We need Listings! I repeat! We need Listings! 🙂
Spring so far, continues to spring. The numbers say that we are tracking last year's numbers, but it just doesn't feel like it...
It frankly, feels like I'm waiting for another shoe to drop or something. As you all may know, I’m a strangely cautious person, and especially so when markets are overclocking. This is one of those times...
Prices remain high, and out of reach for most of Hood River. Buyers are balking at what’s for sale these days, and some homes that are CLEARLY in the range of the average buyers, are just sitting there.
Interestingly, I expect a round of early season price reductions (or negotiated closings indicating a lower ratio price to offer, say, of around 85%-88% rather than the current averages of between 93%-97%.)
Our inventory, however, is really really low! we are at about 3.7 months of inventory at this writing, which is keeping prices supported...It does, however, indicate that folks are not moving around in the market....because there is no "gradient" to be found in the valley. There is no cheaper place to move to in this market, except the Dalles.
The Dalles, however is catching up! Prices are rising and the unit volume is also very strong. We are starting to see real, speculative investment in The Dalles, around both commercial buildings and residential, including new infill and renovations. It's always early to say "Things are changing in the Dalles!" (Because this has been an impending thing for...30 years?) but...things are changing in The Dalles.... 🙂
So that's what’s what from the Gorge this month! See you around town, feel free to ask me any questions about this crazy market we are in!
~ Maui Meyer
Owner/Managing Partner, Licensed in OR & WA