The Beacon Report – August 2021.
Increasing SFR Inventory.
In July 2021, the Bend Single-Family Residential (SFR) market reached a 1 month supply, which was last seen in July of 2020. Redmond also shows an uptick in inventory levels (close to 1 month supply), but a 1 month supply is inadequate in order to meet the current level of demand in either market. In general, the marketing time remains less than one week in both Bend and Redmond.
The increasing inventory trends in Bend and Redmond may be a sign that the markets are transitioning. Regardless, in my opinion, the market remains favorable to sellers at this time. Marketing times are less than one week and the inventory is significantly lower than in 2017-2019 (2-3 months), which I considered low at the time. I pay close attention to the inventory levels in order to recognize transitions in a market. Inventory trends are precursors to prices increasing, stabilizing, or declining.
Supply and demand components lead the way, but only time will tell if the increasing inventory trend is here to stay (indicating a market transition), or simply a short-term occurrence.
The link to the most recent report is below.
The Beacon Report is compiled each month by Donnie Montagner (State Certified Residential Appraiser) of Beacon Appraisal Group LLC with information obtained from the MLS of Central Oregon with permission from the Central Oregon Association of Realtors®.