Clients and Friends,
The housing market is again the source of good news in our area. Recovery is well-established and continues to pick up steam with the seasonal escalation of activity. We have great numbers to report in the Portland metropolitan area including Yamhill County:
1. Closed Sales (solds):
- 14.2% higher than March 2012
- Up 40.6%% from last month
- 1st Quarter 2013 compared to 1st Qtr 2012: 11.3% increase
- Best March since 2006!
2. Pending Sales (accepted offers)
- 15.7% higher than March 2012
- Up 23.4% from last month
- 1st Quarter 2013 compared to 1st Qtr 2012: 11.3% increase
- Best March since 2006!
3. New Listings (it is a good time to list your property for sale)
- 4% higher than March 2012
- Up 22.4% from last month
- 1st Quarter 2013 compared to 1st Qtr 2012: 1.3% decrease
4. Pricing: (reflects both increased prices and more higher end sales pulling up the averages)
- Average Sales Price: +15.3%;
- Median Price: +16.6%
5. Inventory is down to 3.2 month supply at the current rate of sales
- 4-6 months is considered a balanced market
- The 5 year high was almost 20 months!
- The lowest inventory since June 2006!
6. Market Time (average number of days on market- DOM) is down over 16% from last year; 135 days in 2012; 112 days now
Some thoughts…
It is no longer a buyer’s market, but there are still great values and exceptional buying conditions for buyers. It is not yet a seller’s market, but every seller is enthusiastic about realistic opportunities right now. For real estate professionals, we are grateful to be alive and optimistic for the future. We hope now for 6 good years to make up for the 6 past years of famine. The market balance is actually good for everyone; the proof of balance is that we hear equally reasonable expressions of optimism and complaints from sellers and buyers. Most of us are grateful for positive change!
Our Challenges revolve around sales transactions. Appraisers focus on the past to document reality while buyers and sellers are thinking about the present and projecting into the future. Buyers may be willing to pay more (and sellers are definitely asking for that right now) but appraisers must have hard data to prove the value based on closed sales. Lenders also do not want to get caught lending too freely until the market proves it is reliable for the future; that really cannot happen until we see a more solid economic foundation. Accepted offers, even multiple offers, are reality right now; simple and predictable closings are not. Keep the Tums handy!
Please pass this report on to anyone you know who is considering selling or buying in our metro area. We are committed to mastering our craft and that means being lifelong students of the marketplace. This report is part of our commitment to help our clients understand buying and selling, and valuing and marketing properties, and negotiating for the best terms and conditions. We want our clients to trust us, but not just because we ask them to; we ask for trust as we help them to understand for themselves so they can make the best decisions.
I have written another article about what you are hearing in the news and particularly the difference between what you are hearing about in Portland and Yamhill County. This is timely!
Download the full Market Action Report.
Download the March 2013 Home Sales Report.
Best regards,
Randy
Randy McCreith, Principal Broker
Bella Casa Real Estate Group
Cell: 503-310-9147 Fax: 866-281-6653
[email protected]
