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More Good News! Bend, Oregon Real Estate Rocks

Bend, Oregon real estate is hot right now. We’re excited to see the market shifting, which is creating some unique “problems” like low inventory. The classic laws of economics can be seen at work, as this low supply is driving up prices on residential real estate listings. New home construction is continuing to rise, helping to alleviate some of the inventory demands (new construction sales have increased by 65% over last year), but constraints remain.

Active residential listings at the beginning of May were 18% below the same point a year ago. Last month the gap was 8.5%. This is pushing the number of sales down in comparison with last year at this time. The current inventory calculation is three months.Average year-to-date sale prices in Bend are 27% above last year at this time, with the price per square foot up a similar amount. This calculation is similar to CoreLogic index figures for the Bend Metropolitan Statistical Area, released May 7, that show March prices up 3.3% from the previous month and 19.8% over March 2012.

The inventory pinch is not the only factor supporting higher prices. Building material costs are rising across the country. National Assn. of Home Builders chief economist David Crowe said prices of gypsum, softwood lumber and concrete are running above 90% of housing boom levels. This is causing home construction costs to rise faster than appraised values.
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