Residential Highlights Hood River September 2007

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Residential Highlights Hood River September 2007

Well...The August numbers are in. Interesting.

August closings dropped a significant 35.4% compared to last year, with Pending Sales dropping 11.7%. This rings true, based upon our experience, but what is interesting is that the average sale price has gone up 8%. The median price has also risen 14.5%. While I'm certain a bunch of Sellers are going to jump on that number and try to stiffen their positions, the next page over tells another story.

Most of that appreciation is over on the Washington side,(huge % gains in Glenwood and Lyle, which could also be due to the limited market history there, but...50% gains,- Wow); with Hood River registering Flat, and the Upper Valley and Cascade Locks registering gains. (As an aside, one of those markets is almost fully made up of high ticket transactions (Upper Valley) while the other, Cascade Locks, is almost entirely made up of more affordable properties. The middle class is missing in this discussion almost entirely).

Since median sales price has gained over average, there seems to be more of a market at the higher end. Has Hood River been discovered? Yeah, probably.

Hood River east side went negative in appreciation by over 10%. Overall, that's only a gain in home values in Hood River County of....ready for this? .8% for the TTM.

I keep telling myself that we are better off than just about any place else in the country, and I'm beginning to feel we are at least at the proverbial "end of the beginning".

The shoes are dirty, I think we've previewed most of the second and third acts, and now it's a question of magnitude, not complexity. I can't imagine our deals getting any more complex.......

Buyers are still in control.....and as prices drop, we find only intermittent Seller strength, as multiple buyers suddenly show up to pounce on a deal. I wonder how long that will last?

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