Canby Home Prices Grow

15 May

A recent report on Canby area real estate confirms a continued solid increase in local home values. Compared to last year, Canby area home prices are now 15.3% higher. If this trend continues, we could be well on our way to a banner year for Canby real estate. 

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Canby Home Prices Are Up 15.3% Over The Past Year-Click Image to Enlarge

A comparison of price growth among local communities reveals Canby is now among the top tier for regional home price growth.

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Like Canby, Regional Home Prices As Shown on This Graph Are Also Climbing

Why Is Our Canby Real Estate Market Strengthening?
There are several factors helping to boost Canby area home prices. These include Oregon’s real estate seasonality, which brings improved home buying weather this time of year. Gains are also due in part to a continued recovery from the Great Recession which began around December, 2007. However, perhaps the key reason to explain our real estate boost is a significantly reduced inventory of homes for sale. 

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Our Region Would Run Out of Homes in 2.8 Months

According to the latest housing inventory report from the Regional Multiple Listing Service (RMLS), the greater Portland Metro area will now ‘run out of homes’ in 2.8 months. Click here for this new FREE report, with helpful information on Canby area real estate.

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Canby’s Title As ‘The Garden Spot’ is Well Deserved

What Does This Mean For Canby Homebuyers & Homesellers?
Low home inventory means there are fewer houses for sale. A main effect of having fewer homes for sale typically means less selection and higher prices. This is the classic ‘seller’s market,’ where buyers lose a significant amount of leverage. This means buyers have to compete more against one another to find a desirable home.

As a result, home prices rise. If you’ve thought about selling your Canby home, this may be your best opportunity for the foreseeable future. However, if Canby home owners en masse begin sensing the time is right to sell, such a concomitant increase in supply could cancel projected home price gains.

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How Low Will Our Home Inventory Go?

Limbo, How Low Will We Go? Another reason for our home inventory’s newsworthy nature has to do with the time of year. We’re already trending slightly ahead of 2013 given our latest inventory figure of 2.8 months from April.  Last year, the months of May, June and July reported the lowest in all of 2014 for regional inventory. So the lowest number of available homes for sale may yet be ahead.

Timing The Market
Based on last year’s performance, homeowners may have another few months before the supply of homes begins climbing back up. So if you’re considering a Canby area home sale in 2014, acting sooner is likely to be in your favor before inventory rises and other events are factored in, like families purchasing before the school year begins.

Consult The Experts
Thinking about selling your Canby area home? Contact the experts at Certified Realty, Oregon’s choice since 1950, for a FREE report on what your property could sell for in today’s market.

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