months prior to June 30, 2013. Homes in many neighborhoods are pre-selling during construction.

            The Bend market is also shedding much of the distressed housing inventory that has plagued Central Oregon for several years.

Of the total 2,559 single family sales in 2013, only 287, or 11%,  were reported as short sales or bank owned properties. In the depths of the market collapse as many as 50% of sales were distressed properties.

In mid-July of 2014 there were 841 active single family home listings and only 25 of those designated as short sales or foreclosures.

The active inventory of 841 homes on the market represented slightly more than a 4-month supply--as calculated by averaging the previoius 12 months sales of 2,480 homes, or 206 per month.

The inventory is up from less than a 3-month supply two years ago. While still considered a “tight” sellers market--especially in the low to mid-price range below $400,000--the supply is moving up gradually.