View the full analysis of June’s real estate market performance in the June 2011 Portland Metro Market Action report (this includes Yamhill County, Oregon).
- Randy McCreith, Principal Broker
There are some bright spots in the market right now. Real estate sales now include a broader range of pricing, not just the low-end properties. For the first time since the housing crisis hit our area (July 2007 – “Yes, 4 years ago this month!”) our inventory numbers are back into the normal and acceptable range of 6 months (how long it would take at today’s rate of sales to deplete the market of product if no new houses were listed). As with all supply and demand, this should stabilize prices. The next question is whether buyers are out there and willing to buy now. We will see.
Closings were down from last year: this must be looked at in light of last year when we were still processing the closings from the rush to get in on the $8,000 tax credit. The deadline for completing the transaction was 6/30/10. Perhaps the good news here is that we were only down 2.7% and that the closings for June were the second best in the last 4 years. Pending sales are running about the same volume as in 2009. That is good but 2009 was also the aftermath of the financial meltdown in the fall of 2008. So it is still a very mixed market with many threats ahead in the economy and in the foreclosures coming to market. Some describe this as bouncing along the bottom. I say it is a market waiting for some good reasons and hopeful news to get up in the morning and get to work as it should!
This month I have taken to preaching so I will likely alienate some, but I hope you will give me a chance to be heard. I have written a message about the good that a recession does for us. It is not all doom and gloom, and in the horrible train-wreck there are stories of heroism and noble values and examples to emulate. Along that line, I want to think about the good that can come out of this mess. I am glad to have your responses, your further ideas, and your improvements to such an idea!
Randy McCreith, Bella Casa Real Estate Group
503-310-9147 Cell [email protected] www.TheBellaCasaGroup.com Bella Casa Blog The Marshall Building 207 NE 19th Street, Suite 100 McMinnville OR 97128 866-281-6653 FaxBuy. Sell. Be Happy.
