Dallas Fridley, our regional Economist wrote a stellar review of our Real Estate Marketplace. You can find it here.
Dallas does this stuff for a living, and though we are drawing slightly different conclusions, I’m thinking his data set is the county at large, while I’m allowed to be a bit more selective…..(read: I’m drinking my own kool-aid, and focusing on just the immediate Hood River City and surrounds)
Dallas is spot on with Wasco County, and the strength in average sales price in Hood River County, which showed impressive gains in May. (up 4.6% YTD) That’s probably seasonal, and the total units sold is still down, but so far, so good.
There’s been a RASH of deals this last week, and when I looked at listing numbers, a number I thought was going to explode, I found that it was, actually…..down. Not by much, mind you, but at least, I think we are not having that compounding effect of swelling inventory, and waning closings (read the “overhang overhang” comment from last month)
I wake up one morning, and I think “This is the inflection point” I wake up the next morning, and think….”uh oh” I never can tell what indicators will jump out from day to day.
I will say that the Buyers keep coming in, and people are still buying things, so, if we are selling at 2004-2005 levels in terms of units, and our total volume is only slightly off in the City of Hood River and immediate surrounds….well,
I seen worse.
Talk to you next month. June 28th. The inflection point. (As bad as the Sub Prime fall out is going to get until sometime later next year, when the second wave of it comes due, assuming workouts and bailouts haven’t softened the blow.)
What worries me now? food, water and energy. That kind of impact, however, tends to strenghten us, in an area that has it’s own food, water and power….