Friday, July 25, 2014

Latest Market Trends

Data from RMLS
The real estate market continues to pluck along at a nice healthy pace. Although prices are not rising nearly as fast this year as they did last year conditions remain healthy. Part of the reason resale homes are seeing a big of a flat spot in the otherwise upward curve, is the influx of new home construction. Prices seem to be leveling off but slightly rising and that bodes well for the long term prognosis.

The chart at right shows the median and average sales price in the greater Portland-Vancouver metro area since 2012. the first half of 2013 saw a spike in pricing and then a flat spot and we seem to be nudging back on the upswing again. Pricing will be limited in its ability to surge based on a variety of other economic factors. Most notably is the fact that the economy in general is not exactly booming.

Data from RMLS
The chart to the left shows the year over year change in median price. This is a direct comparison to pricing exactly one year earlier. Overall the future looks promising for real estate values in general. Interest rates remain favorable and as the broad economic conditions improve the housing market will be able to open up a little more. This will be especially welcome in the mid to high end price ranges that are still just a little flat. Buyers looking to get into the entry level may find a highly competitive marketplace with multiple offers and above asking prices.

It is a very good time to be buying or selling real estate.

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