The August 2012 report continues to shower good news on our local housing markets. This month caps 12 months of improving numbers which should convince buyers that we have at least turned the corner on the housing demise in our area. Let’s hope nothing more pummels us! We have an impending election which makes many of us nervous but I am encouraged that housing has improved in spite of the reality that the economy is faltering and anemic at best. Perhaps the two are not tethered as tightly as we believe? We will see.
The Fed has extended its commitment to keep interest rates low for another couple of years through a $40 billion monthly purchase of mortgaged backed securities. While this is good for buyers and seen as positive in the stock market, our experience has been that buyers actually buy immediately when they perceive interest rates begin to climb not when they think they could go even lower! It is risky to guess at this because when the economy begins to improve, mortgage interest rates will climb because they are tied to the bond market.
For several years now, Bella Casa Real Estate Group has helped more buyers buy in Yamhill County than any other office.
Why Won’t My Property Sell? – article by Randy McCreith
Home Sales Report – see what kind of properties are selling
Real Estate Office Sales – Bella Casa is still #1!
Market Action Report – stats for August 2012
Summary for the Portland Metropolitan Area (including Yamhill County); all aspects of sales were up in August
Closed Sales:
- 28% higher than August 2011
- Highest closed sales in 5 years
- 17.1% higher than July’s sales
- Year to date compared to 2011 YTD, 17.4% increase
Pending Sales (accepted offer)
- 9.% higher than in 2011
- The same level as July
- Year to date compared to 2011 YTD, 16.8% increase
New Listings are up 7.6%
- Sellers encouraged by the expectation of selling
- Prices are stabilizing
Pricing: Average Sales Price = +2.7%; Median Price = +4.5%
Inventory is down to 3.9 month supply
- 4-6 months is considered a balanced market
- Bordering on being a seller’s market
- The 5 year high was almost 20 months!
Market Time (days on market – DOM) is down 20.3%
As a Realtor® accountable to our clients, the months I fear the most are August and September. Perhaps vacation distractions and the start-up of a new year for both families and community events are the reasons, but in our area of Oregon, these are the dead months. Not this year. Our August was amazing and our September is looking exceptional.
Not all sectors are experiencing the same kind of recovery. Rural properties, lots and land, and some geographic areas remain weak. We expect improvement to continue to spread this year.
Contrary to public perception, the winter months are remarkably good for real estate sales. How do we explain that? Perhaps for tax reasons, company relocations, or because of low inventory (less competition) and more serious buyers; we look forward to productive months ahead and a very good 2013 which we trust will be a return to normalcy.
A balanced market means that it is good for buyers and for sellers. Bella Casa Real Estate Group has held the top position for several years for helping more buyers buy in our area than any other office. I have attached the documentation for your confidence in us. That we have achieved this is not only encouraging to us, but it is good for our sellers when we have access to so many buyers! Thank you for your trust and for your personal referrals to us.
Thank you for entrusting your properties to us and your purchases to us. We appreciate you so very much and are grateful for your referrals to us and the good word you help to spread about us.
Best regards,
Randy
Randy McCreith, Principal Broker
Bella Casa Real Estate Group
Cell: 503-310-9147 Fax: 866-281-6653
[email protected]
