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How's the Market, Zach?

Zach Bernards January 21, 2021

The RMLS's Market Action Report for December was released to us containing some expected, but interesting information. The most apparent takeaway from this report is that our inventory levels are extremely low, therefore home prices are continuing to increase even through the slower Winter months. For example, view the two graphs below (courtesy of RMLS):
 
 
With inventory being at all-time lows, house buying has gotten more difficult, particularly due to our low interest rates, which are likely raising everyone's maximum purchase price. Safe to say, it is a Seller's market.
 
 
For Yamhill County, we saw one of the largest increases in median sales price for Portland Metro Counties at 12.2%, behind only Columbia, and tied with Mt. Hood. I believe this is due to our strengthening new construction, strong local economies, and the decentralization Portland and surrounding areas are experiencing.
 
Please let me know if you have any specific questions regarding our market, as I would be happy to give answers.

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