Mt. Hood Market Trends May Newsletter

Mt. Hood Market Trends May Newsletter

Real Estate Market

 

Market Trends Mt. Hood Real Estate May 2018

Local Update for April Sales

RMLS report for April 2018 Mt. Hood area

April sales numbers reflect the lack of "affordable" properties available on the mountain. An influx of buyers moving to the area from Portland to escape the high metro prices, congestion, and higher quality of life the Mt. Hood area offers, are causing prices to escalate. Average sales price for the month of April was $314,900. Pending sales for the month are up substantially compared to last April.

New listings are slowly coming in and we expect a very active summer market. Highly sought after homes sell quickly and we expect this trend to continue through the foreseeable future even though interest rates are inching up. 

 

April 2018 Mt. Hood Real Estate Sales and Statistics for 97028,97049,97011, 97049

Condo is the word of the day when you look at April sales on Mt. Hood. With half the sales for the month (seven sales) the majority were five at Collins Lake in Government Camp. It's definitely the most popular condo complex on Mt. Hood. If Collins Lake is your complex of choice sign up to received listing alerts for any new units at this Collins Lake Condo UnitsCheck out other Government Camp Condos. 

April 2018 Sales for Mt. Hood Real Estate

April 2018 Real Estate Sales for Mt. Hood

April Mt. Hood Sales for 2018

National News for May

Note: Data below from March, 2018 is the most recent from the National Association of Realtors.

According to the National Association of Realtors® (NAR), sales of existing homes in March grew for a second straight month, but low inventory levels and affordability pressures held sales activity lower than a year ago.

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) rose 1.1% to 5.60 million in March from 5.54 million in February. Still, sales remain 1.2% below a year ago.

NAR's chief economist, Lawrence Yun, indicated that closings in March inched forward despite challenging market conditions in most of the nation. "Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million," he said. Yun added, "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."

Nationwide, March's median existing-home price (all housing types) was $250,400, up 5.8% from March 2017 ($236,600). This price increase represents 73 consecutive months of gains.

Total U.S. housing inventory at the end of March rose 5.7% to 1.67 million existing homes available for sale, but remains 7.2% lower than a year ago (1.80 million) and has dropped year-over-year for 34 straight months. Nationally, unsold inventory sits at a 3.6-month supply at the current sales pace (vs. 3.8 months a year ago).

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for a sixth consecutive month to 4.44% in March from 4.33% in February. For all of 2017, the average commitment rate was 3.99%.

Prepare Your Home to Sell with Curb Appeal