It's officially Fall!
Well, it's not letting up, which is unusual for this time of year. Buyers are still out in force, and the last flush of properties, which were priced a bit higher than normal for this market (500-700) are moving.
If you would like a property in Stonegate, now is your time to move. After years of no one moving, there are seven new listings in Stonegate. It looks to me like a combination of opportunity selling, and family growth. Regardless, the prices are aggressive, and though some folks are balking, one or two of the nicer properties, once they move, might actually validate that neighborhood and set new pricing levels.
Inventory elsewhere is tight, but improving....though slowly. May street school district continues its hot streak, and that hot streak is starting to grow into the ABC streets. Rosauers (Pacific Heights) still has few properties available, though construction is underway on new homes in the latest addition. It remains to be seen what that does for other homes once 30 new homes hit the market, but we shall see. I suspect they will be easily absorbed, and will have a tempering effect on other housing prices, and that this will last for a few years, as the new addition up in Rosauers gets built out, and then follow on inventory hits the market....
Which is to say, I think we are at a structural high point, unless the builders can't keep up? So far, it looks like they will finally have an inventory of lots to build on, and that inventory looks to last between 5-7 years at full buildout, tempering prices a bit.
Gorgeous 8 Room Craftsman B & B...... RMLS#15643710
It seems that we might just get that pressure reprieve we've been looking for over the winter, allowing the builders to get ahead of the demand, and allowing the buildable land inventory to build up.
On the city front, they Hood River City council has taken a stand and will begin regulating short term rentals in the City of Hood River. This means that flood of properties that have become short term rentals will begin to slow, and that too, should help with housing affordability. The cities approach is interesting. They are not limiting Short term rentals, they are just defining it as subordinate to a primary residential use, meaning, you have to live in your home 275 days of the year, and can rent out your home, unrestricted, for only 90. If they stick to their guns, visitors will still have places to come to, but the ownership structures will change. Stay tuned.
The next bottleneck? West side transportation approvals and infrastructure buildout. If it goes smooth, it's only a couple years of bottleneck in about 7-10 years. If it doesn't go smooth......Inventory will stall, and prices will fire up again......
Stay tuned, stay tuned...it will be nothing if not interesting!
Thanks for reading, see you next month!