Recent Yamhill County real estate news confirms a booming increase in last month’s number of Newberg area homes with a pending sale.
Compared to 2013, March figures are up by 17.1% in the number of homes with a pending sale. However, we have some catching up to do. That’s because year-to-date, the number of local pending sales are still down by 4.2%. But with one more uptick like last month, and we could be well on our way to a banner year for Newberg area real estate.
Perhaps the best news is the 12.1% increase in local home prices over the past twelve months. This appears to track the broader, regional trend of upward home prices.
Why Is Our Newberg Real Estate Market Strengthening?
There are several factors helping to strengthen Newberg housing. These include seasonality with better home buying weather, plus continued recovery from the Great Recession which began around December, 2007. However, among the key reasons to explain our real estate boost is a significantly reduced inventory of homes for sale.
According to the latest housing inventory report from the Regional Multiple Listing Service (RMLS), the greater Portland Metro area will now ‘run out of homes’ in 2.8 months. Click here for this new FREE report, with helpful information on Yamhill County real estate.
What Does This Mean For Buyers & Sellers?
A main effect of having fewer homes for sale typically means less selection and higher prices. It’s the classic ‘seller’s market,’ where buyers lose a significant amount of leverage.
So if you’re thinking about selling your property, this may be your best opportunity for the foreseeable future. However, if Newberg area home owners begin sensing the time is right to sell en masse, the increase in supply could help cancel such projected home price gains.
Limbo, How Low Can You Go?
Another reason for our home inventory’s newsworthy nature has to do with the time of year. We’re already trending slightly ahead of 2013 given our latest inventory figure of 2.8 months from April. Last year, the months of May, June and July reported the lowest in all of 2014 for regional inventory. So the lowest number of available homes for sale may yet be ahead.
Timing The Market
Based on last year’s performance, homeowners may have another few months before the supply of homes begins climbing back up. So if you’re considering a Newberg area home sale in 2014, acting sooner is likely to be in your favor before inventory rises and other events are factored in, like families purchasing before the school year begins.
Consult The Experts
Thinking about selling your Newberg area home? Contact the experts at Certified Realty, Oregon’s choice since 1950, for a FREE report on what your property could sell for in today’s market.