Clients and Friends,
This email is primarily about the September reports but I have included the main August report which I missed last month. The return to normalcy in our local markets this year meant that we could take a good vacation and take time out from working our business to catch-up on work at home. Since August and September are among the slowest months of the year, we used this time to catch our breath and begin preparations for the coming year. The 4th Quarter is sometimes viewed as the holiday quarter but it really is the administration quarter and the seed quarter for the next year.
In our area, 2013 and 2014 were recovery years. 2015 realized impressive and consistent sales volume, the complete return of new construction and sales of buildable parcels, the ability to sell high value properties again, significant improvement in rural property sales which have lagged the housing recovery, and prices in many tiers which are pushing close to top of the market numbers of 2007.
The influx of Californians, perhaps the strongest influence on our market sales (and certainly for our rural property sales), is now at the second highest level ever. For the greater Yamhill County area, this may not feel impressive yet because of the strong ‘urban’ fad in the marketplace. People are pouring into Portland rather than searching out country living. Portland has achieved quite a buzz about it being one of the fastest recovering cities in America but with that comes the headline that is might also be among the most overpriced cities in America. Prices and rents have sky-rocketed, the streets seem filled to capacity, and all the attendant problems of such success are showing up. Even now, the push-out farther to find better values, some space, and some peace is at work again! We expect our recovery to remain strong and continue to escalate for some time.
Included in this report is:
1. Portland Metro Market Action Reports for August and September
2. Home Sales Reports for September for Yamhill and Washington County
3. Distressed Sales Report for the 3rd Quarter (Portland Metro)
We expect the 4th quarter to be consistent with the year so far. Some of our best numbers historically have come in the 4th quarter. The reasons vary for this – tax considerations, company restructuring, promoting, and relocations, relaxed time for people to think and plan, October is already a good month for sales. Keep in mind that while fewer buyers are in the marketplace, they are all serious buyers – ready to buy. There is much less competition for the inventory which can mean good pricing for buyers and sellers.
Our numbers are very good this year and well above second place for office sales in Yamhill County. We can put the industry’s very best brokers to work for you in selling local real estate or helping you buy anywhere in the state of Oregon. We are always glad to help answer questions and provide education to everyone from first time home buyers (which we love!) to the most sophisticated sellers and buyers. Please refer your friends and neighbors with confidence that they will be working with the best!
September 2015 Market Action Report
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Closed sales were 26.6% ahead of closings recorded in September 2014
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Closed sales slipped 2.8% from the closings recorded last month in August 2015
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It was the best September for closings in the region since 2005.
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Inventory stayed stable at 1.9 months in September.
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Total market time increased to 46 days.
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Prices continue to rise in 2015 compared to 2014.
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Comparing each year through September, the average sale price rose 5.9% from $333,000 to $352,500.
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In the same comparison, the median sale price rose 7.0% from $285,000 to $305,000.
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Pending sales fared 16.5% better than September 2014.
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Pending sales fell 11.2% short of offers accepted last month in August 2015.
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New listings similarly improved 10.4% over September 2014 and slowed 11.8% from August 2015.
Best regards,
Randy
Randy McCreith, Principal Broker
Cell: 503-310-9147
Fax: 866-567-0466
Email: [email protected]
