Recent figures from the Regional Multiple Listing Service (RMLS) confirm our Canby real estate market remains on the upswing. Click here for the complete report.
The definite upward price trend is due in part to a continued low inventory of homes for sale. A range of three to six months is usually considered a normal housing backlog.
As a result, the average market time for a Canby area home is now at 48 days. The increase in the average greater Canby area home value is now up 7.5% over the past year.
Thinking of selling your Canby area property in this strong seller’s market? Contact our CanbyHomes.com sponsor, Certified Realty using the convenient form below, or call (800) 637-1950.
Abundant Canby Area Real Estate Information Can Seem Like Drinking Water From A Fire Hydrant
TMREI: Too Much Real Estate Information Sometimes absorbing the sea of Canby, Oregon real estate information seems more like drinking from a fire hydrant. Yet, out of all the sometimes helpful real estate data bandied about, there is one especially helpful number, which when understood,can provide near-magical clarity to Canby, Oregon homebuyers and homesellers, alike.
You Needn’t Be a Magician to Understand Canby, Oregon Home Inventory
What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.
Canby, Oregon Real Estate Inventory is Different Than Bingo
Housing inventory is also sometimes known as home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current regional supply of homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do ‘battle’ in the real estate ‘trenches’ and more likely to avoid the usual debilitating ‘minefields.’
Normal Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of Oregon-including Canby-is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is somewhere between three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, home inventory is kind of like an ‘absorption rate’ for how fast supply is used up.
Your Mileage May Vary It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, some major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. Canby is closer to Portland, which makes it part of the greater Portland area metro for purposes of market statistics.
So if your property is located in or near Canby, the Portland area inventory figure is frequently cited as a bellwether for housing backlog. If your home is located closer to Aurora or Hubbard and within Marion County, the Salem inventory figure provides an alternative approximation of local home supply. It’s also possible your specific area could be somewhat different altogether, based on a hybrid of hyper-local factors affecting both demand and supply. That said, home inventory is an undeniable and convenient ‘thumbnail’ sketch to help assess your market.
What’s The Practical Impact of Housing Inventory? Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true. That’s when the local real estate environment favors sellers, because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.
Negotiation is Expected, But Most Canby, Oregon Homesellers Don’t Like ‘Armwrestling’ With Buyers
It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.
The Number of Competing Canby, Oregon Homes for Sale Affects Market Time
What’s the Big Deal About Housing Inventory? One reason housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a qualified buyer. Inventory affects this, too.
Canby, Oregon Homesellers Can ‘Jumpstart’ Activity With Accurate Pricing
That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.
Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.
Okay, So Inventory Is Important. What Does It Look Like?
Portland Metro Sample Home Inventory
The above image provides a good example of fluctuating home inventory. As our Canby, Oregon real estate market bounced back from the severe market downturn of the Great Recession, regional home inventory reduced from more than 20 months of housing supply to less than three.
It’s Wise to Consult An Experienced Realtor Before You Leap Into the Market
Contact the Experts Thinking about selling your Canby, Oregon property? Know the market before diving in! Contact Certified Realty with your questions and for a free consultation on what your property could sell for today using the contact form below, or call (800) 637-1950.
Do you have questions or are you thinking about buying or selling a Canby home? Contact Certified Realty, our CanbyHomes.com sponsor using the convenient form below, or call 800-637-1950.
Recent statistics from the Regional Multiple Listing Service known as RMLS reveal greater Canby area home prices are up by 14.6% over the past year, or more than 1% a month. Click on the chart image below to enlarge it.
Increased home prices are likely due to the continued low inventory of available homes for sale. With 3 to 6 months frequently cited as an average inventory range of homes under normal conditions, our current 1.4 months of regional home supply suggests a sustained seller’s market.
Regional Home Inventory in Months
The average market time to sell a Canby home is approximately 54 days. Interestingly, the total number of sales in the most recent month was actually down by about 4.6%. View the complete report by clicking here.
Thinking about selling your Canby area home in this strong seller’s market? Contact Certified Realty, your CanbyHomes.com sponsor for a free price analysis on your property using the convenient form below, or call them at 800-637-1950.
Predictions on Canby’s real estate market are difficult to make with accuracy. Consider local weather forecasts. Even when armed with technology like detailed satellite images, plus wind, barometric and temperature data, weather forecasters can get it wrong…and that’s for predictions merely a week or two away!
Accurately Predicting Weather & Real Estate Trends Seems Easy
Predicting Canby’s Real Estate Trends Now imagine the difficulty in predicting real estate market activity a full year into the future. Along with seasonal influences, other challenges in real estate forecasting include changing interest and employment rates, ever-shifting home inventory levels, plus a myriad of lending regulations and the mysteries of the Federal Reserve’s monetary policy, just to name a few. Little wonder, then that some view real estate predictions as akin to flipping a coin or using a dart board.
Although Fun, Darts Are Are A Poor Method For Accurate Real Estate Forecasting
Real Estate Forecasting: What Can Work While not foolproof, one generally helpful tool for predicting future real estate trends can be past real estate trends. Major unpredictable shifts occasionally occur, but the key word here is occasionally.
For example, the Great Recession that hit Canby and the entire country starting around 2007-2008 was our nation’s worst economic downturn since 1929. Thankfully we haven’t seen such financial meltdowns every year, or every decade, or even every half century. So aside from similar cataclysmic shifts, a certain degree of real estate predictability is possible.
Regional Home Price Chart Including Clackamas County
Reasons For 2015 Canby Real Estate Optimism Several factors are coming together to provide for an optimistic New Year in our area. As you’ll see, some factors are under federal control and others occur locally, but each has an impact on Canby real estate. So if you’ve held off selling your Canby area home, here are four of them that portend a good 2015:
1. Credit Scores Loosen Most homebuyers need a home loan, generally known as a mortgage. The good news is that mortgage credit is becoming more available as lenders loosen credit requirements.
3. Consumer Optimism Recent figures from the National Association of Realtors confirm homebuyers are now more optimistic. This includes our area. When it comes to single family homes, the ‘Confidence Index’ chart below shows most states now have a majority level of optimism in their region, including ours.
Orange & Red = Strong Single Family Home Consumer Confidence
4. Home Inventory Remains Low Thanks in part to the reduced level of local new construction, home inventory in our region is still near historic lows. Our most recent survey shows we have 3.2 months of housing backlog. This suggests we have more buyers than sellers. As a result, Canby homesellers can take advantage of what remains largely a ‘seller’s market’ heading into 2015.
Our Regional Home Supply Is Low
The Bottom Line If you’ve held off selling your Canby home because you were ‘under water,’ or concerned about the market being too low, now is a good time to consider re-evaluating.
Many Canby Homeowners Are No Longer ‘Under Water’
Canby’s real estate market has changed. Experts predict regional home price growth to continue at a steady, albeit slower pace through 2015, compared to the 7.2% price increase to date for 2014. As a result, some suggest a 3% annual increase in area home prices. Depending on a variety of factors, that may indeed end up being conservative on the low end. For Canby, expect between 3% to 6% in 2015 home price appreciation.
New figures from Ticor Title Company show little change of late in the median list price of a Canby home, with an increase in the average days on the market.
Thinking about selling your Canby property? Contact our sponsor, Certified Realty using the convenient contact form below for a FREE report on what your Canby property could sell for in today’s market.
As November winds down, recent information from the Regional Multiple Listing Service (RMLS) suggests one Canby home sale will stand out as the most expensive for the month.
However, the property also features over 48 acres and includes water rights, plus mountain views. So this recent sale involves more than the usual home, which helps to explain the higher-than-usual price.
Located on S. Union Hall Road, the house features nearly 1,900 square foot of living space, with 4 bedrooms and 2.5 bathrooms. Also included are a shop, shed and barn.
According to RMLS records, the final selling price for this Canby property was $570,000. It was initially priced at $695,000 and on the market nearly a year before selling.
Oregon’s Choice Since 1950
Thinking about selling your Canby home? Family owned and operated for 64 years, Certified Realty sells Canby real estate in every price category. For a FREE report on what your Canby property could sell for, contact Certified Realty using the convenient contact form below.
One of the Canby, Oregon buildings reportedly for sale
The Portland Business Journal recently reported on some significant upcoming real estate changes about to occur in Canby. Here’s the report, courtesy of the Portland Business Journal:
“Developers interested in redefining an entire downtown might want to check out what’s on the market in Canby.
Thanks to an impending consolidation of city offices into a new civic building and library, the city, a few miles south of Portland, is selling five of its downtown buildings and up to one full city block. The properties are all in the city’s downtown core between First and Third avenues on Holly and Ivy streets.
The buildings to be sold include the existing library, the development services building, the finance building and the former police headquarters. They range in size from around 2,000 square feet to about 10,000 square feet.
Renate Mengelberg, economic development director for the city, said the city does not have a firm asking price for the properties because it wants to encourage a wide array of development proposals.
“We are willing to be flexible and really want to encourage creative proposals,” she said, adding that the new civic building will be completed in 2016.
The city has issued a Request for Expressions of Interest to spur development ideas. An open house and tours of the properties will be held on Nov. 19. Proposals will be due Jan. 9, 2015.
The city is looking for ideas for one or more of the properties from local businesses looking for space or developers who might be interested in a project of a bigger scale. Officials will also be looking for proven development teams with solid financial resources. That said, the city is also open to assisting through its façade improvement program and a revolving loan program that provides loans of up to $250,000.
In addition, the city of Canby has applied for a vertical housing program that would provide a 10-year property tax abatement of second- to fourth-story residential development over retail. It expects to gain approval for the zone by the end of this year.”
A new study from Ticor Title Company suggests our Canby real estate market is stabilizing. For now at least, gone are Canby’s big swings in home price and market time.
Thinking about selling your Canby home, lot or acreage? For a FREE report on what your Canby property could sell for in today’s market, contact our sponsor, Certified Realty using the form below. Still family-owned and operated, Certified Realty is Oregon’s choice since 1950.
According to this latest survey, the median list price for a Canby, Oregon home is now $317,000. The average market time to sell a Canby home is now 136 days, or between 4 and 5 months. And with a median house size of nearly 2,000 square feet, Canby homes are pretty spacious.
2055 N. Country Club Drive, Canby, Oregon – Now For Sale at $259,900.
Have you considered selling your Canby, Oregon home? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market. Family owned and operated since 1950, Certified Realty is owned and operated by graduates of Canby schools. They specialize in the sale of Canby homes and properties.
A very telling article was recently released in a national real estate journal. In just two images, it explains why the vast majority of homesellers work with a Realtor.
Click on Image to Enlarge
The infographic on the left shows the huge percentage of homesellers who hire a Realtor.
The infographic on the right shows why. Homesellers average a 25% higher selling price with a Realtor.
Thinking about selling your Oregon property? Don’t leave money on the table. Certified Realty sponsors CanbyHomes.com and is Oregon’s choice since 1950. Contact Certified Realty for a FREE report on what your home could sell for in today’s market using the convenient form below.
A new report on our Canby, Oregon real estate market was just released.
Click image to view this new Canby homes report
This new report confirms strong prices are still being commanded for Canby homes. However, over the past week, the average market time to sell a Canby home has bumped up a bit, from 135 to 144 days.
‘Canby Dahlias’ Courtesy of artist Brenda Boylan. Learn more atBrendaBoylan.com
Thinking about selling your Canby, Oregon home? Demand remains strong and housing inventory is low. Contact our CanbyHomes.com sponsors at Certified Realty using the below contact form for a FREE report on what your Canby property could sell for in today’s market.
Thinking about selling your Canby home? Find out what your property could sell for with a FREE report from Certified Realty, our CanbyHomes.com sponsor. Simply complete the convenient contact form below.
A new report on Canby real estate was just released by Ticor Title Company. This survey confirms a significant upward price trend for Canby homes, particularly over the past few months.
Click Image to View This Free Report
According to this new report, the median list price for a Canby home is now just under $325,000. And the average market time to sell a Canby home? That figure is now at 135 days, or right around 4.5 months.
Thinking about selling your Canby home and curious what it could sell for? Now could be the perfect time, since Canby home inventory is low right now and competition among sellers is diminishing. It’s truly a seller’s market.
Our CanbyHomes.com sponsor, Certified Realty will provide you with a FREE report that is tailor-made for your own property. Certified Realty is the only locally owned real estate firm owned and operated by graduates of Canby public schools. For your FREE report, simply contact your local real estate experts, Certified Realty, using the convenient form below.
With school beginning as we move toward Autumn, it’s reasonable to expect a somewhat slower pace of Canby home sales. That’s because many, though certainly not all, 2014 buyers have bought their home by now. A sizeable number of homebuyers target September as a good time to have made their move.
The Willamette River
This brings “empty-nesters,” relocating transferees, singles, and young families to the forefront as a bigger potential portion of the buyer pool for the remainder of the year. For sellers, Autumn can bring more motivated buyers with less competition from other home sellers, when compared to Spring’s fast-paced real estate tempo.
If Spring’s real estate tempo is a Viennese Waltz, Autumn and Winter are a Foxtrot.
Thinking about selling your Canby area property? For a FREE report on what your home could sell for in today’s market, contact our sponsor, Certified Realty using the convenient contact form below.
A recent report on Canby real estate provides some helpful insights into our current market.
The study includes local market data on Canby and neighboring towns. What makes this report so interesting is that the data is from the Willamette Valley Multiple Listing Service, known as WVMLS.
Our High Livability Puts Canby On The Map-Click Image For Details
Of the two largest multiple listing systems used to market Canby homes, the Portland-based RMLS (Regional Multiple Listing Service) dominates and WVMLS is less commonly used. However, comparing Canby only to areas like Wilsonville, Tualatin and West Linn using the Portland area’s RMLS provides only one perspective of Canby housing.
Regional Home Prices Continue To Climb, As Shown on This RMLS Graph
Using WVMLS provides some balance and helps to capture a better total picture of our Canby housing market. Indeed, some buyers compare Canby to outlying areas like Aurora, Hubbard and other neighboring communities when searching for their next home. To learn more about the two major multiple listing systems in our area, click here.
Local Real Estate Markets-Click Image to Enlarge
In the table above, a few key categories are circled in red, showing where Canby is the front-runner.Here’s a summary of this new report, with key information on Canby real estate:
Canby Homes Sell Fast
With an average market time of 89 days, homes in Canby sell quickly compared to neighboring communities. Homes in neighboring towns like longer, like Aurora (123 days), Silverton (140 days) and Woodburn (163 days) .
Canby Homes Are Smaller Canby has one of the smallest average home sizes of all towns surveyed. With an average of only 1,530 square feet of living space, only Woodburn comes in lower with an average home size of 1,355 square feet.
Canby Homes Are More Expensive Canby homes by far have the highest average cost per square foot at $172. Other local towns don’t even come close.
Oregon’s Choice Since 1950
Thinking About Selling? Choose The Professionals! The experts at Certified Realty can provide you with a FREE report on what your property could sell for in today’s market. Certified Realty sponsors CanbyHomes.com and they remain Oregon’s choice since 1950. Count on Certified Realty to provide effective dual multiple listing coverage for optimum marketing of your Canby property.
With nice weather and fewer competing Canby homes on the market, now is a great time to contact Certified Realty using the convenient contact form below.
With the arrival of Spring’s beautiful weather, many Canby homeowners have heard someone say: “Now is an excellent time to consider placing your home on the market for sale.”
Rural Canby Mt. Hood View
However, you may have wondered why exactly is it considered such a good time for me to sell my property? Is it all about sunny skies? So if you’ve ever thought about selling your Canby home, this article is for you. Here are three reasons to now consider selling your Canby, Oregon home:
Reduced Inventory There are fewer homes on the market right now. Our 3.1 month supply of homes means demand is stronger. That frequently translates to higher home prices. And with fewer competing sellers, you may need to negotiate less for your best deal.
Our Housing Inventory Drops During Spring & Summer.
Seasonality Many home buyers shop in earnest during better weather. Why? It’s easier, more fun and there’s more daylight. But there’s one other reason you may not have considered: School is out soon and that is a great opportunity for families with kids to move during Summer Vacation. Don’t miss out on these buyers!
In Oregon, Beautiful Weather Takes Us Outdoors For Recreation And Home Buying!
Interest Rates One of the big factors affecting home affordability is the interest rate charged by your lender. Interest rates remain near historic lows. This means even with rising prices, buyers can find homes to be more affordable if interest rates stay attractive.
Thinking about selling your Canby home? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market.
