Clients and Friends, the year end summary…
2013 was a good year for the greater Portland area. Overall…
- New listings were up 11% over 2012
- Pending sales (accepted offer) ended up 14.3% better than the previous year
- Closed sales beat 2012 by 12.7%
- Average and median prices were up almost 13%.
- It is a ‘seller’s market’ in Portland with just 3.2 months of existing inventory.
- Oregon is one of the best states and Portland one of the best cities for recovery from the woes which began in mid-2007.
- Total ‘days on market’ for an accepted offer is averaging 87 days.
We have maintained that the greater Yamhill County area is trailing Portland by about 1.5 years. Here is a summary for Yamhill County for year ending 2013:
- Our Average Sales price was up 12.6% from $214k to $241k; median prices were up 8.9% which is more realistic.
- Our inventory stands at a balanced market (but still leaning towards a buyers market) of 5.5 months of sales compared to 2012 at 6.9 months (a buyer’s market). Portland had a similar number in early 2012, a two year lag.
- New Listings are up from 1627 to 1693 (+9.6%)
- Pending sales are up 18% to 1189 accepted offers.
- Closed sales totaled 1156 this year and 979 last year (+8.5%)
- Closed sales totaled 1156 this year and 979 last year (+8.5%)
- Total ‘days on market’ for an accepted offer is averaging 166 days (about 5.5 months)
Notice on several of the key graphs in the Market Action Report the graphs showing comparison with previous years show the tightening/compressing of the data that in the second half of the year. Once again, we visually see a great first half of the year and a weakening end of the year- more than the seasonal trends.
January has come out with a shout and we are very busy with new listings and frenzied online activity which is characteristic of post-New Years planning. We are preparing for a very good year to come for our clients and our colleagues. Everyone needs a break from the past suffering!
Bella Casa ended 2013 with first and second places for successful sales on the default office reports in the Regional MLS. Attached is a competitive comparison of office production for 2013. You can see what the top 34 offices selling in Yamhill County did. From nothing in early 2007 though the fires to top producers in 7 years is something we celebrate this week at our Bella Casa Real Estate Group annual party. We are ready to continue to excel and deliver for our clients in 2014. We are so grateful for your referrals to your co-workers, neighbors, friends and family. All we ask is for an interview that we might show the difference and prove our skills for our client’s good.
Speaking to that issue, I addressed some of the amazing claims made in advertising by some agents in Portland in a new article entitled:
If I do not sell your property in 30 days will I buy your property?
For our clients who have continued to entrust your properties to us, thank you and hold on a bit longer; there is truly light at the end of this tunnel. We are driven to get the job done.
Additional Documents
– December 2013 Market Action Report
– December 2013 Homes Sales Report
– 2013 Yamhill County Real Estate Office Rankings
– Article: If I do not sell your property in 30 days will I buy your property?
Best regards,
Randy
Randy McCreith, Principal Broker
Cell: 503-310-9147 Fax: 866-281-6653
[email protected]
