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Bend Oregon Real Estate - What's Up With New Home Construction?
Permits Down for New Bend Homes
After many years of growth in new home construction in Bend, the number of permits pulled so far this year for single family homes are significantly down compared with previous years. From a high of 117 in March 2017, February 2019 had the lowest number of new home permits pulled in 4 years with less than 40.* February is typically a busy month for builders obtaining permits to build homes for summer sales. This decline is significant as it is not following the normal trends.
Why Are Bend Builders Not Pulling Permits?
When a good analysis of Bend home trends is looked at, it becomes obvious that Bend new home construction has slowed. Many builders are sitting on inventory and while prices have continued to rise, sales have slowed to a level we haven't seen for 4 years. There are now 7 months of new construction inventory based on closed sales; 6 months is considered a balanced market. Bend has been operating with less than 4 months for many years, which is a seller's market. When the inventory levels exceed 6 months, we have entered a buyer's market. If this trend continues, it will open the door for added opportunities to negotiate price and amenities when purchasing a new home.**
*Data from the city of Bend, Oregon
**Data from Central Oregon MLS