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Market Trends Mt. Hood Real Estate May 2018

Local Update forMay Sales

RMLS report for May 2018 Mt. Hood Area

The numbers have been released for May 2018 sales and stats for Mt. Hood. Most impressive is the 33 new listings to hit the market. Inventory is quickly showing up for the summer of sales this year. The majority of properties on the market under $300,000 are Mt. Hood National Forest leased land cabins, condos and "in Park" mobile homes AKA rebranded as "tiny homes" located in Mt. Hood RV Village. 

Many buyers are attracted to tiny homes in Mt. Hood Village due to their pricing point. There is a space rental fee of between $475 to $650 per month. There are amenities included with that space fee, of course, including an indoor pool, weight room, work out equipment, security and gated entry.

Full time residence, second home owners and investment property buyers are strictly looking for deeded homes. The average sale price of $339,300 for May shows this market is not an easy one to get into. 

June listings are flowing in so it will be interesting to see if we maintain the pace of May as we head into summer. 

Mt. Hood real estate sales for May 2018

 

An active spring brought nineteen sales on the mountain. May sales had a huge variety. Noteworthy were three sales with acreage. One was a fixer upper on 11 acres selling at $420,000. Another was a 3,000 square foot log home on 20 acres at $665,000. Twenty acres on the mountain anywhere is a very rare commodity. 

May 2018 Mt. Hood Real Estate SalesMt. Hood Real Estate SalesMt Hood Real Estate Sales for May 2018Mt Hood Reall Estate Sales

National News

U.S. Real Estate Overview

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

Based on the most recent data from the National Association of Realtors® (NAR), sales of existing homes fell back in April following a two-month upward climb, and all four major regions had no gain in sales activity.
 
Nationally, total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) dipped 2.5% to 5.46 million in in April, down from 5.60 million in March. Sales now sit 1.4% below the same time period last year, and have dropped year-over-year for two consecutive months.

NAR's chief economist, Lawrence Yun, indicated that punishingly low inventory levels resulted in an Aprils's existing homes sales slump. “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” Yun said. He added, “Realtors® say the healthy economy and job market are keeping buyers in the market for now even as they face rising mortgage rates. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.”
 
The median existing-home price for all housing types in April was $257,900, up 5.3% from April 2017 ($245,000). March’s price increase marks the 74th straight month of year-over-year gains.
 
Total housing inventory in the U.S. grew 9.8% to 1.80 million existing homes available for sale. This is still 6.3% lower than one year ago (1.92 million) and it's fallen year-over-year for 35 straight months. Nationally, unsold inventory offers a four-month supply of homes at the current sales pace, a bit less than 4.2 months last year.
 
Nationally, properties remained on the market for 26 days in April, a reduction from 30 days in February and 29 days a year ago. Fifty-seven percent of April's home sales stayed on market less than a month.
 
Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage ticked up for the seventh consecutive month to 4.47% in April from 4.44% in March. The average commitment rate across 2017 was 3.99%.
 
First-time buyers drove 33% of U.S. sales in April, down from 34% a year ago. The annual share of first-time buyers across 2017 was 34%.

Summer Selling Opportunities