Those market stats

RMLS released the February numbers this week, and they look a bit mixed.   By mixed, I mean, busy, but not the craziest we've been.

I tend to put to most stock in looking back to the same month of the previous year,  as this helps normalize for seasonal slowing and surging.

So, when compared to February 2016, our pending sales are down 15%.  That is significant.  And closed sales are down 7.9%.  It's taking 45-60 days in escrow to get a sale closed, on average, so maybe some of that slowing can be attributed to the January snowpocalypse.

We're at 1.9 months of inventory in February. Meaning, at our current rate of sales, it would take us 1.9 months to sell everything currently on the market.  February 2016 was 1.8 months, a barely discernible difference.

In looking at the percentage change in the 12 month median sales price, compared with the previous 12 month period, we see a median sale price of $350,000 as compared to $310,000.  This early in the year, I prefer the rolling 12 month numbers as year to date calculations don't have  much meaning.

And lastly, our market time is a tad longer 62 days for sales closing in February 2017, as compared to 60 days on the market, for sales closing in February 2016.

Out in the market, it feels kind of like those numbers show.  We're still busy.  Buyers are out in force, and making aggressive offers.  But it doesn't feel crazy, for which I am thankful.  Perhaps we're all learning how to be in this kind of market.  Maybe listing agents have learned how best to communicate with regard to offer review timelines, and maybe buyers, and their agents are accustomed to offer deadlines, multiple offers and needing to offer highest and best offers?

Whatever the case, I welcome this feeling of sanity, while being busy.

See the full RMLS report.

I was right! I was right ! I was right!

RMLS released market data for July 2016 and I was right!  We DO have more houses on the market to sell.  We measure inventory by dividing the active residential listings in the month (July), by the number of closed sales in the month (July).  July 2016 came in at 1.9 months, up from 1.5 in June.  We consider a balanced market (favoring neither buyer nor seller) to be around five or six months.

The market is showing slight cooling in both pending and closed sales.  Pending sales are down 2.6% from June and 2.8% for the year to date.  Closed sales are down 12.1% from June 2016 and 2.8% for the year to date.

But...the market time still fell (by one day) from 33 days in June 2016 to 32 days in July 2016.  Market time in July of 2015 was 45 days.  And prices are still increasing.  The year to date median sales price rose 11.5% from $304,900 at the same time in 2015 to $340,000 in 2016.

Is the sky falling?  No.  Has a bubble burst?  No.  We are seeing some houses sit, and only sell once their prices are reduced.  We're still seeing multiple offers and houses selling well over list price.  The market time in North Portland is 16 days.  And in Northeast and Southeast, 24 and 25 days respectively.

Pricing listings is as challenging as ever.  It seems swell priced and well prepared listings are selling quickly and in competitive situations.  Speculatively  priced listings, and those not in tip top shape, seem to be sitting a bit.

Is it a good time to buy?  I'd say yes.  Interest rates are at crazy lows. Sellers are feeling the easing in the market and are cognizant of the approaching fall market.  We usually see is busy flurry after school starts, but before Thanksgiving.  Sellers of properties that aren't selling now have a good chance to get their property sold if they reduce that price and do some spiffing.

Is it a good time to sell?  Yes,  IF it is priced well.  That doesn't mean a fire sale.  Prices are still up.  And buyers are anxious to take advantage of these great interest rates before they start rising.

You can read the full report here.  And since its such a crazy market, feel free to contact me with questions or for guidance.