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Market Activity Dec 23, 2013 to Jan 5, 2014

This Market Activity Report covers a 2-week period. Things are just slower during the full blown holidays, although listings, pending sales, and closed sales continued to chug along. There were 6 new listings, 21 houses that went pending with accepted offers, and 13 closed sales. I noticed how many condos are selling. Nice!

Here is the breakdown of activity according to RMLS:

New Listings (Dec 23, 2013 to Jan 5, 2014)

Address Type Price BR Bths SF
12892 Boones Ferry Rd Condo $279,000 2 2.5 1136
432 5th St Attached $310,000 2 1.5 1102
4720 Lakeview Blvd Detached $649,000 4 3.5 2939
4601 Upper Dr Detached $1,059,000 4 3.5+.5 3943
13888 Goodall Rd Detached $1,399,995 4 3.5 4435
17860 Crestline Dr Detached $1,795,000 4 5.5 7192

PENDING SALES (Dec 23, 2013 to Jan 5, 2014)

Address Type Price BR Baths SF DOM
4000 Carman Dr #103 Condo $125 1 1 818 13
3696 Spring Ln 3B Condo $129,900 2 2 1117 53
4000 Carman Dr #106 Condo $139,100 2 2 993 12
4000 Carman Dr #55 Condo $149,999 2 2 866 10
3808 Botticelli Condo $189,900 3 2 1288 71
13 Mountain Circle Attached $217,000 2 1.5 1374 394
1120 Boca Ratan Dr Attached $260,000 3 2 1611 8
16775 Lake Forest Blvd Detached $282,000 3 2 1544 61
16056 Reese Rd Detached $319,000 3 2 1667 14
18011 Tualata Ave Detached $330,000 3 2 1482 4
24 Becket St Detached $425,000 4 2.5 2527 288
1730 Yarmouth Circle Detached $429,000 2 2 1775 123
1571 Woodland Terr Detached $474,500 3 2 2400 80
5602 Southwood Dr Detached $498,900 4 2.5 2636 103
13036 Sierra Ct Detached $499,900 3 2 2214 80
14136 Heathrow Ln Detached $549,000 4 2.5 2955 624
13080 Thoma Rd Detached $875,000 3 2 2810 194
4153 Westbay Rd Detached $1,349,000 4 3.5 3374 193
800 Terrace Dr Detached $1,349,900 5 4.5 5166 98
13636 Goodall Rd Lt2 Detached $1,399,000 4 4.5 4380 329
937 Atwater Detached $1,500,000-$1,850,000 4 4.5 4500 30

SOLD (Dec 23, 2013 to Jan 5, 2014)

Address Type List Price Closed Price Sq Ft CDOM
15938 Quarry Rd B-4 Condo $145,000 $140,000 991 184
4418 Thunder Vista Ln Condo $239,000 $220,000 2200 83
18600 Indian Creek Dr Detached $279,900 $285,000 1607 34
6025 Kenny St Detached $314,900 $309,900 1,254 99
250 Furnace St Detached $389,000 $360,000 899 68
1602 Greentree Rd Detached $412,500 $383,500 1708 93
1125 C Ave Detached $575,000 $425,000 2558 127
716 Lakeshore Rd Detached $750,000 $580,000 1878 101
621 Country Club Rd Detached $674,900 $613,000 3300 59
14120 Redwood Ct Detached $624,900 $617,000 2755 257
13562 Peters Rd Detached $875,000 $815,000 3106 123
215 Chandler Rd Detached $875,000 $820,000 3118 197
14530 Uplands Dr Detached $969,000 $881,000 4080 409

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Looking Ahead at 2013

Every winter the various title companies bring in economists to forecast what the coming year is going to look like, and every year I make it a point to attend at least one of these presentations. I gotta tell you, for the last 5 years, it’s been painful. Doom and gloom and hang onto your coat tails cause it’s gonna be a wild ride. What a breath of fresh air it was two weeks ago to go to the economic outlook program put on by WFG National Title.

 

The guest speaker was Patrick Stone, the President and CEO of Williston Financial Group. I am not going to quote Mr. Stone directly as my note taking was not done verbatim. I am going to instead share with you the general idea of what I took away.

First, after the recession, as a country and as individuals, we are well positioned for economic growth. This is because the recession allowed us to restructure out debt to get rid of it and to refinance it at a lower cost. This has created more liquid assets for both consumption and savings.

Second, as a state, Oregon is uniquely positioned to do even better than the national average.

GDP for the state of Oregon was second only to North Dakota, growing at 4.7%. This was attributed to Oregon’s manufacturing sector which is quite a bit stronger than the National average.

The prediction was made that we should see continued economic growth this year and into the next few years. Bear in mind that this could change if something horrible happens such as a terrorist attack or a huge natural disaster.

Mr. Stone went so far as to suggest that our housing recovery will likely recoup the house values lost to the recession by 2016. That would mean a 20% growth in house values in the next 3 years. Personally, I feel that momentum is happening. Will it sustain? I hope so.

Mr. Stone also talked about a future housing shortage. This would happen because of our strict land use laws that make the development of new land for new construction a slow process. To have lots for new homes in 2015, that land needs to be in the development process now. And not much bare land is currently in that process. Builders suffered in the recession and just have not been positioned to have the resources to invest in land development. That is changing. New housing starts are on the rise and the builders are beginning to prosper.

The long and short of it is that with a low supply of land and a growing economy, there will likely be a housing shortage in the future. Economics 101 is about supply and demand. Low supply combined with high demand is what causes prices to go up.

No, I don’t have a crystal ball. Yes, I may be entirely wrong. But based upon what I heard at this year’s economic forecast session, 2013 should be a good year for the real estate market and that positive growth is likely to continue into the years ahead.

I sure hope so. We all deserve some good news.
Dianne