Clients and Friends,
It happens at least one month every year… the workload becomes so intense that it takes me two months to find time to put out the Market Action Report. That is not necessarily bad news! It is a good problem to have (compared to the famine years) but it is still a problem…
I am providing two months’ Market Action Report- MARCH AND APRIL. As you know well by now, the 4thquarter and the 1st quarter were very slow for sales; our sellers know it all too well. In a rapidly ascending marketplace in our area, it is frustrating and incomprehensible to have properties sit on the market with little or no action. We blame the weather (perhaps a bit the election as well). In any case, buyers had no stomach to shop homes or rural lands, in relentless rain, snow, cloudy darkness, swampy land, and very cold temperatures. I think we got two sunny days in a row in mid-March for the first time. We are still waiting for one full week of sun since September!
The marketplace came to life in late March and through April and May has been busy. Overall, in 2016, we saw a leveling-off of the marketplace particularly in Portland. Their surge of pent-up demand is waning and continuing to mellow. Our local market conditions continue growing; we have a ways to go yet. Like the crest of a wave which began in Portland and has reached us 3 years later, we are cresting now while the huge wave has passed them by. Note that though the wave passes, the tide keeps rising- that is, prices have not moderated anywhere yet!
March numbers are down from March 2016, in fact, our first quarter numbers are closer to the numbers put up in 2015 rather than in 2016, which was the first ‘good year’ of the recovery for our area.
What may be surprising to you as you peruse the graphs and statistics is that the numbers in April also look disappointing??? Keep in mind, that if buyers came out in force in late March (instead of early January) the effect seen in the statistics will likely not be known until May at the earliest, but more-so by June. Transactions still take about 60 days to close after the buyers find the right property for them. For now, you will have to take our word that the marketplace is bustling already and the good numbers are on their way. We have no reason to expect anything but a very good year for sellers.
For buyers, it will continue to be a competitive (and frustrating) market where the longer you wait, the more you will likely pay. Yes, it remains a very strong ‘sellers market’. Buyers should also note the Affordability Index in the April Report.
Our brokerage is growing as we attract new agents (fresh talent) and seasoned brokers looking for a better work culture and fairer system which is professional. We are eager to work for you, and those you know who need premium real estate services for less money. We gain many clients because of our marketing and our community presence, but our greater hope is that our clients who can testify of our work and values will refer us to friends and family; to coworkers and neighbors, and whenever they hear of a need we can help with. Thank you for your consideration.
Randy McCreith, Principal Broker