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Real Market Report

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Real Estate report for Newport and South Beach Oregon for March 1, 2013 - March 31, 2013.

Real Estate report for Newport and South Beach Oregon for March 1, 2013 - March 31, 2013.

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  • 1. REAL ESTATE MARKET REPORTNEWPORT/SOUTH BEACH Su M Tu W Th F Sa Sunday, March 31 1 2 3 4 5 6 7 8 9 10 17 24 31 11 18 25 12 19 26 13 20 27 14 21 28 15 22 29 16 23 30 2013 TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Pages 1-2 Market Summary Table ……………………………………………….. Page 3 Glossary ………………………………………………………………... Page 4 Sonja Lovas Windermere West Coast Properties 567 North Coast Hightway Newport, Oregon 97365 www.realestateisms.com sonja@sonjalovas.com 541-961-3866 541-265-5455 https://www.facebook.com/sonjalovas http://www.linkedin.com/in/sonjalovas https://twitter.com/sonjalovas http://www.youtube.com/sonjalovas Real Market Reports www.RealMarketReports.com
  • 2. REAL ESTATE MARKET REPORTNEWPORT/SOUTH BEACH Sunday, March 31, 2013 Sonja Lovas Windermere West Coast Properties sonja@sonjalovas.com 541-961-3866 Lets take a look at the real estate market. Currently The pending ratio indicates the supply & demand of the market. Specifically, Taking a closer look, we notice that the $100K - $200K price range has a there are 19 sales pending in the a high ratio means that listings are in relatively large number of contracts market overall, leaving 98 listings still demand and quickly going to contract. pending sale. for sale. The resulting pending ratio is Alternatively, a low ratio means there 16.2% (19 divided by 117). So you are not enough qualified buyers for the We also notice that the $200K - $300K might be asking yourself, thats great... existing supply. price range has a relatively large but what exactly does it mean? Im inventory of properties for sale at 34 glad you asked! "Current inventory is described listings. The average list price (or as somewhat slow." asking price) for all properties in this market is $354,765. Properties For Sale Number of Listings For Sale vs. Pending Contract Contracts Pending Newport/South Beach 40 Updated on 3/31/2013, www.RealMarketReports.com 35 Copyright © Sonja Lovas 30 25 20 15 10 5 0 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M A total of 43 contracts have closed in Sold Num Sold vs. Off-Market (Last 6 mos.) the last 6 months with an average sold Off-Market Newport/South Beach price of $258,313. Breaking it down, 20 we notice that the $200K - $300K price Updated on 3/31/2013, www.RealMarketReports.com 18 Copyright © Sonja Lovas range contains the highest number of 16 sold listings. 14 12 Alternatively, a total of 65 listings have failed to sell in that same period of 10 time. Listings may fail to sell for many 8 reasons such as being priced too high, 6 having been inadequately marketed, 4 the property was in poor condition, or 2 perhaps the owner had second 0 thoughts about selling at this particular time. The $200K - $300K price range $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M has the highest number of off-market listings at 18 properties. Real Market Reports 1 Market Dashboard www.RealMarketReports.com
  • 3. REAL ESTATE MARKET REPORTNEWPORT/SOUTH BEACH Sunday, March 31, 2013 Sonja Lovas Windermere West Coast Properties sonja@sonjalovas.com 541-961-3866 Looking at the chart to the right, you might be wondering why average days Sold Average Days on Market (DOM) on market (DOM) is important. This is For Sale Newport/South Beach a useful measurement because it can 700 Updated on 3/31/2013, www.RealMarketReports.com help us to determine whether we are Copyright © Sonja Lovas 600 in a buyers market (indicated by high DOM), or a sellers market (indicated 500 by low DOM). Active listings (properties for sale) have been on the 400 market for an average of 169 days. 300 Analysis of sold properties for the last 200 six months reveals an average sold 100 price of $258,313 and 246 days on market. Notice that properties in the 0 $500K - $600K price range have sold $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M quickest over the last six months. The recent history of sales can be seen in the two charts below. The average sold price for the last 30 days "The average list-to-sales ratio Analysis of the absorption rate was $167,475 with an average DOM for this area is 94.0%." indicates an inventory of 13.7 months of 345 days. based on the last 6 months of sales. Ratios are simple ways to express the This estimate is often used to Since the recent DOM is greater than difference between two values such as determine how long it would take to the average DOM for the last 6 list price and sold price. In our case, sell off the current inventory of months, it is a negative indicator for we typically use the list-to-sale ratio to properties if all conditions remained demand. It is always important to determine the percentage of the final the same. It is significant to mention realize that real estate markets can list price that the buyer ultimately paid. that this estimate does not take into fluctuate due to many factors, It is a very common method to help consideration any additional properties including shifting interest rates, the buyers decide how much to offer on a that will come onto the market in the economy, or seasonal changes. property. future. Average Sold Prices Average Days on Market (Sold) Newport/South Beach Newport/South Beach $350K 400 $300K 350 $250K 300 250 $200K 200 $150K 150 $100K 100 $50K Copyright © Sonja Lovas 50 Copyright © Sonja Lovas Updated on 3/31/2013, www.RealMarketReports.com Updated on 3/31/2013, www.RealMarketReports.com $0K 0 Oct Nov Dec Jan Feb Mar Oct Nov Dec Jan Feb Mar Real Market Reports 2 Market Dashboard www.RealMarketReports.com
  • 4. REAL ESTATE MARKET REPORTNEWPORT/SOUTH BEACH Sunday, March 31, 2013 Sonja Lovas Windermere West Coast Properties sonja@sonjalovas.com 541-961-3866 [2] [3] Contracts Pending Off-Market in the Last 6 Months Absorption Rate [1] [4] For Sale Sold in the Last 6 Months Price Range Total Avg Avg Total Pending Total Total Avg Avg Orig Avg Avg List to Mos. Min. Max. Num DOM List Price Num Ratio Num Num DOM List Price List Price Sold Price Sales $0 $99,999 2 358 $ 94,000 0 0.0% 0 3 71 $ 100,967 $ 90,967 $ 71,333 78.4% 4.0 $100,000 $199,999 18 123 $ 152,869 7 28.0% 12 12 192 $ 174,604 $ 162,454 $ 156,213 96.2% 9.0 $200,000 $299,999 34 170 $ 252,332 4 10.5% 18 15 309 $ 285,860 $ 248,980 $ 234,593 94.2% 13.6 $300,000 $399,999 24 166 $ 368,113 6 20.0% 13 7 339 $ 435,957 $ 378,857 $ 358,000 94.5% 20.6 $400,000 $499,999 6 95 $ 451,650 2 25.0% 13 4 194 $ 481,750 $ 475,750 $ 443,750 93.3% 9.0 $500,000 $599,999 5 242 $ 563,090 0 0.0% 1 1 32 $ 569,500 $ 549,500 $ 524,000 95.4% 30.0 $600,000 $699,999 1 56 $ 695,000 0 0.0% 2 1 238 $ 875,000 $ 749,000 $ 695,000 92.8% 6.0 $700,000 $799,999 1 641 $ 725,000 0 0.0% 2 0 - - - - - - $800,000 $899,999 1 87 $ 839,000 0 0.0% 0 0 - - - - - - $900,000 $999,999 3 330 $ 995,000 0 0.0% 1 0 - - - - - - $1,000,000 $1,099,999 1 56 $1,049,000 0 0.0% 0 0 - - - - - - $1,100,000 $1,199,999 1 41 $1,100,000 0 0.0% 1 0 - - - - - - $1,200,000 $1,299,999 0 - - 0 - 0 0 - - - - - - $1,300,000 $1,399,999 0 - - 0 - 0 0 - - - - - - $1,400,000 + 1 187 $1,495,000 0 0.0% 2 0 - - - - - - Market Summary >>> 98 169 $ 354,765 19 16.2% 65 43 246 $ 304,866 $ 274,664 $ 258,313 94.0% 13.7 Date Range = 09/30/2012 to 03/31/2013 Data believed to be accurate but not guaranteed. Status = [1] A; [2] P; [3] E, L, W; [4] C Property Type = Residential/Site Blt Major Area = NPSB Real Market Reports 3 Market Summary Table www.RealMarketReports.com
  • 5. REAL ESTATE MARKET REPORTNEWPORT/SOUTH BEACH Sunday, March 31, 2013 Sonja Lovas Windermere West Coast Properties sonja@sonjalovas.com 541-961-3866 1. PROPERTIES FOR SALE a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Average Days on Market (DOM): The average marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Average List Price: The average price that a seller is currently asking. 2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending) (P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen 3. OFF-MARKET a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to reoffer their property for sale. 4. PROPERTIES SOLD a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Average Days on Market (DOM): The average marketing time it has taken properties to sell in the last 6 months. c. Average Original List Price: The average price at which a sold property was originally marketed. d. Average List Price: The average price at which a sold property was marketed just prior to selling. e. Average Sold Price: The average price for which a property sold. f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio = Average Sold Price Average List Price 5. OTHER a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market. Real Market Reports 4 Glossary www.RealMarketReports.com