The Market continues to improve, however slightly. Prices have moderated by a bunch! Given the activity in the market, (being so price point oriented) has caused a dip in the average and median home price. I did notice, however, that the look and feel of that correction sort of maps to 2008. Inventory in months was at 14 (high, yes I know) then it went to over 30, then it came back to about 14. Same thing with average price, which is down 13% year over year. Looks like a cleanout to me…
Closings dropped in September, while pendings went up. You could probably call this a marker on the HERA and HVCC issues, as most deals are now between 30-45 days………
So, the long and short of it is that this is looking a lot like 2008, but with an upward bias, not a downward one……..
Inside the market, Average sale price got mauled by the lower price points in both Hood River Westside and City, down 6% and 18% year over year. Additionally a big drop off of pending sales, YTD in the City (off 32%) to the benefit of the Westside (Up 30%) Again, some of that is sample size, but Downtown has flown higher in the past, and this would probably mark a return to earth on the values.
So that’s that in October. Time to settle in for a loooong haul until next spring. There’s some commercial activity as people look for projects, assuming they have financing, etc.
The Columbia Gorge Hotel has apparently been sold, there’s talk of a couple of new projects, but it’s still lean out there for the trades. Last winter there was lots of talk of a “die-off” of some businesses. We have been in here for so long, that I think there’s still a fair bit of carnage to occur. Hopefully it won’t be us, but there’s still a decent amount of uncertainty out there…….
On the computer front we now have a Face book page, our plan is to post new listings to that page, and updates. The Copper West Facebook page is located here.
Our twitter feed is @CopperwestHR
My Personal FB page is here.
And my Twitter feed is @Mauim
I keep the personal and business accounts quite separate, so you may choose, either neither or both!
And Finally, We are now posting the Monthly Market Reports from the RMLS on our website. They are located in the newsletters section under the about us tab at Copperwest.com