Inventory is finally showing signs of life. As I have been writing for the last 5 months, the number of homes for sale in Bend and Central Oregon has been unusually low. June saw the number of homes for sale nearly reach 2000 for the first time since November 2011. The actual number for June was 1998. Having two thousand homes for sale in any given month appears to be significant because it has been nearly seven years since inventory was below 2000 homes for sale for more than three months consecutively.
Now, I understand that part of those seven years were during the boom but four of them have been during the “fall.” Getting back to 2000 homes for sale in a month is a good sign for the Central Oregon real estate market. It indicates that the market is getting healthy again and that sellers are becoming more comfortable with the prices that homes are selling for. This could also indicate that we have seen the bottom of the market in Bend. The only question is how big is the “shadow inventory” of homes in foreclosure or about to be in foreclosure. Back in February, CoreLogic was estimating that there were as many as 10 million homes headed to foreclosure. Even if only a small portion of those homes hit the Bend real estate market during the remainder of the year they will continue to be a drag on prices. However, if there are a large number of foreclosures outstanding in Bend we could see another winter similar to last year.
Our feeling is that now is the time to list your home for sale.
You can read more monthly sales reports: Bend Home Prices.
Real Estate Sales information courtesy of Central Oregon MLS