February 2012 Market Action Report
We have the latest analysis from the Regional Multiple Listing Service covering the greater Portland markets, including all of Yamhill County. I am glad to report that this is the 6th month of good news which also reflects our experience working with buyers and sellers. While still below historic ‘normal’ standards, we are definitely experiencing encouraging rewards in our work.
SIX MONTHS OF GOOD NEWS makes a trend… and so we hope that this is a year of consolidation and stabilizing. We have serious challenges still and it is an election year. We will be grateful just for improving sales volume, fewer distressed sales, and stabilizing values. We trust our buyers will be pleased with what they find now, and our sellers will be able to move on with the next chapter of their lives.
What has changed? Perhaps a bit more good news in the economy (?) I suspect the most important factor is that buyers truly believe now that this is the best time to buy that anyone might see in their lifetimes. LOW prices, EXREMELY LOW interest rates, still good inventory, and amazing opportunities for investment and gain. Most now believe that the downside risks are low compared to the upside potential. We are at the most affordable time to purchase real estate since the Depression.
Here are some of the Highlights of this Report:
1. INVENTORY (supply) is down to normal range – the lowest since the housing industry crash. Best in 5 years!
2. CLOSED SALES Up 17.5% over last year, and 3.1% over January; year-to-date up 17.9% over last
year-to date! Best in 4 years!
3. PENDING SALES (accepted offer) Up 32.5% over last year, and 15.7% since January; year-to- date
up 26.3% over last year-to-date. Best in 3+ years!
4. AVERAGE & MEDIAN PRICES: up modestly highlighting price stability building and broader price
ranges selling (not increased pricing yet).
5. PRICING on Average: approximately at 2004/2005 levels
6. Average DAYS ON MARKET is dropping
7. Please Note: Yamhill County is lagging Portland but it is following those markets
Bella Casa Real Estate Group and our individual Realtors® each provide much up-to-date and breaking market data on our website and our blogs weekly. We email out the Market Action Report to our email list each month. We would also provide any customized information for you at your request.
Finally, we have celebrated our 5th anniversary this month and special thanks to all of you who helped us cheer in both our Newberg office event and our McMinnville office event. We have much gratitude for all who have been so gracious to us, through some trying times. Our clients have been the best we could have hoped for and it has not gone unnoticed.
As always, glad to have your thoughts and comments.
RandyRandy McCreith, Principal Broker
Bella Casa Real Estate Group
Cell: 503-310-9147 Fax: 866-281-6653