Home Sales and Prices Rise Above Housing Bubble in Morrow and Umatilla Counties – Inventory LimitedSeptember 27, 2016 Home prices, unit sales and home listings, as reported by RMLS (Regional Multi Listings Service) have surpassed the housing bubble in Morrow and Umatilla counties, while the inventory of homes available for sale remains extremely tight. Low inventory is a carry-over from the housing bubble – there are more homes available for sale but not enough of an increase to keep up with the demand.
Morrow County's inventory of available homes fell to just 4.6 months in August 2016. Looking back to August 2007 Morrow's available inventory (active listings divided by closed sales for that month) were at a more reasonable 8.9 months.
Umatilla County's available inventory fell to just 4.0 months in August 2016. Limited inventory isn't a new problem for Umatilla County but it's also a situation that hasn't improved. Back in August 2007, Umatilla County's inventory of available homes dipped to just 3.2 months. The difference between the two periods is that Umatilla County sold 163 units in August 2007 but this year it sold 295.
Home sale prices in Umatilla County rose above the housing bubble in 2015 and have continued to climb in 2016. The average price of a home sold through August 2016 rose to $163,600 in Umatilla County, 3.6 percent above its year-ago average and perhaps more telling, 19.9 percent above its average for the first eight months of 2007.
Umatilla County's median home sale price rose to $150,000 in August 2016, matching its August 2015 median. Looking back to August 2007, Umatilla County's median home sales price has risen by $16,500 or 12.4 percent.
Umatilla County home sales for the first eight months of 2016 totaled $76.9 million – nearly doubling 2007's $39.6 million. Home sales rose about 71 percent, from 410 units over the first eight months of 2007 to 701 in August 2016.
Morrow County's home prices rose by 4.2 percent to average $125,800 through August 2016, a one-year increase of 4.2 percent over August 2015. Home prices in Morrow County averaged $125,200 through the first eight months of 2007 – revealing a slight gain of 0.5 percent over its housing bubble prices.
Median home sale prices in Morrow County were actually higher than average sale prices in both 2007 and 2016. Morrow County's year-to-date median in August 2016 reached $127,500, an increase of 10.9 percent over its August 2007 median.
Home sales in Morrow County for the first eight months of 2016 totaled $7.0 million – 25 percent above 2007's $5.6 million. But unit home sales actually fell by 24 percent, from 100 over the first eight months of 2007 to 76 thus far in 2016.