The Bratton Report for May 2013 is now available by following the link. The report confirms the findings in the Duke Warner Market Report released earlier this month that the Bend real estate market is smoking hot.

The graph driven Bratton Report shows a steep climb for sales the last four months. In fact the past four months mark the steepest gain in homes sold for a period running back to April of 2005. Unfortunately my data base does not go back far enough to capture the start of the great run up of the 2004/2005 so I cannot compare today’s market climate to the start of that wild ride. Sales volume for May also marks a level not seen since May/June of 2006. This level being the last plateau before falling of the economic cliff and into the “Great Recession”.  

While the sales volume rose dramatically the median price of a Bend home stumbled a tad for the second month. Given the crazy level of sales for the current month, June, I would expect the median number to jump significantly in the next report.

Inventory levels have seen an increase in the recent weeks which will assist in real estate brokers being able to find homes for their buyers thus helping keep the sales ball rolling. The one kink in the armor is the continued rise in interest rates, which will continue to increase as we move forward. As they increase buyer’s will start to see their buying power shrink.

Next up will be the return of distressed properties to the market which will help bolster the inventory levels. Though I believe that it will be next spring before the lenders and state of Oregon get their differences figured out. When they do return do not expect a tidal wave of fresh properties re-entering the market but a slow to moderate increase.

If you have been waiting to get into the market indications are the time has come to take action. There are still good values and interest rates are comparatively low when. Don’t be the one who says I wish I would have… There is already plenty of that happening today with those who passed on last year’s opportunities.    

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