Friends and clients, there is no bad news here! The housing recovery in our local markets continues to impress us and give much needed hope as we now enter a second year of better news.
Last September (2011) was a good month for us; noticeably good. Each month since then we have witnessed improving sales numbers. By the summer, sales were quite good, better than anything in 5 years. When comparing this September to last September, remember that we are now comparing against improved numbers from a year ago, not flat or falling numbers as was the case for 5 years. It makes a difference. Also keep in mind that we have a normal annual cycle where sales ebb and flow and we expect numbers to be in seasonal decline right now. That is not bad, just normal.
Summary for the Portland Metropolitan Area (including Yamhill County)
– Closed Sales
- 19% higher than Sept 2011
- Highest closed sales for Sept since 2006
- Down18% from August (seasonal cycle)
- Year to date compared to 2011 YTD, 18% increase at the end of the 3rd quarter.
– Pending Sales (accepted offer)
- 10.6% higher than in Sept 2011 (bodes well for October closings)
- Down13.8% from August (seasonal cycle)
- Year to date compared to 2011 YTD, 16.8% increase at the end of the 3rd quarter
– New Listings (it is a good time to list your property for sale)
- Down 2% from last September
- Down 3.5% YTD compared with YTD 2011
– Pricing (reflects both increased prices and more higher end sales)
- Average Sales Price: +2.9%
- Median Price: +3.8%
– Inventory is down to 4.6 month supply
- 4-6 months is considered a balanced market
- The 5 year high was almost 20 months!
– Market Time (days on market- DOM) is down 20.7% from last year; 145 days on market to 115 days
By the time the next Market Action report comes out, the US election will be history. I hear many people express fear that the results of that election may undermine the recovery of the housing market and torpedo the fledgling economy. With no help from the economy or the jobs market, the housing market has been improving for over a year. How does one explain that? Regardless of which political party has been in office at any given time, there have been remarkable advances in the stock market value, jobs, and the housing markets of the past. That is not to demean the importance of good choices, to minimize the seriousness of our economic challenges, or to say that we can continue to improve without jobs to contribute substance to support a recovery. However, it gives hope that whatever the results in November, there is already reason to hope for better days ahead.
Sellers, you have a much improved opportunity to sell now if the pricing is right. We are working diligently to get the job done. For those considering a move, all we ask is for an opportunity to be interviewed by you. Our strategies and commitments will speak for themselves.
Buyers, historic buying opportunities should motivate you to purchase now. Talk with us about why that is the case and how to make an excellent purchase safely.