MARKET UPDATE: February 2012

RMLS of Portland Market Action Report February 2012

February Residential Highlights
“While there were fewer active and new listings on the market, sales activity in Metro Portland showed an improvement in both pending and closed sales in February 2012. Also notable in February was a decrease in inventory, down from 7.0 last month and the lowest February inventory since 2007. Closed Sales were up 17.5% in February 2012 compared to February 2011. Pending sales grew 32.5%, and new listings dropped 13.6%. Comparing the previous month of January 2012 with February 2012, closed sales grew from 1,224 to 1,262 (3.1%). Pending sales also increased from 1,823 to 2,109 (15.7%). New listings dropped from 2,613 to 2,492 (-4.6%).
Sale Prices
“Average sale price for February 2012 rose 4.3% compared to February 2011. Median sale price fell 1.3%. Month to month, comparing January 2012 to February 2012, average sale price went up from $249,100 to $255,100 (2.4%) and the median sale price rose from $207,500 to $211,000 (1.7%).”

To view the full RMLS Market Action Report For February 2012 – Click Here

If you’d like to find out more about the Portland real estate market on market conditions in your neighborhood please contact me at 503.477.0759 or browse my website at www.RuthPriceProperties.com
Thank you for visiting –
Ruth Price

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January 2012 Residential Highlights

“The year has started off on a positive note. Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this January to the same month a year ago. Closed sales experienced a 18.3% increase, posting the highest numbers for January since 2007. Pending sales saw growth of 22.4% in the same comparison. Market time also improved, decreasing from 160 to 136 days. There were 16.5% fewer newly listed residential properties. The combination of higher sales and fewer new listings helped to create a much lower listing inventory for this season than seen in the previous two years. At January’s rate of sales, the active listing count of 8,514 would be exhausted in only 7.0 months.” [RMLS Market Action Report – Click here for full report]

If you’d like market conditions specific to your neighborhood please contact me at 503-497-5328 or via my website at www.RuthPriceProperties.com

May 2011 Portland Real Estate Market Snapshot

The Portland housing numbers are in for the month of May 2011 and it’s mixed news…

The great news…. pending sales for May 2011 compared to May 2010 are up 45.1% and inventory hit the lowest level {6.8 months} since 2009! The good news…. month over month April 2011 to May 2011 average sales prices have remained about the same.

The bad news….  May 2011 compared to May 2010 the average sales price declined by 4.8% and closed sales were down by 15%.

For Buyers and Sellers currently in the market a low inventory means more competition. We’re seeing multiple offers on properties that are in good locations, great condition and are priced correctly for the market. With interest rates at an all time low it’s good news for Buyers trying to get into good homes and Sellers that need to sell in the next few months. 

If I can help with any of your real estate needs or answer any questions please email me at price@windermere.com  Thanks – Ruth Price {Real Estate Broker} Please keep in mind that the real estate market in Portland, OR is highly localized and prices and market conditions vary widely. You can contact me if you’d like detailed information for a specific neighborhood.

Statistics were obtained from RMLS Market Action Report – May 2011. To access a copy along with detailed information – Click Here 

May 2011 Residential Highlights

May 2011 Inventory Levels

1st Qtr. 2011 Market Report

 

The attached information that follows provides a snapshot of the city of Portland real estate market for the first quarter of 2011. The data shows a decline in the number of properties sold as well as the average sold price. A decline in activity and sales price this quarter versus the previous year was somewhat expected as a lot of buyers rushed to make buying decisions the first quarter of 2010 to take advantage of the Federal Tax Credit. 

Portland

Homes For Sale 

vs.

Homes Sold 

1st Quarter – 2011

1st Quarter – 2010

Jan 11

Feb 11

Mar 11

Jan 10

Feb 10 

Mar 10

Available Homes For Sale

3614

3610

3550

3795

3994

4334

Properties Sold

394

406

514

384

381

675

Average Sold Price

$270K

$264K

$284K

$296K

$288K

$291K

Sold vs. List Price % Difference

95%

95%

96%

96%

97%

97%

Days On Market

84

93

84

90

87

70

A few things to think about when you’re examining the data: 

– All real estate is highly localized and activity and sales price can vary drastically from neighborhood to neighborhood. 

  • The data is specific to the City of Portland, Or and does not include all surrounding metro area or properties located in Portland – Washington County. 

If you’re interested in market information specific to your neighborhood please contact me. 

For more data and source for the above market stats please click link below…

http://www.trendgraphix.com/FactsAndTrends/ViewReport.aspx?Id=71b0522e-2a56-410f-945e-62cdcc0bee12

 

Portland Monthly Neighborhood Guide

Check out Portland Monthly’s ‘Neighborhoods By The Numbers” (April 2011) interactive guide.  See how real estate performed in each neighborhood with this interactive map that lets you select and compare individual areas as well as view everything in one list. Contact me if you’d like more information about the market as well as more detailed neighborhood information.

http://www.portlandmonthlymag.com/real-estate/articles/neighborhoods-by-the-numbers

 

 

Numbers Up For First Quarter 2010

Numbers are up across the board for the Second Quarter 2010 compared to Second Quarter 2009.

            : Closed Sales up by 34%

            : Pending Sales up by 1%

            : New Listings up by 2.4%

            : Months of Inventory 7.3 Months

Could we be headed towards a more balanced market??

For more information and the full Market Action Report published by the RMLS for Portland please Click Here

Mid Year 2010 Market Update – City of Portland

2010 is halfway over and along with the spring selling season came signs of recovery for the Portland real estate market.  Much of the boost came from the tax credits available to buyers which motivated a lot of buyers to make a buying decision. The tax incentives coupled with low property values and unprecedented interest rates increased year to date residential sales by 32.5% and condominium sales by 39.59% compared to same time last year. As expected the influx of first time home buyers decreased the average sales price for residential homes but did not affect the average sales price for condominiums. A lot of the inventory has been absorbed and the average days on market for residential homes improved by 14% over the same time last year.

Here are where the numbers stack up for the City of Portland for both residential and the condominium market. Please remember that I am always available to answer any questions specific to your neighborhood and area.

Residential Homes 2010 (Jan – Jun)

3,137 Homes Sold

$296K Average Sales Price

64 Average Days On Market

Residential Homes 2009 (Jan – Jun)

2,367 Homes Sold

$308K Average Sales Price

72 Average Days on Market

Condominiums 2010 (Jan – Jun)

624 Condos Sold

$286K Average Sales Price

112 Average Days on Market

Condominiums 2009 (Jan – Jun)

447 Condos Sold

$303K Average Sales Price

113 Average Days on Market

For more information on stats above please click on the following links:

Residential Number for June 2010 http://post2web.trendgraphix.com/FactsAndTrends/Post2Web.aspx?FtId=ae131615-5d34-4e5f-8aac-247a83613a56

Residential Numbers for 2009 http://post2web.trendgraphix.com/FactsAndTrends/Post2Web.aspx?FtId=85e81121-d614-41d4-b651-867bf4e6b6b8

Numbers for 2009  – Condos http://post2web.trendgraphix.com/FactsAndTrends/Post2Web.aspx?FtId=e26573a3-6f7e-405e-9a71-87aaeb7738f3

Numbers for 2010 – Condos http://post2web.trendgraphix.com/FactsAndTrends/Post2Web.aspx?FtId=7a320c01-5bab-4154-9dea-59092e6d9377

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