Market Report- Inventory Is Down

Bend Real Estate Market Report

Our market is definitely changing… Many of us Realtor have a slew of buyers looking for homes, but are having a hard time finding them a home. And when we do find them a home we are running into multiple offer situations.  Here is a look at the Bend market broken down by price ranges.  Pending sales are way up, inventory is down…

Bend Market

All data is for stick built homes, excluding manufactured homes, condos, and townhomes.

Under $200,000

  • ACTIVE- 87 home listed as Active
  • PENDING- 222 homes Pending Sale!
  • SHORT SALE WITH OFFERS- 44 short sales that currently have offers on them
    SOLD- 372 homes have sold since the beginning of the year

$200,000-$500,000

  •  ACTIVE- 338 Active listings
  • PENDING- 205 Pending Sale
  • SHORT SALES WITH OFFERS- 45 short sales with offers on them
  • SOLD- 366 homes have sold since the 1st of the year

$500,000-$999,999

  • ACTIVE- 147 Active home listings
  • PENDING- 33 Pending sales
  • SHORT SALES WITH OFFERS- 5 short sales with offers
  • SOLD- 44 properties have sold since the beginning of the year

$1,000,000+

  • ACTIVE- 60 homes on the market
  • PENDING- 1 pending sale
  • SHORT SALES WITH OFFERS- O
  • SOLD- 2 sold this year

Did you notice that under $200,000 there are almost 3 times as many homes Pending sale and Short Sales with offers on them, than there are Active on the market.  What does this mean?  It means that our inventory is down, which is a sign that our market is turning.  Supply and Demand.  The demand is there, and our supply is running short.

The $500,000+ price range is still moving slow, but it will be the last to recover.  The good deals in this price range are still seeing mutiple offers though. Buyers are out there, but they’re only looking for the deals.

I’m excited to see what this summer brings.  Stay tuned for more on the Bend market conditions.

Below is a graph comparing home sales and inventory for stick built homes over the past 6 years.  Our inventory is down to where we were during the boom… We currently only have 4.1 months of inventory.

Home Sales VS Inventory

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11 Comments

  1. Its great to see inventory down. We are seeing the same thing in the Austin market. Our inventory is down around 20%. Lets hope the rest of 2012 keeps with the trend.

  2. This is a great sign. If real estate markets in the US are improving then one can only presume that this will happen globally. Let’s hope it does. We are already seeing similar increases in property sales in Spain.

  3. Great post! Sometimes you get tied up with local or statewide stats. Interesting to compare it to another city for reference! The market in Grand Rapids Michigan….Was down to under 3 months of supply last month!

  4. This is exactly what we are seeing in Salt Lake. Buyers wanting to buy but limited by the inventory. In fact we are starting to see multiple offer situations and home prices are on the rise (up nearly 10% in August 2012). A knock on effect of the low inventory is that new construction is on fire on at the moment.

  5. In Florida surprisingly, we are seeing the same thing. National studies show right now that all around the country the houses on the market are 14.8% less than they were last year and this is even in the top markets in the country which is Silicon Valley in California.
    When it is like this, there may be bidding wars.

  6. It is great to hear a reduction in inventory all over, but I am concerned a bit that some markets banks seems to be holding back some of the foreclosures which may account for some of the reduction in inventory.

  7. We are seeing the same statistics in Florida. Our home inventory is back at 2006 levels. Great for the home seller and the home builders but it is making things a lot more challenging for the buyers agents. We have found that we currently have a number of home buyers sitting on the sidelines waiting for the right home to come up.

  8. The reason why inventory is so low is because there aren’t that many good houses on the market. We need to keep home owners inside of their home and not out of it.

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