Bend OR Real Estate - What's Up With New Home Sales?

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

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 is 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 in how it is not following the normal trends.

 

Bend OR new home permits

Why Are Bend Builders Not Pulling Permits?

When a good analysis of Bend home trends are 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.**

Bend New Home Inventory

 *Data from the city of Bend, Oregon

**Data from Central Oregon MLS

Original blog can be read at Bend Premier Real Estate's blog.

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Topic:
Real Estate Market Trends
Location:
Oregon Deschutes County Bend
Tags:
bend real estate
bend new homes
bend home construction

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Rainmaker
3,211,859
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Lynnea - Perhaps this is an opportunity in Bend, OR.  Keeping up to date on sales trends is most beneficial for prospective buyers/sellers. Knowledge remains a powerful tool but it needs sharpening and fine tuning from a local real estate expert like yourself.

Mar 22, 2019 04:32 PM #1
Rainmaker
3,148,297
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lynnea we had a shift about six or eight months ago in my market, needless to say everyone looked at me as the bad news bear...reality is I was trying to give heads up since CA is always the first to feel the changes...Endre

Mar 22, 2019 11:23 PM #2
Rainmaker
4,829,757
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Lynnea Miller this is good information.... Massachusetts is always the last to feel what you folks are experiencing.... we're grabbing as much as possible right now in preparation for what you're experiencing....

Mar 23, 2019 03:53 AM #3
Rainmaker
377,641
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Barbara Todaro - we built our business to handle the next slow down. Although this week it feels like the dam has broken and we are getting new listings and new deals are being written.  Really good feeling after the slowness of February. But building trends are significant and reflect on our future business.

Mar 23, 2019 08:35 AM #4
Rainmaker
377,641
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Endre Barath, Jr. Yes- with California a major feeder market for us, what you see directly impacts us. We also noted a slow down 6-7 months ago.  Remains to be seen how the rest of the year goes.

Mar 23, 2019 08:36 AM #5
Rainer
336,869
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Love this building site!

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Mar 23, 2019 04:52 PM #6
Rainmaker
5,218,215
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will certainly appreciate your local market reports.

Mar 24, 2019 08:55 AM #7
Rainmaker
3,036,556
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea Miller and thanks for this information for us here in the rain.  Hope you are doing good.

 

Mar 24, 2019 09:56 AM #8
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Rainmaker
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Lynnea Miller

Premier Real Estate Service in Central Oregon
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