Clients and Friends,
2018 was a transitional year. On the last page of the document below [see Market Action Report- December 2018 End of Year] you will find a new and very helpful graph of sales volume from 2003 through 2018. It is very helpful because it tells the story of the last climb to the top of the market in 2007; the crash of the market to its depths in 2012, and the manic recovery through this past year. Clearly the recovery has given way to what we believe will be a normal and balanced (and fair) marketplace for some years to come. The 2018 numbers are somewhat shocking in how flat the year was, and how low the December numbers fell compared to past Decembers. However, for most professional agents with some history, this is not surprising; we felt the difference along the way this past year and the reports have now confirmed our senses and intuition.
What about 2019??? In spite of much of the media’s incessant hype related to interest rates increases and a fearful housing market, the rates are still at historic lows (even to the mid-4% right now). While they were trying to scare us (and sell advertising), interest rates actually fell substantially within the past couple of weeks. We believe the fundamentals of the marketplace are good and that 2019 will be a good, stable, and satisfying marketplace for both sellers and buyers. We trust that the rollercoaster ride is over and that boring is good for everyone!
Bella Casa Real Estate Group is soon to celebrate 12 years of success and incessant growth in our core area of expertise, the greater Yamhill County area. Our growth and development also illustrates the highs and lows and settling of the market since we began our brand in 2007. During our annual brokerage celebration last week, I reviewed our development through the years using our annual sales volume numbers; I want to share these with you:
2007 $15.7m partial year sales; late July mortgage market meltdown begins
2008 $31.7m financial sector meltdown in September
2009 $31.8m prices begin to plummet
2010 $32.1m dark years!
2011 $32.6m more dark years!
2012 $44.9m recovery begins in Portland and spreads
2013 $54.9m OK
2014 $62.9m OK
2015 $109.1m Yamhill County’s first very good and ‘normal’ feeling year
2016 $114.1m good
2017 $127.9m very good
2018 $110.8m the market levels out throughout the year
For Yamhill County, 2018, we remain the 2 most productive office of hundreds of offices with agents selling in Yamhill County [see 2018 Yamhill County Real Estate Sales by Office]. We are second to a new construction and real estate development brokerage where demand is strong particularly after so many years of non-production of homes. We congratulate Willcuts Company Realtors.
We have much to be grateful for, and many to thank for the industrious work by our professional brokers, gracious clients who entrusted their sales and purchases to us, for good industry colleagues, and our industry affiliates and vendors.
We are eager to continue our growth and meet and serve more wonderful clients. We work diligently to spread our values and our methods but our most valued source of new clients comes from you! We value your referrals to your friends and family, your associates and your neighbors. Thank you for entrusting these to us. We promise to give premium service to all our clients and we do so for less than many in our industry.
Happy New Year To You and Yours.