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Prices Rise, Inventories Low in Bend, Oregon Real Estate

At the risk of sounding repetitive, we have more fairly good news to report for the Bend, Oregon real estate market. As we recently reported in our monthly eNewsletter, Bend home prices continue to rise as inventories stay low. You’ll notice some trends in the chart below.

Prices continue to chart an upward trajectory. The average sale price for a home and the average price per square foot in the Bend area YTD are over 20% above the same period a year ago. The gain in NorthWest Crossing is slightly less but still comfortably within double digits. The average price in NorthWest Crossing YTD is 49.1% above the average for the Bend area as a whole.
New construction sales have increased by nearly 90% and represent 22.4% of all home sales in the Bend area. Rising land and material costs are applying upward pressure to new home prices.
On a national level, data reveals a growth gap between new and existing homes, a byproduct of low inventory levels that are plaguing the industry from coast to coast. Single-family resales were up 9% over April 2012 while new single-family home sales charted a 29% increase. Single-family housing starts, building permits and new home sales also were up sharply over the rates recorded 12 months before.
This is all good news, but buyers may have a harder time finding completed homes with the low inventories as our builders try to keep up. Now’s the time to start looking!