Yamhill County Market Trend Review
We have all heard the phrase “We are in a housing shortage”. To give eyes to this, let’s look at Yamhill County’s inventory graph from the past 36 months. (Courtesy RMLS (REALTOR®-owned multiple listing service.)
LET’S REVIEW THE GRAPH
You can see Pending Units (green dotted line) are a consistent pattern year to year. We see more homes pending in the summer, and less in the winter. In March of this year we did see a small slow down in units pending. This was due to COVID-19 and Oregon’s stay at home order hitting mid-month. This reduction resulted in less than normal Sold Units (red blocks) for April and May. (Typical closing timeline from pending to sold is an average of 45 days.) Once the stay at home order was lifted in May, we see pending properties jumped back on track moving upward in a typical pattern. (To compare, in May ’19, 149 homes went pending. In June ’19, 180 homes went pending. Here in 2020, May saw 166 homes go pending and as of June 18th, already 132 homes are pending for the month.) So what is different? What we are NOT seeing is the typical pattern of Listed Units (blue line), which are homes being put up for sale. The average of listed homes in April through July each year have ranged between 175-250 each month. This year, April through mid June we see the range of homes listed has dropped to 125-175 each month.
Same amount (if not a bit more) Buyers are in the market to purchase homes.
More than 100 LESS Homes are available to be sold to these buyers.
Resulting in more buyers than we have sellers and homes here in Yamhill County.
WHAT DOES THIS MEAN FOR YOU?
If you are a BUYER currently in the market, or have been thinking this would be the year you purchase, NOW is the time to talk with a lender. Do not wait until you find a home. Homes coming on the market are pending very quickly, many with multiple offers. The earlier you are approved, the earlier you can start a watch for your new home. Having this additional time will provide you a better opportunity to find and purchase this year. The awareness of your true purchase ability and ability to provide a pre-approval immediately at the time of offer is also more likely to allow you to offer quickly and confidently when a home you like hits the market, before it is pending with another buyer.
If you have been thinking of SELLING, buyers are looking for your home! I myself, have buyers looking for your home! This is a strong sellers market. Are you wanting to take advantage of the low rates and upgrade to a larger home and sell your current home? Worried about selling your home and not finding your new home in time? There are avenues to avoid this and I can help guide you through the process of selling and buying at the same time. Thus allowing you to move from one house to another without being at a loss for a home in the middle.
REACH OUT TO ME
Not sure where to start? Need a reference for a lender? Would you like to be notified as soon as your dream home hits the market, and not be fearful it will come and go before you had a chance in your busy life to search the internet? One Call, Message, or Text is all it takes to have me in your back pocket working for you guiding your path to your new future. Let’s Talk!