Oregon – Positive Housing Growth for the Beaver State
From all indications, Oregon's housing market is improving, thanks in part to positive progress in the overall economy. According to November 2012 figures, Oregon's unemployment rate continued a steady drop to 8.6%. And while this rate exceeds the national rate of 7.9% for the same period, economists agree that both businesses and consumers are in better shape financially than they have been in several years. As evidence, in late 2012, Oregon ranked as the 21st best job growth rate in the county. In Washington County alone, wages have surged 8.5%, ranking it #1 in the country!
Signs of Oregon's budding economic recovery are due in part to a rebound in the housing market. Housing permits for new homes are rising statewide. In Portland alone, home sales surged 19% in 2012 when compared to 2011. Residential permits soared 44% for the period 2009 through November, 2012. Overall, home sales in Portland rose from 2011 to 2012, with a median price increase of 14.5% for the same period.
In nearby Beaverton, average sale prices reflected double digit gains 2012, compared to 2011. Similar to conditions around the state, however, inventory was dropping to new lows by the end of 2012.
Bend, in Central Oregon, experienced its best year since the collapse of the housing market. Home prices in 2012 rose 9.4%, and sales of single family homes were up 17% since 2011. In a recent study, Bend was ranked # 2 (behind Bremerton, Washington) among markets expected to see sharp rises in home values by 2014. This could be due in part to the ski area's vacation home market. The anticipated home value increase? 33.6%. In view of the fact that those same prices have actually decreased 40% since the outset of the recession, that’s definitely a bold forecast, but one that has realtors in Oregon smiling!
As for the commercial market in Bend, conditions are strongly improving. Vacancies dropped in the retail and office sectors. That’s a good thing, because typically, as unemployment decreases, housing prices will increase. Experts are cautiously optimistic about improvement in the job market here. While 2012 evidenced stop-and-start job growth, many of Oregon's industries showed slight expansion. And there are other positive signs. Consider the current expansion of GlobalFoundries technology center in Malta. With the addition of at least 1000 jobs, realtors and economic experts alike look forward to the impact this industrial giant will have on the surrounding area.
The Beaver State continues to look forward. The unemployment rate here is heading in the right direction, and consumer incomes are expected to rise. While growth may not be strong, it is headed in the right direction – and that can only be a good thing for home sales around Oregon!
Living in Oregon
Move to Oregon, and you’ll be able to witness the daily splendor of some of the most prominent mountain peaks in the country and also revel in the beauty of the Pacific coastline!
It’s thought that people have lived amongst Oregon’s diverse mix of coastline, volcanic and glaciated mountain ranges, waterfalls and forestry for at least 15,000 years. Just like back then, the climate here is moist and mild, although there can be periods of extreme hot and cold. The central and eastern parts of the state are much drier.
Here are some of Oregon’s fast facts:
- What is the population of Oregon?
- The population of Oregon is 3,899,353
- What is the capital of Oregon?
- The capital of Oregon is Salem
- What is the largest city in Oregon?
- The largest city is Portland
Back in the 19th century, Oregon’s industry depended on the fur trade, gold, logging, mining and salmon fishing. Today, this state is known for its agricultural products – and the adults will be happy to know it’s also famous for its wine and craft beer production!
Tourism is also a valuable asset to Oregon’s economy because its beaches, mountains, forests and lakes attract visitors year-round. Shoppers love the fact that this is one of only five states without sales tax!
If you enjoy the outdoors, Oregon has plenty of activities to offer. Snow-capped Mount Hood is the highest point in the state and offers more than 4,600 acres of skiable terrain. And, with 1,200 miles of hiking trails, it’s one of most climbed glaciated peaks in North America!
Crater Lake National Park, the only national park in Oregon, is known for its exquisite beauty. Crater Lake is famous for its deep blue color and clear water. It’s actually the deepest lake in the country!
If you are a fan of the Arts, the Oregon Shakespeare Festival is a regional repertory theatre located in Ashland and produces eleven plays per year. The Portland Art Museum, founded in 1892 and housed in what was once a Masonic Temple, has a collection of more than 40,000 works of art.
Inside and out, Oregon has something for everyone!