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2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2019 Market Update
Todayís economic environment is an ideal time for buying a home for many reasons. Itís still the best long term investment for individual households. Interest rates are still historically low, inventory levels have held steady and home prices are rising overall. The higher your credit score the better your mortgage rates will be. Check with your mortgage consultant for rates and the latest loan programs.
Average Sold Home Price: $400,000

Average Time on Market: 90-120 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Decreasing

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: Lower price points brings a better chance of multiple offers

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Population Growth

Nearest Metro Area: Portland

Housing Hot Spots: Home Sales in the Tigard, Tualatin, Wilsonville area are down 9.4% from a year ago.

Contact Information
Bob Zimmerman
503-730-2135
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Mortgage Rates for Nov 18th, 2019
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Bob Zimmerman Bob Zimmerman
Berkshire Hathaway Home Services NW Real Estate
Specializing in Tualatin Real Estate
5 Centerpointe Dr. - Suite 150
Lake Oswego, Oregon 97035
503-730-2135
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Bob Zimmerman for current Tualatin, OR market conditions before acting on this information.)
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