2016 Real Estate Market Summary & End-of-Year Reports

Clients and Friends,

Portland Metro: This is the final set of reports on 2016 with the December data included. The high water mark for the housing recovery dynamics is 2015. 2016 was a year of moderating in almost every category. This is not a discouraging reality; it just means that the recovery surge of pent-up demand has settled to a more normal pace. Pricing continues to climb (average and median prices by about 12%); Inventory to sell is at 1.3 months and remains at the same lows we have seen for almost 3 years. The time on the market is still short before achieving an accepted offer (45 days on average). There is a new chart showing the annual sales volume which graphically allows you to see the market trends for the past 15 years like waves which ebb and flow. Here you clearly see the rise of the markets through 2007, then the fall of the market in beginning in the summer of 2007 and the 2008 crash until 2012 when the current recovery began (for Portland; later for us).

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Yamhill County (see report p.2 bottom) is following the same moderating trends as the Portland metro area overall. We show significant improvement in time on the market to get a pending sale, modest improvement in pricing, and growth in various kinds of sales (commercial, multifamily, land). Our inventoryis higher and our sales are lower than last year at this time. Our area has seen two robust years of recovery and no one is complaining about sales now unless it is about the severe weather since October and its impacts on our rural sales. We have more room for recovery since we started years later than Portland proper and expect 2017 to remain strong.

Sherwood is a strong market with 60 sales in December, a current inventory of 85 properties (1.42 months), and 87 properties in pending status.  In 2016, 534 properties sold between $83k and $2.5million.

It is 2017; we have had unusually disruptive weather since October but this week it almost feels like Spring! This is also the beginning of THE LISTING SEASON which should stay strong until the end of July. Our brokers are available now for analyzing property values in light of all this data, and helping you to coordinate your sales with your life and all its complexities this year. We encourage all sellers that the earlier in the season is always better because there is less competition, more enthusiasm and eagerness by buyers, and not the rush and craziness that can hit the market in the second quarter. Prices are almost always higher in the first half of the year. Call, email, or text us as soon as you are ready; we are ready for another great year for our clients.

The last attachment is our annual RMLS print-out of sales in Yamhill County for 2016, sorted by office. We are excited to celebrate our 10th anniversary in March and this attachment shows why we are so grateful and so optimistic for the coming years ahead. We gave our all to our clients through ‘the dark years’ and you repaid our sacrifices with your trust and confidence. We all made it through The Great Famine and we and our clients are now enjoying the fruit of success. We continue to value your referrals of friends and family to us!

Best regards,
Randy

Randy McCreith, Principal Broker
503-310-9147

Bella Casa Real Estate Group
Randy@TheBellaCasaGroup.com