Spanish Abstract: Aunque existe evidencia empirica sobre la demanda de vivienda y su dinamica de ajuste, es escasa la evidencia sobre el ajuste via oferta. En particular, minima es la evidencia sobre la cuantificacion de elasticidad de la curva de oferta, elemento clave para equilibrar los mercados inmobiliarios. Este articulo estima la funcion de oferta de servicios de vivienda, utilizando una novedosa metodologia que recupera la elasticidad a traves de una relacion teorica entre el valor de la vivienda y el precio de la tierra. Utilizando datos de Bogota, Colombia, estimamos la elasticidad de la curva de oferta para el ano 2008. Nuestros resultados sugieren que el mercado se ajusta via cantidad en respuesta a los choques de demanda. English Abstract: Despite the literature on urban economics has devoted a lot of attention to analyzing housing demand and its adjustment dynamics across markets, not a similar attention has been given to housing supply. In particular, there is limited knowledge on the way the supply curve would help to understand the urban equilibrium in highly dynamic markets as that of Bogota in Colombia. This article characterizes housing supply by stating the relationship between the value of housing and the price of urban land. We estimate Bogota’s housing supply curve using information available for 2008. Results suggest that market adjustment after demand shocks occurs through quantities.