A recent report on greater Molalla area real estate confirms a continued solid increase in local home values. While the area most prominently surveyed is labeled ‘Canby and Oregon City’ under section 146 in the table below, Molalla is included. As a result, the figures can be reasonably extrapolated throughout Molalla and the local area.
Compared to last year, greater Molalla area home prices are now 15.3% higher. If this trend continues, we could be well on our way to a banner year for Molalla real estate. A comparison of price growth among local communities reveals the Molalla area is now among the top tier for regional home price growth.
Why Is Our Molalla Real Estate Market Strengthening?
There are several factors helping to boost Molalla 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.
According to the latest housing inventory report from the Regional Multiple Listing Service (RMLS), our region will now ‘run out of homes’ in 2.8 months if no new properties were placed on the market. Click here for this new FREE report, with helpful information on Molalla area real estate.
What Does This Mean For Molalla 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 Molalla home, this may be your best opportunity for the foreseeable future. However, if Molalla home owners en masse begin sensing the time is right to sell, such a concomitant increase in supply could cancel projected home price gains.
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 of all for regional inventory. So the lowest number of available homes for sale this year may yet be ahead of us.
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 Molalla 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 Molalla 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.