March Monthly Market Real Estate Update
Consumers just keep spending with the recent CPI report showing an increase in inflation of .4% from last month and up 3.8% on the year and 3.2% from this time last year. The FED is still a ways from their 2% target and they are continuing to unload their balance sheet which has more of an effect on mortgage rates. This is an interesting site,
https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
The disparity between consumer debt and savings continues to be a major problem. Many folks seem to be riding the wave of the past few years where savings out performed consumer debt considerably. With a record number of people enjoying record amounts of equity in their homes, HELOC loans are becoming more popular to also supplement lifestyles and pay off much higher interest rate debt such as Credit Cards. With a Home Equity Line Of Credit, your home’s value can always be a good asset to tap into when needed, but with caution. The equity can be used up quickly and force a position that is not attractive. If you know of anyone that is going down this path, but doesn’t have a plan to escape it, let us know. We can help them prepare before they dig too deep of a hole.
We are showing some good signs of activity in the Real Estate markets. Every market is local and there are also many micro markets within our Mid Willamette Valley market. In some cases we are still seeing multiple offers on homes, although rare, and in other cases many homes are sitting much longer with an average Days on Market of around 120 days for our area. Sales are increasing. We have had 422 detached single family homes sold in February versus 330 in January of 2024. However, we are still seeing inventory remain flat for the most part, which is hedging against values decreasing. Although the average sales price dropped from last month, it is too early in the year to determine how much of that is an issue. With such little data at the beginning of the year, the stats might say one thing, but we can tell you on the front lines that values are remaining strong. The data will paint a clearer picture the further we get into the year.
Statistics show that you know at least 4 people that will move this year. Please give them our name and phone number, or let us know if we can reach out to anyone to help them. We work hard to put all of the pieces together to encourage healthy homeownership.
| Current Active Listings (All Types) | 2239 | Down 1.0% from last month & up 12.7% from this time last year |
| Current Pending Listings | 913 | Up 7.9% from last month & down 6.4% from this time last year |
| Sold Listings Last Month | 533 | Up 1.7% from last month & up 1.9% from this time last year |
| New Listings Last Month | 847 | Up 4% from last month & up 1.3% from this time last year |
| Months of Inventory | 3.29 | Down 1.2% from last month & up 31% from this time last year |
| % List to Sold Ratio | 98.40% | Down .7% from last month & up .2% from this time last year |
| Absorption Rate | 24%* | Up 4.2% from last month & down 11.7% from this time last year |
| *Based on current active listings vs sold listings for the past month | ||
| Average Sales Price in All Categories | $457,000 | Down 2.2% from last month & up 1.32% from this time last year |
| Average Residential Sales Price | $487,000** | Down 1.63% from last month & up 2.7% from this time last year |
| **Based on Willamette Valley Multiple Listing Statistics | ||
| Average Owner Occupied Interest Rates | 6.88%*** | Up 3.7% from last month & up 2.2% from this time last year |
| ***Based on Freddiemac.com Statistics of 30 year fixed mortgage | +Some numbers are rounded |