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Timothy Gregory

Coastal Homes & Land
Yachats, OR
Broker
541-992-5535
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Real Estate News!!!

Latest Realty News from NAR

A Dive into 2018 Member Demographics

This blog was written by NAR Research’s intern, Bronwen Leibe.

Hi again, it’s me, the research intern! Let’s take a closer look at this year’s member profile!

In the 2018 NAR Member Profile, females still make up 63 percent of all REALTORS®. This remains notably constant throughout years of experience (girl power!). Females dominate the profession, except in function breakdown; they make up a smaller percentage of broker-owners, managers with selling, and appraisers.

The median age of REALTORS® for 2018 is 54 years old. Although, there has been a slight increase in younger REALTORS® (30 years old and younger) to 5 percent.  The consistent largest age group, those 65 years and older, has increased from 17 percent to 20 percent of all REALTORS®. As a large population embarks on retirement, there will be the need for other generations to enter into the industry.

Interestingly, REALTORS® aged 45 to 54 are a larger portion with 2 or less years of experience than REALTORS® aged 30 years old and younger. Are people coming from other occupations? Well, only five percent of REALTORS® reported real estate was their first career. With 95 percent coming from another occupation, were their previous jobs helpful to a transition in real estate? Thirty-two percent of REALTORS® had a previous career in management, business, finance or sales/retail. To me, those industries’ skills are reasonably applicable to real estate.

Conjointly, education at all levels is a valuable asset for an occupation. Thirty percent of REALTORS® have had some college education, 13 percent have their Associate’s Degree. A third of real estate agents have Bachelor Degrees, while 13 percent have a graduate degree. Nonetheless, investment in your occupation is just as noteworthy as investment in your education. Seventy-two percent of REALTORS® said that real estate was their only occupation— showing that agents heavily invest their time into the industry. In fact, a considerable majority of 52 percent work 40 or more hours per week.  On top of working in real estate, two-thirds of NAR members volunteer in their communities! Already, REALTORS® play a big role in community building and it is admirable that NAR members are contributing outside of their occupation.

 

Second Quarter Single Family Metro Market Prices

The National Association of REALTORS® quarterly home prices increased again this quarter. Prices continue to drift up this quarter with 90% of the markets showing home price appreciation. We can also look at the top metro areas whose price grew the fastest. Housing affordability is down and for first time buyers qualifying incomes are rising along with the down payment on a new home. Knowing the mortgage rates and the qualifying incomes will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth of the second quarter 2018, as well as a look at the yearly change in median existing single-family home prices for the top five highest and lowest growth metro areas of the second quarter 2018.

These are the top five single-family metro areas with the highest home price appreciation:

These are the bottom five single-family metro areas that had a decline in home price appreciation:

These are the most expensive metro areas for the second quarter 2018:

These are the least expensive metro areas for the second quarter 2018:

Improving Housing Supply Conditions

NAR identifies metro areas with the highest deficit in home construction,, as well as those areas where the housing supply appears to be sufficient to meet the demands of home buyers. The Monthly Housing Shortage Tracker is an index, which compares how many permits are issued relative to the number of new jobs. The higher the index the greater the housing shortage since it shows that more jobs have been created relative to the number of new homes constructed. Based on the historical average, two permits are issued for every new job. However, the highest value for the index in August was 14.8 in the New York metro area. This means that for every 15 new jobs a single-family unit is permitted. In contrast, a single-family unit is permitted for every new job in the Houston metro area.

The “usual suspects” are at the top of the list. It is noteworthy that, among the top ten metro areas with the most severe housing shortage, seven are located in California.

Dashboard 5

The visualization below allows you to see how many permits are issued for every new job for 178 metro areas. Click on a metro area on the map and see the number of permits issued and new jobs created in the last three years.

HST-blog

Comparison to a Year Earlier

Compared to a year earlier, the index dropped in more than 70 percent of metro areas including areas with serious housing supply issues. A lower index means that more single-family permits are issued per new job than a year earlier. However, more single-family permits does not necessarily result in a lower index value. For instance, single-family permit issuance increased in Salinas, CA from 738 units (Jun/2014-Jun/2017) to 802 units (Jun/2015-Jun/2018). Nevertheless, the index increased because job creation was stronger than the issuance of single-family permits.

The average index[1] dropped from 4.0 to 3.5 in August 2018. For instance, New York had the highest value for the index in August 2018 at 14.8. However, the index was even higher at 17.0 a year earlier. Thus, while a single-family permit was issued for every 17 new jobs in 2017, a single-family permit has been issued for every 15 new jobs in 2018. Currently, a single-family permit is issued for every 13 new jobs in the San Jose metro area in 2018 compared to 15 new jobs in 2017.

The visualization below shows whether housing supply conditions are improving or not. In the blue areas the index dropped (improving housing supply conditions) while in the orange areas the index increased (tighter housing supply) compared to last year.

Dashboard 1

 


[1]The average was calculated based on the indices of these 178 metro areas.

Timothy Gregory | 541-992-5535 | Contact Me
Yachats, OR
Copyright © , All Rights Reserved

Mike Snidow- GRI Principal Broker
Coastal Homes & Land

262 Highway 101
Yachats, OR 97498
Phone: 541-547-4750 Cell: 541-961-8836
Email: mikesnidow66@yahoo.com
Wendy Snidow- Broker
541-961-8835
wendyg@teleport.com
Tim Gregory- Broker
541-992-5535
tgregory0426@gmail.com


 

Areas Serviced

1. Yachats
2. Waldport
3. Seal Rock
4. Newport

Testimonials Page

We bought a house sight unseen. With Tim's guidance, we felt secure in buying our house even though we had never seen it in person. We were very happy with the negotiation he handled. Signing documents on an ipad was entirely new to us. Tim helped us through that too. He was always prompt and available to answer questions-even on weekends. Tim offered his help after the sale too. And we availed ourselves of the help. Tim helped us find local workers for maintenance issues. He is truthful, prompt, reliable and very pleasant to work with....and we love the house. Scott and Patty Sledgister
Mike & Wendy Snidow are not only excellent realtors but quality human beings who talk the talk and walk the walk.It is very clear from the beginning that it is not just about buying and selling property.They are down to earth ,friendly,knowledgeable,and very professional and care about everyone .We got the feeling that the way they treat you as a client is the way they live.We have been coming to Yachats for over 20yrs as our place to get away and have always wanted a place in Quiet Waters.We had happened to see a listing she had in October of 2015 ad we called her on a Sunday afternoon and she met us at the house in just a few minutes.She was easy to talk to and answered all our questions (and I have more than most).We were very excited and were going to make an offer.At the last minute I got cold feet and decided to wait due to a pending heath issue,.After spending a lot of time with us she was very gracious and there was no pressure to reconsider.We started looking in July this year and of course we looked her up.We found the right house and she helped at every step of the way.It was the best ouse buying experience we have ever had.I'd use them again any time and would recommend them to anyone.Denny & Joan Cavin Denny & Joan Cavin
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Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

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