This Market Action Report ends the first quarter of 2014 for the greater Portland metropolitan area. We are glad to have this behind us! There are some increases over last year and too many decreases under last year- but most of them were modest. This means that pundits can easily spin the data positively or negatively; expect to hear contradictory reports for a while. The reality is that the market was just plain flat in the first quarter, as shown in this Home Sales Report. It was a very different reality than last March’s report with its dramatic increases over the previous year. This is a national phenomenon, likely related to the national economy, and to two years of housing improvement (in many areas) wherein the best deals are now gone as you can see in the Distressed Residential Properties summary.
Fortunately there is better news to consider going forward. Late March, and so far in April, we are seeing good improvement in showings and offers and for a wide variety of properties. The New Year seems to have started 3 months late. Interest rates have also been whittled back to where they were a year ago when they spiked by 1% to deflate the market. This is motivating for buyers and hopeful for sellers. Remember, when interest rates go down it is a double-edged sword- good for buying but reflects negative economic news.
Yamhill County is still a bargain, still a buyer’s market, still improving, and still has great potential to improve this year over 2013. We need to be conservative in our expectations and strategies (price is still the most important), but we should be optimistic for a better year.
It is the listing season of the year. If you know anyone who wants to sell, this is the time to be going public. Please call us or email us for a market analysis or to refer a friend to us. All we ask is for an opportunity to compete to serve you. Bella Casa Real Estate Group Realtors® have a distinguished service record for selling complex and luxury properties and serving every kind of seller in this demanding market. Our record is unchallenged for helping more buyers buy in Yamhill County than any other office!
Randy McCreith, Principal Broker
Cell: 503-310-9147 Fax: 866-281-6653
Bella Casa Real Estate Group