market report is still positive. The only "negative"? Low inventories are making it hard for some buyers to find what they're looking for, thus affecting total number of transactions recorded. Yet, with the laws of supply and demand, this phenomenon is keeping prices strong.
Low inventories might not last, as builders are taking up the slack: new construction represented 27% of homes sold so far this year, nearly double last year at this time. According to a recent article in realtormag.com, construction job growth is marking recovery. "While commercial construction job growth is most impressive—a 3.1 percent seasonally-adjusted gain over year-ago figures and an addition of 15,500 jobs in the past 3 months—residential construction employment isn't lagging too far behind. The sector was up 0.6 percent over the last 3 months, reflecting the 3,300 jobs added over that time."
In the Bend, Oregon real estate market, sale prices remain strong. The average sale price in Bend year-to-date in 2013 was 18.7% above the same period in 2012. The average sale price in NorthWest Crossing was 5.7% above YTD 2012 and 39.5% higher than the Bend area. Active residential listings in a March 5 snapshot were 17.3% behind last year and represent 2.5 months of inventory. The national absorption rate is tracking downward at 4.2 months.
Calculations above and figures in the accompanying table are based on Central Oregon Multiple Listing Service data. They represent single-family detached homes on less than one acre in the greater Bend area extending from Tumalo to Alfalfa.
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