Real Estate Market Report - 3/31/13

REAL ESTATE MARKET REPORT

NEWPORT/SOUTH BEACH
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30 2013
TABLE OF CONTENTS

Charts and Commentary ……………………………………………….. Pages 1-2
Market Summary Table ……………………………………………….. Page 3
Glossary ………………………………………………………………... Page 4

Sonja Lovas
Windermere West Coast Properties
567 North Coast Hightway
Newport, Oregon 97365
www.realestateisms.com
sonja@sonjalovas.com
541-961-3866
541-265-5455

https://www.facebook.com/sonjalovas

http://www.linkedin.com/in/sonjalovas

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Real Market Reports
www.RealMarketReports.com


NEWPORT/SOUTH BEACH
Sunday, March 31, 2013 Sonja Lovas
541-961-3866

Let's take a look
at the real estate market. Currently
The pending ratio indicates the supply
& demand of the market. Specifically,
Taking a closer look, we notice that
the $100K - $200K price range has a
there are 19 sales pending in the a high ratio means that listings are in relatively large number of contracts
market overall, leaving 98 listings still demand and quickly going to contract. pending sale.
for sale. The resulting pending ratio is Alternatively, a low ratio means there
16.2% (19 divided by 117). So you are not enough qualified buyers for the We also notice that the $200K - $300K
might be asking yourself, that's great... existing supply. price range has a relatively large
but what exactly does it mean? I'm inventory of properties for sale at 34
glad you asked! "Current inventory is described listings. The average list price (or
as somewhat slow." asking price) for all properties in this
market is $354,765.

Properties For Sale Number of Listings For Sale vs. Pending Contract
Contracts Pending Newport/South Beach
40
Updated on 3/31/2013, www.RealMarketReports.com
35 Copyright © Sonja Lovas

30
25
20
15
10
5
0
$0K

$100K

$200K

$300K

$400K

$500K

$600K

$700K

$800K

$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M
A total of 43 contracts have closed in
Sold Num Sold vs. Off-Market (Last 6 mos.) the last 6 months with an average sold
Off-Market Newport/South Beach price of $258,313. Breaking it down,
20 we notice that the $200K - $300K price
18 Copyright © Sonja Lovas range contains the highest number of
16 sold listings.
14
12 Alternatively, a total of 65 listings have
failed to sell in that same period of
10
time. Listings may fail to sell for many
8
reasons such as being priced too high,
6 having been inadequately marketed,
4 the property was in poor condition, or
2 perhaps the owner had second
0 thoughts about selling at this particular
time. The $200K - $300K price range
$0K

$100K

$200K

$300K

$400K

$500K

$600K

$700K

$800K

$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M

has the highest number of off-market
listings at 18 properties.

Real Market Reports 1 Market Dashboard


NEWPORT/SOUTH BEACH
541-961-3866

Looking at the chart to the right, you
might be wondering why average days Sold Average Days on Market (DOM)
on market (DOM) is important. This is For Sale Newport/South Beach
a useful measurement because it can 700
help us to determine whether we are Copyright © Sonja Lovas
600
in a buyer's market (indicated by high
DOM), or a seller's market (indicated 500
by low DOM). Active listings
(properties for sale) have been on the 400
market for an average of 169 days. 300

Analysis of sold properties for the last 200
six months reveals an average sold
100
price of $258,313 and 246 days on
market. Notice that properties in the 0
$500K - $600K price range have sold
$0K

$100K

$200K

$300K

$400K

$500K

$600K

$700K

$800K

$900K

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M
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 "The average list-to-sales ratio Analysis of the absorption rate
was $167,475 with an average DOM for this area is 94.0%." indicates an inventory of 13.7 months
of 345 days. based on the last 6 months of sales.
Ratios are simple ways to express the This estimate is often used to
Since the recent DOM is greater than difference between two values such as determine how long it would take to
the average DOM for the last 6 list price and sold price. In our case, sell off the current inventory of
months, it is a negative indicator for we typically use the list-to-sale ratio to properties if all conditions remained
demand. It is always important to determine the percentage of the final the same. It is significant to mention
realize that real estate markets can list price that the buyer ultimately paid. that this estimate does not take into
fluctuate due to many factors, It is a very common method to help consideration any additional properties
including shifting interest rates, the buyers decide how much to offer on a that will come onto the market in the
economy, or seasonal changes. property. future.

Average Sold Prices Average Days on Market (Sold)
Newport/South Beach Newport/South Beach
$350K 400
$300K 350
$250K 300
250
$200K
200
$150K
150
$100K 100
$50K Copyright © Sonja Lovas 50 Copyright © Sonja Lovas
Updated on 3/31/2013, www.RealMarketReports.com Updated on 3/31/2013, www.RealMarketReports.com
$0K 0
Oct Nov Dec Jan Feb Mar Oct Nov Dec Jan Feb Mar

Real Market Reports 2 Market Dashboard


NEWPORT/SOUTH BEACH
541-961-3866

[2] [3]
Contracts Pending Off-Market in the Last 6 Months Absorption Rate

[1] [4]
For Sale Sold in the Last 6 Months

Price Range Total Avg Avg Total Pending Total Total Avg Avg Orig Avg Avg List to
Mos.
Min. Max. Num DOM List Price Num Ratio Num Num DOM List Price List Price Sold Price Sales

$0 $99,999 2 358 $ 94,000 0 0.0% 0 3 71 $ 100,967 $ 90,967 $ 71,333 78.4% 4.0

$100,000 $199,999 18 123 $ 152,869 7 28.0% 12 12 192 $ 174,604 $ 162,454 $ 156,213 96.2% 9.0

$200,000 $299,999 34 170 $ 252,332 4 10.5% 18 15 309 $ 285,860 $ 248,980 $ 234,593 94.2% 13.6

$300,000 $399,999 24 166 $ 368,113 6 20.0% 13 7 339 $ 435,957 $ 378,857 $ 358,000 94.5% 20.6

$400,000 $499,999 6 95 $ 451,650 2 25.0% 13 4 194 $ 481,750 $ 475,750 $ 443,750 93.3% 9.0

$500,000 $599,999 5 242 $ 563,090 0 0.0% 1 1 32 $ 569,500 $ 549,500 $ 524,000 95.4% 30.0

$600,000 $699,999 1 56 $ 695,000 0 0.0% 2 1 238 $ 875,000 $ 749,000 $ 695,000 92.8% 6.0

$700,000 $799,999 1 641 $ 725,000 0 0.0% 2 0 - - - - - -

$800,000 $899,999 1 87 $ 839,000 0 0.0% 0 0 - - - - - -

$900,000 $999,999 3 330 $ 995,000 0 0.0% 1 0 - - - - - -

$1,000,000 $1,099,999 1 56 $1,049,000 0 0.0% 0 0 - - - - - -

$1,100,000 $1,199,999 1 41 $1,100,000 0 0.0% 1 0 - - - - - -

$1,200,000 $1,299,999 0 - - 0 - 0 0 - - - - - -

$1,300,000 $1,399,999 0 - - 0 - 0 0 - - - - - -

$1,400,000 + 1 187 $1,495,000 0 0.0% 2 0 - - - - - -

Market Summary >>> 98 169 $ 354,765 19 16.2% 65 43 246 $ 304,866 $ 274,664 $ 258,313 94.0% 13.7

Date Range = 09/30/2012 to 03/31/2013 Data believed to be accurate but not guaranteed.
Status = [1] A; [2] P; [3] E, L, W; [4] C
Property Type = Residential/Site Blt
Major Area = NPSB

Real Market Reports 3 Market Summary Table


NEWPORT/SOUTH BEACH
541-961-3866

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 4 Glossary

Real Estate Market Report - 3/31/13

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