Lack of inventory continues to be the main factor in Central Oregon’s housing market.
It is not unusual for inventory to peak in July and bottom in February. That trend can be seen in sales charts going back for years. What is unusual this year is the lack of inventory. As I posted in March, the number of homes for sale in February was the lowest it has been since 2006. Which begs the question, how low will inventory go this year?
When inventory reached its annual low in February of this year, the number was 31% off the summer 2011 peak. A similar reduction this winter would put the number of homes for sale at 1390. Inventory hasn’t been that low since April 2004.
This low amount of inventory is providing a nice bump in price for sellers this year because demand for homes in Bend and Central Oregon is still relatively strong. The fact that buyers are still buying houses despite having fewer homes to choose from has driven the average price per square foot for homes sold in August to $132. That is the highest point in almost three years. October 2009 was the last month homes sold for an average of $132/sq ft.
Sellers, you may be surprised at the prices homes are selling for right now. With little competition from other homes on the market now is an attractive time to list your home for sale. Call Becky at (541) 508-2930 to determine what your home could sell for today.
You can read more monthly sales reports: Bend Home Prices.
Real Estate Sales information courtesy of Central Oregon MLS