RMLS just published the stats for June, 2017.
We've been feeling a bit of slowing in the market; its been discussed 1n Realtor facebook groups and in offices around the city. These new numbers show slight slowing, but not much. Yes, there is usually some slowing in the summer, while folks are busy vacationing. Comparing to previous years normalizes for seasonal changes.
Our inventory, which we count by the number of months it would take to sell the current inventory at our current rate of sales, is 1.6 months. This is every so slightly up from 1.5 months. It is thought that a balanced market, favoring neither buyer nor seller is somewhere around 5-6 months. Clearly, we've got a way to go.
Our market time, the average number of days it takes to get a pending sale, is 38 days. This time last year, it was 48 days. That's pretty quick, as this includes sale fails and over priced properties.
Our year to date median price is $375,000, as compared to $339,000 year to date at this time last year. Year to date closed sales are indeed down 3.9%.
What does it mean? It means the market is good. For sellers, you can still get a reasonably quick sale on your property at a good price. But don't count on a frenzy driving the price up far above comparable properties in your area. Sellers often hope for that "California buyer who will pay over the value". While folks from out of state may have an amount of money to spend, and find our properties reasonably priced, they too will look at neighborhood values. For buyers, things are easing a bit. You may be able to buy a property at or even slightly below the list price. And we are seeing some contingent offers accepted (where a buyer must first sell their current house before being able to purchase a new property).
If you have questions about the market, or want more information. Please get in touch. leslievjones@gmail.com 503-312-8038.
Showing posts with label House prices in Portland. Show all posts
Showing posts with label House prices in Portland. Show all posts
Thursday, July 13, 2017
Saturday, May 13, 2017
Latest Portland Market Stats
Hmm. I've been feeling like the market has slowed just a tad, and the latest stats from RMLS, released this week, may back me up.
All of the year to date numbers, that is, comparing April 2017 to April 2016, show slowing. New listings are down 7.9%, pending sales are down 10.0 %, and closed sales are down 15% .
Inventory crawled up a bit, from 1.3 months in March 2017, to 1.7 months in April 2017. April 2016 had 1.4 months of inventory. Remember, this is how long it would take to sell all the properties on the market, at the current rate of sales. The 1.7 months of inventory is still VERY low inventory. We consider a balanced market, when neither buyer nor seller have an advantage, to be around 5 or 6 months. We're a heck of a long way from there!
Prices are still going up; comparing the median price of homes sold in the 12 months ending April 30th 2017, with the median price of homes in the twelve months preceding April 2016, we have seen an increase of 11.6%, Market time is shortening; 42 days on April 2017, down from 58 days in March 2017. Increasing pirces are often attributed to a shortage of inventory.
What are the factors that could be at play? Elliot Njus, at the Oregonian, attributes the slowing to a lack of inventory. But our inventory is a bit higher than last month, and higher than it was last year at this time. Slightly increasing interest rates? Political unrest? Rent stabilization measures by Portland and Milwaukie?
What's to come? We usually see a bit of slowing in the summer, Its so gorgeous here in summer, I feel like a significant percentage of buyers and sellers are vacationing at any given time. I expect that will be the case this summer too. That will mean fewer houses on the market, and fewer buyers looking.
If you have questions about the market, or are thinking of buying or selling, give a call, text or email. leslievjones@gmail.com 503-312-8038.
All of the year to date numbers, that is, comparing April 2017 to April 2016, show slowing. New listings are down 7.9%, pending sales are down 10.0 %, and closed sales are down 15% .
Inventory crawled up a bit, from 1.3 months in March 2017, to 1.7 months in April 2017. April 2016 had 1.4 months of inventory. Remember, this is how long it would take to sell all the properties on the market, at the current rate of sales. The 1.7 months of inventory is still VERY low inventory. We consider a balanced market, when neither buyer nor seller have an advantage, to be around 5 or 6 months. We're a heck of a long way from there!
Prices are still going up; comparing the median price of homes sold in the 12 months ending April 30th 2017, with the median price of homes in the twelve months preceding April 2016, we have seen an increase of 11.6%, Market time is shortening; 42 days on April 2017, down from 58 days in March 2017. Increasing pirces are often attributed to a shortage of inventory.
What are the factors that could be at play? Elliot Njus, at the Oregonian, attributes the slowing to a lack of inventory. But our inventory is a bit higher than last month, and higher than it was last year at this time. Slightly increasing interest rates? Political unrest? Rent stabilization measures by Portland and Milwaukie?
What's to come? We usually see a bit of slowing in the summer, Its so gorgeous here in summer, I feel like a significant percentage of buyers and sellers are vacationing at any given time. I expect that will be the case this summer too. That will mean fewer houses on the market, and fewer buyers looking.
If you have questions about the market, or are thinking of buying or selling, give a call, text or email. leslievjones@gmail.com 503-312-8038.
Thursday, July 14, 2016
What is going on with the market?
I’ve been trying to get a handle on what’s happening in our
real estate market. It feels like there is
a slight shift. Some houses are staying on the market longer; longer being
eight days instead of four. And some
sellers are needing to reduce their prices in order to attract offers. But
some houses are still getting multiple offers quickly, and are still selling
well over list price.
Buyers have become weary. Weary of rushing around to see
houses as soon as they come on the market, rushing to get offers in, and scraping
to offer as high as they can. Sometimes
this weariness results in that high offer; they’re tired of making offers and
want to actually buy a house. Or this
weariness results no offer, as they don’t think they can compete.
Seller expectations and listing agent pricing strategies
vary widely. Some price low in hopes of
attracting multiple offers to drive the price up. Others price where they think the value is,
and some (usually due to seller preference) price high, so there is some room
to come down in negotiation.
Just as real estate is local, the dynamics of a real estate
market break down to the idiosyncrasies of the individual buyers, sellers and
their agents.
RMLS just released their numbers for the month of June, and
they tell a mixed story. Inventory is
indeed up. We have 5.2% more properties
to see now, than in June of 2015, and 8.6% more than in May 2016. But, pending sales are down from both May
2016 and June 2015. So wait, we have
more houses to sell, but fewer people are buying them?
With inventory up both from 2015 and last month, we can see the long and short term trends. Similarly, pending sales being down from 2015 and last month, help discern longer term change from seasonal change.
And the median year
to date sales price is up 13.3% from last year’s median year to date
price. We’re at $339,000 now. The median year to date sale prices in North
Portland, Northeast Portland and Southeast Portland are $366,500, 365,000 and
$311,000. Make note that Northeast and Southeast Portland stretch east past 148th Avenue.
What does this mean if you are buying or selling? Buyers, there is hope! Sellers, you’ll still get a pretty penny for
your property. Call or email me if you’d
like more in depth information. Leslie Jones 503-312-8038 leslievjones@gmail.com
Friday, May 13, 2016
The Most Recent Market Stats are out!
RMLS just released the most recent stats about the Portland area real estate market. As we've been feeling in our office, things are easing a bit. Thank goodness!
Our market has been plagued by low inventory, with not enough houses on the market to meet demand. As often is the case, this demand has been helping to drive prices up. Not that a ton of houses have flooded the market, but inventory in April increased from 1.3 months to 1.4 months. When the May numbers come out, I predict we'll see a further increase in inventory.
We have clearly been in a seller's market. A balanced market, where neither buyers nor sellers are seen as having more power or advantage, is thought to be five or six months of inventory.
Speaking of those prices...Our year to date median sales price is now at $329,000, up 13.4% from the year to date median price in 2015 of $290,000.
The other indicator I like to watch is the total market time in our area. The total market time for houses that went under contract in April was 43 days. This compares to 61 days from April 2015. Market times in North, Northeast and Southeast Portland for April 2016 were 25, 29 and 29 days respectively. Isolated to the neighborhoods inside Interstate 205, I'm sure we'd see even shorter market times.
It would be great to see a bit more easing, whereby we'd see more buyers getting their offers accepted.
Read the full Portland area report.
Get in touch with me if you have questions about the Portland real estate market, or want to talk about buying or selling. leslievjones@gmail.com 503-312-8038
Our market has been plagued by low inventory, with not enough houses on the market to meet demand. As often is the case, this demand has been helping to drive prices up. Not that a ton of houses have flooded the market, but inventory in April increased from 1.3 months to 1.4 months. When the May numbers come out, I predict we'll see a further increase in inventory.
We have clearly been in a seller's market. A balanced market, where neither buyers nor sellers are seen as having more power or advantage, is thought to be five or six months of inventory.
Speaking of those prices...Our year to date median sales price is now at $329,000, up 13.4% from the year to date median price in 2015 of $290,000.
The other indicator I like to watch is the total market time in our area. The total market time for houses that went under contract in April was 43 days. This compares to 61 days from April 2015. Market times in North, Northeast and Southeast Portland for April 2016 were 25, 29 and 29 days respectively. Isolated to the neighborhoods inside Interstate 205, I'm sure we'd see even shorter market times.
It would be great to see a bit more easing, whereby we'd see more buyers getting their offers accepted.
Read the full Portland area report.
Get in touch with me if you have questions about the Portland real estate market, or want to talk about buying or selling. leslievjones@gmail.com 503-312-8038
Sunday, January 17, 2016
2015 stats from our multiple listing service
RMLS released the December and 2015 year end stats this past week. For anyone working in real estate, selling, or trying to buy a house, none of this will be startling news.
Housing in the Portland area is in short supply; both for rentals and home ownership. The number of houses available for purchase, at our current rate of sales, fell in December to 1.2 months. This is the lowest inventory since we began keeping track in 1999.
At the same time, our average sale price (Portland area wide) rose 6.5% in the 2015 calendar year, from $333,000 to $354,500. The average sale price in North Portland rose 14.8% . Northeast and Southeast Portland average sales prices rose 8.3% and 9,0% respectively.
The number of days a house stayed on the market fell from 70 in 2014 to 54 in 2015. In high demand neighborhoods, we are seeing houses sell in just a few days. While the average days on market in some west side neighborhoods; Lake Oswego/ West Linn and Tigard/Wilsonville are at 81 and 70 days respectively.
Activity on the financial markets indicate possible increases in interest rates. But for the time being interest rates are staying enticingly low.
This morning I'm off to show a house to some first time buyer clients. They have written countless offers, well over asking price, to the top of their price range. I continue to be amazed at the enthusiasm and fortitude of buyers in these market conditions. I sure wish we could bring more houses to the market.
And for the record, an amount of this real estate activity is spurred by folks moving in from out of state. In my practice, those people have been mindful people, moving here to be near family. Indeed, development is making its mark on our neighborhoods. Keep in mind, most often, folks selling to developers and investors have been long time residents who are benefiting from the money. Some of my seller clients have used such funds to pay for a kid's college education or to retire from public service.
Please give me a call if you have a house you've been considering selling; rental, family house no longer in use? Someone out there really wants it. Thinking of buying? Buying could actually be easier than renting. Give me a call. Considering a remodel project and want some input? Give me a call.
Read the RMLS Portland Area Report
Leslie Jones 503-312-8038
leslievjones@gmail.com
Housing in the Portland area is in short supply; both for rentals and home ownership. The number of houses available for purchase, at our current rate of sales, fell in December to 1.2 months. This is the lowest inventory since we began keeping track in 1999.
At the same time, our average sale price (Portland area wide) rose 6.5% in the 2015 calendar year, from $333,000 to $354,500. The average sale price in North Portland rose 14.8% . Northeast and Southeast Portland average sales prices rose 8.3% and 9,0% respectively.
The number of days a house stayed on the market fell from 70 in 2014 to 54 in 2015. In high demand neighborhoods, we are seeing houses sell in just a few days. While the average days on market in some west side neighborhoods; Lake Oswego/ West Linn and Tigard/Wilsonville are at 81 and 70 days respectively.
Activity on the financial markets indicate possible increases in interest rates. But for the time being interest rates are staying enticingly low.
This morning I'm off to show a house to some first time buyer clients. They have written countless offers, well over asking price, to the top of their price range. I continue to be amazed at the enthusiasm and fortitude of buyers in these market conditions. I sure wish we could bring more houses to the market.
And for the record, an amount of this real estate activity is spurred by folks moving in from out of state. In my practice, those people have been mindful people, moving here to be near family. Indeed, development is making its mark on our neighborhoods. Keep in mind, most often, folks selling to developers and investors have been long time residents who are benefiting from the money. Some of my seller clients have used such funds to pay for a kid's college education or to retire from public service.
Please give me a call if you have a house you've been considering selling; rental, family house no longer in use? Someone out there really wants it. Thinking of buying? Buying could actually be easier than renting. Give me a call. Considering a remodel project and want some input? Give me a call.
Read the RMLS Portland Area Report
Leslie Jones 503-312-8038
leslievjones@gmail.com
Friday, September 18, 2015
Fast and Decisive
Last year, we were quite busy, and having a banner year. Somehow, this year, we put 23.8% more transactions together in August 2015 than in 2014. How did we do that? Primarily, I think with more decisive buyers and sellers.
More decisive buyers and sellers also contributed to our still low inventory (1.9 months as compared to 3.0 months in August 2014) and to our quicker market time; 41 days as compared to 63 days in August 2014.
Though not a scientific sample, the great majority of my buyer clients this year, actually looked at fewer than ten houses before making their purchase. And some as few as four. But...before you jump to conclusions, they all did TONS of online research in advance of and during our in person shopping. So that is the other part of what has changed...technology and research.
And, of course, prices are up. The year to date median price is $305,000, compared with $285,000 year to date in August 2014.
We are though, seeing some seasonal slowing, and even priced reductions. Some of the sales with prices driven high by emotional multiple offers are now closing. I'm not sure those houses would have sold at those high prices, had we actually priced them there to begin with.
So for fall, the market will continue at a fast pace, with more decisive buyers and sellers (fall is NOT a time for looky loos). While interest rate increases may occur, I doubt we'll see anything drastic. Remember, we had a boom market with interest rates at five and six percent.
Let me know if you have questions, or are feeling decisive :) leslievjones@gmail.com 503-312-8038
See the full RMLS report
More decisive buyers and sellers also contributed to our still low inventory (1.9 months as compared to 3.0 months in August 2014) and to our quicker market time; 41 days as compared to 63 days in August 2014.
Though not a scientific sample, the great majority of my buyer clients this year, actually looked at fewer than ten houses before making their purchase. And some as few as four. But...before you jump to conclusions, they all did TONS of online research in advance of and during our in person shopping. So that is the other part of what has changed...technology and research.
And, of course, prices are up. The year to date median price is $305,000, compared with $285,000 year to date in August 2014.
We are though, seeing some seasonal slowing, and even priced reductions. Some of the sales with prices driven high by emotional multiple offers are now closing. I'm not sure those houses would have sold at those high prices, had we actually priced them there to begin with.
So for fall, the market will continue at a fast pace, with more decisive buyers and sellers (fall is NOT a time for looky loos). While interest rate increases may occur, I doubt we'll see anything drastic. Remember, we had a boom market with interest rates at five and six percent.
Let me know if you have questions, or are feeling decisive :) leslievjones@gmail.com 503-312-8038
See the full RMLS report
Saturday, March 1, 2014
That listing in Cully
I just picked up a new listing in the Cully neighborhood, which has me paying a bit more attention. Of late, I have heard Cully referred to as" Cully Arts". Seriously? We just put "arts" after a neighborhood and it becomes trendy?
Actually, though, Cully has been quietly becoming popular for years. The large lots and strong community feel draw lots of folks interested in an urban farming lifestyle. There are community farm dinners, the Cully Neighborhood Farm CSA, a potential new park in the neighborhood, and of course the Old Salt Marketplace has been a great addition to the neighborhood. Willamette Week's recent dining guide happened to have a review of what I thought was a non-descript neighborhood restaurant, just across the street from my new listing. Apparently a sous-chef from Bluehour is doing some pretty yummy cooking over there. Who knew?
So the house is a rehab. The seller has bought and fixed up houses in Portland as long as I've been in real estate...a longtime. He goes slowly, doing about one house a year. In this house, he installed all new hardwood floors, a new furnace, hot water heater, and beautifully updated the kitchen and baths; including custom tile work.
Actually, though, Cully has been quietly becoming popular for years. The large lots and strong community feel draw lots of folks interested in an urban farming lifestyle. There are community farm dinners, the Cully Neighborhood Farm CSA, a potential new park in the neighborhood, and of course the Old Salt Marketplace has been a great addition to the neighborhood. Willamette Week's recent dining guide happened to have a review of what I thought was a non-descript neighborhood restaurant, just across the street from my new listing. Apparently a sous-chef from Bluehour is doing some pretty yummy cooking over there. Who knew?
So the house is a rehab. The seller has bought and fixed up houses in Portland as long as I've been in real estate...a longtime. He goes slowly, doing about one house a year. In this house, he installed all new hardwood floors, a new furnace, hot water heater, and beautifully updated the kitchen and baths; including custom tile work.
That island in the kitchen is on wheels, so it can move off to the side or stay in the middle of the kitchen. He's got high end Samsung appliances in there; including washer and dryer.
The house has four bedrooms, one and a half baths. It has 1448 square feet, all on one level. The lot, like many on Cully is big, at 150' x 51'. $245,000. Oh yeah, and it has a great garage too, with power and an extra storage room.
The house is located at 5114 NE 60th Avenue. It will be open from 1:00 - 3:00 on Sunday, March 2. Stop in and check in out. For more information give me a call at 503-312-8038 or drop me an email at leslievjones@gmail.com.
Thursday, December 12, 2013
Most recent Portland market stats
The November market stats are out from RMLS, with no particular surprises. What I see as seasonal slowing is evident in lower pending sales; down 14.0% from October 2013, and but up 5.6% when compared with November 2012. Closed sales decreased 16.8% from October 2013, but are up 5.1% over November 2012.
Our market time got a tad longer in November; 80 days vs. 76 days for October 2013. In the fall, we see houses that didn't sell in the busy time sitting on the market, pushing the days on market higher.
The median home price for the first 11 months of this year up 13.3% over the same period in 2012 to $265,000.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, is at 3.7 months, the same as September 2013, and a tad up from, the 3.4 of October 2013. November of 2012 had 4.2 months of inventory, and November 2011, 6.2 months. Remember, a balanced market; neither seller's nor buyer's market, is thought to be about 5 to 6 months of inventory.
I'll be posting my year end review, and 2014 predictions soon. Keep a look out!
Read the full report for the Portland area.
Our market time got a tad longer in November; 80 days vs. 76 days for October 2013. In the fall, we see houses that didn't sell in the busy time sitting on the market, pushing the days on market higher.
The median home price for the first 11 months of this year up 13.3% over the same period in 2012 to $265,000.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, is at 3.7 months, the same as September 2013, and a tad up from, the 3.4 of October 2013. November of 2012 had 4.2 months of inventory, and November 2011, 6.2 months. Remember, a balanced market; neither seller's nor buyer's market, is thought to be about 5 to 6 months of inventory.
I'll be posting my year end review, and 2014 predictions soon. Keep a look out!
Read the full report for the Portland area.
Thursday, August 15, 2013
Portland's Summer Housing Market
That bump in interest rates hasn't had much of a slowing effect on the housing market. We are seeing a wee bit of seasonal slowing, as expected in July and August. My theory is that in summer, a certain percent of buyers, sellers and agents are on vacation at any given time. Of course things slow a tad.
Statistically, prices have continued to rise, market times are shorter than previous months, and inventory dropped a bit. The volume of sales has slowed slightly.
The median home price for the first seven months of this year up 13.7% over the same period in 2012 to $261,000.
Closed sales increased 10.2% compared to June 2013. and showed an increase of 40.2% over the closed sales in July of 2012. Pending sales decreased 2.4% compared to June 2013, but showed an 15.4% increase over July 2012.
The number of days a house is on the market decreased from 70 days in June 2013 to 63 days in July of 2103. Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation. But with 63 days being the average, you know plenty of houses are still taking months to sell.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped along, from 2.5 months in May 2013 to 2.9 months in June 2013 and now to 2.8 months in July 2013. Contrast this to July of 2012 with 4.6 months of inventory and July of 2011 with 7 months on inventory.
If you've been thinking of selling, now is a pretty good time. Rising prices and a shorter market time sound like a seller's dream.
Full Market Report Here
Statistically, prices have continued to rise, market times are shorter than previous months, and inventory dropped a bit. The volume of sales has slowed slightly.
The median home price for the first seven months of this year up 13.7% over the same period in 2012 to $261,000.
Closed sales increased 10.2% compared to June 2013. and showed an increase of 40.2% over the closed sales in July of 2012. Pending sales decreased 2.4% compared to June 2013, but showed an 15.4% increase over July 2012.
The number of days a house is on the market decreased from 70 days in June 2013 to 63 days in July of 2103. Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation. But with 63 days being the average, you know plenty of houses are still taking months to sell.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped along, from 2.5 months in May 2013 to 2.9 months in June 2013 and now to 2.8 months in July 2013. Contrast this to July of 2012 with 4.6 months of inventory and July of 2011 with 7 months on inventory.
If you've been thinking of selling, now is a pretty good time. Rising prices and a shorter market time sound like a seller's dream.
Full Market Report Here
Monday, July 15, 2013
Recent Portland Housing Market Stats
As you may have heard, we're seeing a bit of a bump in interest rates. Most buyers aren't particularly bothered by the increase, though affordability of houses is sure to be impacted. Some buyers are even rushing to buy and lock their interest rate .
Statistically, prices have continued to rise, market times are shorter than previous months, but the volume of sales has slowed a tad, and we've seen a miniscule increase in the number of homes available for purchase.
The median price for the first six months of this year up 14.2% over the same period in 2012 to $257,500.
Closed sales decreased 6.4% compared to May 2013. but still showed an increase of 11.9% over the closed sales in June of 2012. Pending sales decreased 5.8% compared to May 2013, but showed an 11.9% increase over June 2012.
The number of days a house is on the market decreased from 85 days in May 2013 to 70 days in June of 2103. Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation. But with 70 days being the average, you know plenty of houses are still taking months to sell.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped ever so slightly from 2.5 months in May 2013 to 2.9 months in June 2013. Contrast this to June of 2012 with 3.9 months of inventory and June of 2011 with 6 months on inventory.
If you've been thinking of selling, now is a pretty good time. Rising prices and a shorter market time sound like a seller's dream.
See the full report.
Statistically, prices have continued to rise, market times are shorter than previous months, but the volume of sales has slowed a tad, and we've seen a miniscule increase in the number of homes available for purchase.
The median price for the first six months of this year up 14.2% over the same period in 2012 to $257,500.
Closed sales decreased 6.4% compared to May 2013. but still showed an increase of 11.9% over the closed sales in June of 2012. Pending sales decreased 5.8% compared to May 2013, but showed an 11.9% increase over June 2012.
The number of days a house is on the market decreased from 85 days in May 2013 to 70 days in June of 2103. Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation. But with 70 days being the average, you know plenty of houses are still taking months to sell.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped ever so slightly from 2.5 months in May 2013 to 2.9 months in June 2013. Contrast this to June of 2012 with 3.9 months of inventory and June of 2011 with 6 months on inventory.
If you've been thinking of selling, now is a pretty good time. Rising prices and a shorter market time sound like a seller's dream.
See the full report.
Sunday, June 16, 2013
Holy Cow! No wonder we're so busy.
Anecdotally, the market has been feeling crazy busy these days. There are lots of cash buyers in the market, which makes for fast and somewhat loose players. Rapidly rising prices make cash king, as worries of low appraisals are off the table. Waived, or minimized inspections are also on the rise. Buyers, please don't take on a potentially leaking oil tank. Most any other conditions can be reasonably estimated, but an untested tank could get you your very own superfund site.
So, statistically, more rising prices, with the median price for the first five months of this year up 15.0% over the same period in 2012 to $253,000. Fifteen percent.
We have more pending and closed sales, and inventory remains low with 2.5 months of inventory city wide. That means, at the current rate of sales it would take 2.5 months to sell the properties currently on the market. In some of the close-in neighborhoods, we see this well below 30 days. Pending sales increased 1.2% from April 2013 and 18.1 from May 2012. Closed sales are up 26.2% over April 2013 and 27.8 % over May 2012.
And our average market time remains low at 85 days, down from 91 last month. This is an average, so imagine how quickly the good ones are actually selling.
Interest rates are slowly on the rise, as they should be. For a 30 year fixed rate, one might expect a 4.125% rate, 3.375 for a 15 year rate. These are still great rates, probably the lowest we'll see in the coming years. Rising rates, though, do tend to light a fire under "on the fence" buyers...
If you've been thinking of selling, now is a pretty good time.
See the full report.
So, statistically, more rising prices, with the median price for the first five months of this year up 15.0% over the same period in 2012 to $253,000. Fifteen percent.
We have more pending and closed sales, and inventory remains low with 2.5 months of inventory city wide. That means, at the current rate of sales it would take 2.5 months to sell the properties currently on the market. In some of the close-in neighborhoods, we see this well below 30 days. Pending sales increased 1.2% from April 2013 and 18.1 from May 2012. Closed sales are up 26.2% over April 2013 and 27.8 % over May 2012.
And our average market time remains low at 85 days, down from 91 last month. This is an average, so imagine how quickly the good ones are actually selling.
Interest rates are slowly on the rise, as they should be. For a 30 year fixed rate, one might expect a 4.125% rate, 3.375 for a 15 year rate. These are still great rates, probably the lowest we'll see in the coming years. Rising rates, though, do tend to light a fire under "on the fence" buyers...
If you've been thinking of selling, now is a pretty good time.
See the full report.
Wednesday, May 15, 2013
The Regional Multiple Listing Service released stats for April, and yes, the market is certainly active.
More rising prices; median price for the first four months of this year is up is up 15.6% over the same period in 2012 to $250,000. The median price for April 2013, alone, is $257,000.
We have more pending and closed sales and inventory remains low with 3.1 months of inventory city wide; pending sales increased 11.9% from March 2013 and 24.4% from April 2012. Closed sales are up 9.8% over March 2013 and 16.1 % over April 2012.
And our average market time remains low at 91 days city wide. This is an average, so imagine how quickly the good ones are actually selling.
The real estate conversation is all about inventory. There are plenty of buyers in the marketplace right now, hoping to get in before prices and interest rates rise. But...there aren't so many houses to choose from, making multiple offers and bidding wars commonplace. Low appraisals are a risk as prices are driven higher, so cash offers become quite appealing. We are even seeing multiple cash offers; in some cases buyers needing to buy using financing need not even submit offers.
The conversation is also about sustainability; can this market continue? I don't think so. An amount of the pricing increase is being driven up by emotional decisions; winning the bidding war. As prices rise, and more people can afford to sell, we'll see more houses come on the market, which will ease the inventory shortage. And while I don't relish a return to the stagnant market of 2008-2011, a bit more balanced market would be welcome.
So if you've been thinking of selling, now is a pretty good time. Interest rates remain reasonably low such that more buyers can afford to buy at a certain price range. As both interest rates and prices rise, the pool of buyers for any given price range will decrease.
See the full report.
More rising prices; median price for the first four months of this year is up is up 15.6% over the same period in 2012 to $250,000. The median price for April 2013, alone, is $257,000.
We have more pending and closed sales and inventory remains low with 3.1 months of inventory city wide; pending sales increased 11.9% from March 2013 and 24.4% from April 2012. Closed sales are up 9.8% over March 2013 and 16.1 % over April 2012.
And our average market time remains low at 91 days city wide. This is an average, so imagine how quickly the good ones are actually selling.
The real estate conversation is all about inventory. There are plenty of buyers in the marketplace right now, hoping to get in before prices and interest rates rise. But...there aren't so many houses to choose from, making multiple offers and bidding wars commonplace. Low appraisals are a risk as prices are driven higher, so cash offers become quite appealing. We are even seeing multiple cash offers; in some cases buyers needing to buy using financing need not even submit offers.
The conversation is also about sustainability; can this market continue? I don't think so. An amount of the pricing increase is being driven up by emotional decisions; winning the bidding war. As prices rise, and more people can afford to sell, we'll see more houses come on the market, which will ease the inventory shortage. And while I don't relish a return to the stagnant market of 2008-2011, a bit more balanced market would be welcome.
So if you've been thinking of selling, now is a pretty good time. Interest rates remain reasonably low such that more buyers can afford to buy at a certain price range. As both interest rates and prices rise, the pool of buyers for any given price range will decrease.
See the full report.
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