You hear realtors say "We are in a buyer's market" or "We are in a seller's market", but what does that mean? What realtors are typically looking at when they determine this is - How many months of housing inventory do we have? The different types of markets are...
Buyer's Market - More than 6 months worth of inventory.
Balanced Market - About 6 months worth of inventory.
Seller's Market - Less than 6 months worth of inventory.
Bend real estate looks to continue being a " seller's market" for 2015 with currently only 3.6 months of inventory based on closed sales. That means if no more homes were to be put up for sale, we only have 3.6 months of inventory before all homes are sold based on current demand. If we include "pending sales", there would only be 2.3 months of supply. This shortage is also helping the seller's bottom line, as home values are being pushed up as well. The closed sales price for single family homes in Bend is now over $360,000, compared to just $316,000 a year ago.
When will Bend return to a more balanced market? That is harder to determine as expanding the urban growth boundary in Bend continues to be in limbo (developable land is still in short supply), but mortgage rates are expected to rise to about 5% in 2015 (meaning some buyers may be priced out of the market). But until these things happen, we expect Bend to continue to be a strong seller's market through 2015 as buyers continue to look at Central Oregon as a very desirable place to live.
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