Very tight rental market

[redguard57]

Housing prices appear to have levelled off. For the first time since 2013, I'm seeing properties decrease their asking price. Rents are still rising, but I think they may be hitting their plateau as well.

[pjvanvox]

Geez I keep mis-writing that pushier.. I meant PLUSHier .. something someone in town said to me this past weekend..

[skypros]

Originally Posted by redguard57

Housing prices appear to have levelled off. For the first time since 2013, I'm seeing properties decrease their asking price. Rents are still rising, but I think they may be hitting their plateau as well.

Redguard57...... Last week I was thinking just what you Posted......

People have priced their home so far above "current fair value" that something has to give. There was this slight leveling off that was happening in June where properties were not moving. I think that all ended on 7.11.14 as I am now seeing allot of the Homes/Duplex in Redmond UNDER $225K are now pending within the last few days.

Rents do look like they are at their Plateau...... I think Rental prices are going to stay where they are at for at least another year. Tenants are looking for 1 year or more leases.... so they can at least lock in a rate they can "somewhat" manage.

It is like Gas prices...... We are now so use-to gas around $3.50 to $4.00 that hardly anyone squawks about it anymore.
Everything is going up...... the problem is that wages have not gone up and maybe that will improve as the economy improves...... Unless this is a fake economy (which that is a whole new topic)

Redmond Summer 2014 average rental prices are:
2-bed 1.5-bath apartment is between $700 -$800
Single Family Home is $750 - $900

3-bed 2-bath apartment is between $800 - $1,000
Single Family Home is $1000 - $1400

[mrwibble]

Originally Posted by redguard57

Housing prices appear to have levelled off. For the first time since 2013, I'm seeing properties decrease their asking price. Rents are still rising, but I think they may be hitting their plateau as well.

Around my neighborhood I'm seeing people who are far too optimistic with their pricing, including houses priced $100K+ more than houses are actually selling for here.

[BendLocal]

A summary of the latest sales data I have.

For June the median sales price per SF was up to $163 which is the highest level seen in years. For 2014 it went 149, 152, 155, 156, 162, 163. Maybe we are close to leveling off?

Comparing June 2014 to June 2013

Average Sold Price is up 12.10% for Resales and up 6.2% for new construction.

All the reports I get say "Data deemed to be accurate but is not guaranteed and is subject to change."