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2013 – Quick Market Overview
2013 was a very exciting and positive year in real estate. Much of the positivity came from average and median prices increasing from 5-18% in many areas. Nationally, the residential real estate market experienced approximately a 7% average appreciation in home prices. Lane County, Oregon saw an 11.9% increase in average price while Portland Metro area experienced a 12.9% increase.
Much of the upward pressure on home values results from low inventory. In 2013 we experienced a Seller’s market in regard to housing inventory in the Northwest and nationally. Low inventory resulted from a flurry of activity. With an improving economy, the pent up buyer demand and threat of rising interest rates encouraged home buyers to take advantage of the benefits of buying in 2013. Thus, creating a year of low inventory and upward pressure on pricing as Seller’s experienced multiple offers and/or a shortage of competition.
I anticipate 2014 to be another positive year with a potentially more balanced level of activity regarding residential transactions and home appreciation.
Lane County
The 5,560 new listings represent a 14.4% increase over the 4,861 entered in the same period of 2012. There have been 3,765 pending and 3,792 closed sales through the end of 2013, up 11.8% and 14.9%, respectively, from 3,367 pendings and 3,300 closed sales by December 2012.
Average and Median Sale Prices: The average price through December is $224,900, up 11.9% from this time in 2012, when the average was $200,900. In the same comparison, the median price increased 12.4% from $178,000 last year to $200,000 this year.
Note: Lane County excluding Florence, Oregon
Portland Metro
There have been 27,065 accepted offers and 26,782 closed sales to date in 2013, up 12.7% from 24,010 pendings and 14.3% from 23,438 closed sales in the same period last year. The 35,858 new listings to date this year represent an 11.0% increase from the 32,300 entered through the end of last year.
Average and Median Sale Prices: The average sales price through the end of the year is $310,600, up 12.9% from the same period in 2012, when the average was $275,000. In the same comparison, the median price increased 12.8% from $235,000 last year to $265,000 to end 2013.
About
Information in this report is provided through data and information by RMLS (Regional Multiple Listings Service), RLID (Regional Land Information Data), NAR (National Association of Realtors) and Trendgrahix Statistical Analysis.
Matt R. Powell is the Co-Owner of Windermere Real Estate/Lane County, Windermere Commercial, and Trinity Real Estate Services located in Eugene, Oregon. Real Estate companies providing residential, commercial, and REO asset management services throughout Oregon.
