July Market Snapshot for Portland & Vancouver Real Estate
PORTLAND,OR
July, 2016 statistics gathered by RMLS for the Portland metro area indicate the fast pace sellers market we have experienced for the past many months is starting to take on a slightly slower pace. Inventory of listings is still up from the same time last year, but new listings were down in July 2.9% from June. This July still marks the strongest year since 2008 for new listings. Pending sales are also down 5.5% from this July than in July 2015 & 6% from June 2016 to July. July, 2016 closings fell 19.6 % from the July the preceding year & the listing inventory would currently last 1.9 months without any additional homes listed. Comparing 2016 to 2015 through July, the average sale price rose 11.4% from $351,600 to $391,600. In the same comparison, the median sale price rose 11.5% from $304,900 to $340,000.
VANCOUVER, WA
The Clark County, Washington real estate marketplace has some unique characteristics. There is a much higher proportion of active residential listings in Clark County that are Proposed, defined as "not yet under construction", than exists in any other RMLS™ area. This means that there are fewer homes listed as Active that are ready to move into in an immediate timeframe.
Southwest Washington had cooler activity in July, but all measures are up for the year overall. Pending sales fared 4.4% better than in July 2015 but ended 6.5% under the offers accepted last month in June 2016. New listings fell 2.4% short of July 2015 and 1.4% short of June 2016. Closed sales were 10.2% cooler compared to the 820 closings posted last year in July 2015 and 9.2% cooler compared to closings posted last month in June 2016. Pending sales are up 4.5%, closed sales are up 4.0%, and new listings are up 1.4% for the year thus far. Comparing 2016 to 2015 through July of each year, the average sale price rose 9.7% from $292,900 to $321,400. In the same comparison, the median sale price rose 9.6% from $260,000 to $285,000.
Southwest Washington had cooler activity in July, but all measures are up for the year overall. Pending sales fared 4.4% better than in July 2015 but ended 6.5% under the offers accepted last month in June 2016. New listings fell 2.4% short of July 2015 and 1.4% short of June 2016. Closed sales were 10.2% cooler compared to the 820 closings posted last year in July 2015 and 9.2% cooler compared to closings posted last month in June 2016. Pending sales are up 4.5%, closed sales are up 4.0%, and new listings are up 1.4% for the year thus far. Comparing 2016 to 2015 through July of each year, the average sale price rose 9.7% from $292,900 to $321,400. In the same comparison, the median sale price rose 9.6% from $260,000 to $285,000.
LEWIS REALTORS FORECAST
Lewis Realtors predicts that August statistics will show a decline in pending sales, new active listings and that sales prices will begin to plateau. Professionally and personally in the trenches of the field we have seen a significant drop in multiple offers for the month of August. Although it is still a sellers market, we are now starting to see investors entering the marketplace which could indicate some change about to occur in the housing market.
Oh & by the way, I am never too busy for your referrals.
No comments:
Post a Comment