Clients and Friends,
Bella Casa Real Estate Group began in McMinnville in March of 2007, 4 months before the market began to crash. Because of all the turmoil, fear, anxiety, and turmoil I began to send this report monthly to our clients and those who wanted more information. I annotated the reports and added my thoughts from inside the industry. It was well-received and appreciated by many. By 2018 we were well-established on solid ground and people were not only content, but elated! I took a break from this endeavor and tried to clean-out my garage, a 13 year project which is still in progress!
The marketplace today is solid and there are no signs to fear on the horizon right now. Remember also, the previous dark market was way back in the very early 1980’s until 1987 (although there certainly have been smaller setbacks through the decades). However, I think the time is ripe to begin helping our clients monitor the local real estate markets monthly. To summarize where we have been, let me bullet point an overview below. Remember, the reports I am sending are from the Regional Multiple Listing Service (RMLS) and focus on the Portland metro marketplace which includes Yamhill County (Wine Country) the epicenter of our business.
• 2005 the highpoint of the pre-fall market (the fun years)
• 2007 the shot heard round the world as a national mortgage company went belly-up over one weekend (paralysis began)
• 2008 in September the financial industry melted down (the ‘dark years’ begin)
• 2012 the Portland area markets begin to show real recovery; not so much in Yamhill County
• 2013-14 Yamhill County shows the first signs of new life
• 2015 Yamhill County’s first year back to normal!
• 2015-2017 the very good years!
• 2018-19 the markets level off, the recovery is complete; the marketplace is back to ‘normal reliability’.
We currently have a marketplace that is balanced between buyers and sellers. We have solid fundaments. It is a good, reliable marketplace and seemingly a safe marketplace. Money is plentiful for loans; interest rates are low. New construction is hot seemingly everywhere to meet rapidly escalating demand because of so many people moving into Oregon right now (have you noticed the traffic?). During the dark years, many people lost their credit, their homes, and their ability to get a loan (remember the years of short-sales and foreclosures, and desperate sales?). Since then everyone who wanted to sell or buy, but couldn’t, has now done that. Even the people whose credit was destroyed are now back in the market with a new lease on life (and the ability to get loans again). This is why the marketplace has leveled off – everyone who needed to buy, or wanted to buy, or had to wait to buy has now bought and therefore the market is functioning normally at a reliable pace.
We will have another crash (I am sorry!) but we all hope it will be at least another 15 years from now! In the meantime we will see the marketplace ebb and flow. I want to be able to help our clients measure the marketplace monthly so there are no surprises and they understand the conditions so they can make the best decisions.
Attached is the monthly Market Action Report for year end 2019, plus an overview chart of past years back to 1992. This focuses on Yamhill County but it also has information for the entire metroplex. You can reply to be removed from our email list and at any time; we can add those who could profit by this. We wish you the very best in 2020…
I have also attached the end of year 2019 Sales by Office for Yamhill County. There were 337 offices that sold into Yamhill County; Bella Casa Real Estate Group is #2 in sales behind a new construction brokerage.
COMING SOON, OUR SILVERTON OFFICE!