Real Estate Market Reports

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This is the March 2016 Real Estate Market Report for Newport and South Beach on the Oregon Coast. Find out what's selling and what's not.

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Real Estate Market Reports

  1. 1. TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Pages 1-2 Market Summary Table ……………………………………………….. Page 3 Glossary ………………………………………………………………... Page 4 Su M Tu W Th F Sa Monday, March 7 3 4 51 2 6 7 8 9 10 11 12 201617 18 19 24 25 26 13 14 15 16 20 21 22 23 27 28 29 30 31 NEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACH REAL ESTATE MARKET REPORT Sonja Lovas Martek Real Estate 567 North Coast Highway Newport, Oregon 97365 realtorsonjalovas@gmail.com 541-961-3866 - Sonja 541-283-3040 - Steve http://www.youtube.com/sonjalovas https://twitter.com/sonjalovas http://www.linkedin.com/in/sonjalovas https://www.facebook.com/sonjalovas Real Market Reports www.RealMarketReports.com
  2. 2. NEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACH REAL ESTATE MARKET REPORT Taking a closer look, we notice that the $200K - $300K price range has a relatively large number of contracts pending sale. We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 25 listings. The average list price (or asking price) for all properties in this market is $436,532. A total of 82 contracts have closed in the last 6 months with an average sold price of $267,808. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings. Alternatively, a total of 74 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has the highest number of off-market listings at 19 properties. "Current inventory is described as mildly active." at the real estate market. Currently there are 33 sales pending in the market overall, leaving 61 listings still for sale. The resulting pending ratio is 35.1% (33 divided by 94). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. 0 5 10 15 20 25 30 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Properties For Sale Contracts Pending 0 5 10 15 20 25 30 35 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold Off-Market Newport/South Beach Number of Listings For Sale vs. Pending Contract Newport/South Beach Num Sold vs. Off-Market (Last 6 mos.) Let's take a look 1Real Market Reports www.RealMarketReports.com Updated on 3/7/2016, www.RealMarketReports.com Copyright © Sonja Lovas Updated on 3/7/2016, www.RealMarketReports.com Copyright © Sonja Lovas Monday, March 7, 2016 Market Dashboard realtorsonjalovas@gmail.com Sonja Lovas Martek Real Estate 541-961-3866 - Sonja
  3. 3. NEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACH REAL ESTATE MARKET REPORT Analysis of the absorption rate indicates an inventory of 4.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future. Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for an average of 106 days. Analysis of sold properties for the last six months reveals an average sold price of $267,808 and 153 days on market. Notice that properties in the $0K - $100K price range have sold 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 was $413,180 with an average DOM of 164 days. Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. "The average list-to-sales ratio for this area is 95.0%." 0 50 100 150 200 250 300 350 400 $0K $100K $200K $300K $400K $500K $600K $700K $800K $900K $1.0M $1.1M $1.2M $1.3M $1.4M Sold For Sale $0K $100K $200K $300K $400K $500K Oct Nov Dec Jan Feb Mar 120 130 140 150 160 170 180 Oct Nov Dec Jan Feb Mar Newport/South Beach Average Days on Market (DOM) Newport/South Beach Average Days on Market (Sold) Newport/South Beach Average Sold Prices 2Real Market Reports www.RealMarketReports.com Updated on 3/7/2016, www.RealMarketReports.com Copyright © Sonja Lovas Copyright © Sonja Lovas Updated on 3/7/2016, www.RealMarketReports.com Copyright © Sonja Lovas Updated on 3/7/2016, www.RealMarketReports.com Monday, March 7, 2016 Market Dashboard realtorsonjalovas@gmail.com Sonja Lovas Martek Real Estate 541-961-3866 - Sonja
  4. 4. NEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACH REAL ESTATE MARKET REPORT Date Range = 09/07/2015 to 03/07/2016 Data believed to be accurate but not guaranteed. Price Range Total Num Avg DOMMin. Max. List to Sales For Sale [1] Sold in the Last 6 Months [4] Absorption RateOff-Market in the Last 6 Months [3] Mos. Avg Sold Price Total Num Pending Ratio Total Num Total Num Avg DOM Avg Orig List Price Avg List Price Contracts Pending [2] $0 $99,999 0 - - 0 - Avg List Price 3 3 89 84,800$ 62,400$ 59,333$ 95.1% - $100,000 $199,999 5 72 160,100$ 8 61.5% 9 19 156 188,432$ 168,984$ 159,653$ 94.5% 1.6 $200,000 $299,999 25 91 257,222$ 15 37.5% 19 33 156 264,652$ 256,467$ 247,389$ 96.5% 4.5 $300,000 $399,999 10 105 356,290$ 7 41.2% 11 18 159 372,086$ 364,481$ 343,389$ 94.2% 3.3 $400,000 $499,999 7 82 447,429$ 1 12.5% 16 6 120 472,317$ 461,483$ 437,167$ 94.7% 7.0 $500,000 $599,999 4 215 581,000$ 2 33.3% 5 2 168 622,250$ 584,750$ 511,000$ 87.4% 12.0 $600,000 $699,999 3 337 682,500$ 0 0.0% 2 0 - - - - - - $700,000 $799,999 1 33 799,000$ 0 0.0% 0 1 218 899,900$ 749,900$ 759,000$ 101.2% 6.0 $800,000 $899,999 2 47 849,500$ 0 0.0% 3 0 - - - - - - $900,000 $999,999 1 32 949,000$ 0 0.0% -2 0 - - 0 - - - - - - - - $1,100,000 $1,199,999 0 - - 0 - 0 - - - - - - - $1,200,000 $1,299,999 1 2 0 - - - 33 35.1% 74 $1,300,000 $1,399,999 0 - - 0 - Market Summary >>> 61 106 436,532$ -- - - - -- - - - 4.582 153 295,658$ 281,832$ 267,808$ 95.0% 0 0.0% 0.0% 3 1 0 - 0 - 0 - - - -- $1,400,000 + 2 74 1,812,500$ 0 0 0 0 $1,000,000 $1,099,999 0 1,259,000$ - Status = [1] A; [2] P; [3] E, L, W; [4] C Property Type = Residential/Site Blt Major Area = NPSB 3Real Market Reports www.RealMarketReports.com Monday, March 7, 2016 Market Summary Table realtorsonjalovas@gmail.com Sonja Lovas Martek Real Estate 541-961-3866 - Sonja
  5. 5. NEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACHNEWPORT/SOUTH BEACH REAL ESTATE MARKET REPORT 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 www.RealMarketReports.com 4 Monday, March 7, 2016 Glossary realtorsonjalovas@gmail.com Sonja Lovas Martek Real Estate 541-961-3866 - Sonja

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