on July 2, 2021
Yamhill County Home prices 2nd Quarter 2021
As of May 2021, Yamhill county’s median home price was at $423,190, up from $349,140 one year previous. (+21.2% increase) Housing inventory, which indicates how long it would take to sell all the current listings on the market, at the speed of which they are currently being sold if nothing new came on the market, is holding at .7 months for the second straight month. At the current rate, all current listings would be sold by mid July without new inventory. Closed home sales remain strong month over month. The average number of homes sold in the last 21 years between the months of January and May, has been 883 homes. As of May 31, 2021, Yamhill County had closed 857 sales, very near the average. Of those, 160 homes sold in May. 55 homes sold for over $500k (34%), 82 homes were between $350k and $500k (51%), and 9 homes sold between $300k-$350k (6%). June numbers appear they will exceed May. What significance does this hold? What does this mean to you as a Buyer and/or a Seller?
Yamhill County Real Estate Inventory 2nd Quarter 2021
During the second half of 2020, homes sold at a high rate. New listings coming on the market were unable to keep up with the home sales and the inventory we had diminished greatly as homes quickly went pending with new buyers. In fact, in July through December, not only were sales greater than the number of homes coming on the market, but we were consistently seeing a greater number of homes going pending as well. During these months, sales eroded the available inventory. In January, closed transactions slowed a bit (due to lack of inventory for buyers to purchase) and, for the first time, we saw new inventory rise above both pending and closed sales. Since then, new listing inventory has continued to rise month over month. Demand has continued to remain strong, and as homes have come on the market, pending and closed sales are keeping pace with the increase in supply, so supply is staying at a bare minimum. This has led to the continued rise in home prices.
What does this mean as a Buyer and/or Seller?
Homes under $400k are selling very quickly, many only on the market days before receiving multiple offers and going pending. Homes over $500k are a bit more fluid in time on market, dependent on many factors, though they too are moving quickly. In May, the official average days on market (DOM) for homes of all price ranges county-wide stood at 15 days.
New construction can be seen in towns throughout the county with approved subdivisions in McMinnville, Newberg, Yamhill and Willamina. Rates remain historically low, so the pool of buyers remains strong and is compounded by an influx of buyers coming from the Portland and California markets. Buyers are searching homes with a pre-approval in hand, allowing them to offer quickly and provide that extra layer of confidence to a Seller that their offer is solid. Sellers who are looking for a new home are typically having a great experience putting their homes on the market! With our assistance, they are often able to negotiate a window of time to locate a new home, and adjust the closing of their sale to be concurrent with their purchase, making the physical move easier to manage.