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

Advertisements

Where are we now?

One of the first questions a buyer asks when considering a potential property that’s for sale is how much did the current owners purchase the property for?
As both buyers and sellers are trying to adjust the realities of the market I thought it might be good to take a look at where we are now compared to the past.
 
Below are the average sales prices  for the last seven years in the City Of Portland.
 
Feb 03	$212K
Feb 04	$225K
Feb 05	$265K
Feb 06	$300K
Feb 07	$320K
Feb 08	$365K
Feb 09	$310K
Feb 10	$298K
If you’d like more information about your specific neighborhood or home please contact me – as the market varies widely from neighborhood to neighborhood.

Portland Single Family Homes – January 2010 Market Update

{City of Portland} – SINGLE FAMILY HOMES – {January 2010}

 

Portland Metro Area – Market Snapshot – Summer 09

I thought I’d pass along an update on the state of the real estate market year to date. Closed sales have increased over the same time last year, inventory levels have been decreasing since January, the affordability index remains low and first time home buyers still have the opportunity to snatch up the Federal Credit of up to $8000. Interest rates are still phenomenal, though up a bit from the record lows we’ve seen at the beginning of the summer.

Please keep in mind that these numbers are combined for all of the Portland Metro Areas. Though this will provide an idea of the condition of the market as a whole, real estate is always localized to individual cities and neighborhoods. Therefore statistics and trends will vary broadly between different areas.

Available Months Of Inventory

The biggest change we’ve seen this year has been in the available inventory levels. New listings coming on the market continue to decrease, with July’s new listings declining by 25.4% over June’s new listings. The overall months of inventory levels have dropped steadily since January of this year, making July’s 7.3 months of inventory the lowest since August 2007. With less homes on the market to choose from, sellers will sell their homes quicker and buyer’s will most likely be competing with other buyers for desirable well priced homes.

Closed Sales

Closed sales in July increased by a staggering 8.6% over July 2007’s closed sales. This was the first month this year that saw any increase over last year’s numbers. There were a total of 1,988 closed home sales this July putting the year to date closed sales at 9,566.

Average Sales Price

Average sales prices are down 15.2% when compared to the same time last year. Below are average sales prices throughout the Portland Metro Area.

North Portland                      $237,500

North East Portland             $280,500

South East Portland             $237,900

West Portland                        $413,900

Beaverton                                $237,200

Tigard                                      $299,500

Lake Oswego                         $469,600

& West Linn

If you’d like market data for your neighborhood or have questions please contact me. You may also see the full RMLS Market Snapshot Report by Clicking HERE.

Please contact me, Ruth Price – The Hasson Co. Realtors – 503.802.8845 for more information about the Portland market.

March 2009 – Real Estate Market Stats – Portland Oregon

 

March 2009 – Residential Home Snapshots    
Portland Neighborhood Average Sales Price This Month YTD Average Sales Price Total Days on Market % Change in Value * 
North Portland $216,600 $232,000 114 -2.00%
NE Portland $290,000 $296,000 130 -2.00%
SE Portland $237,400 $239,000 149 -5.10%
West Portland $522,900 $462,700 179 -1.70%
* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

Portland Metro Area total months of inventory 12.00

City Of Portland total months of inventory 10.85

All Stats Provided by RMLS (Market Action Report – March 2009)

To view the complete report available please click on the link below.

Click Here To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

Portland Metro Area Market Snapshot – 1st Qtr. 2009

Here is a look at the real estate market in the Portland Metro Area for the first Quarter of 2009. Though too early to tell how this year will stack up to previous years, some positive signs pointing towards a progression to a more balanced market have emerged. Record low interest rates, large inventory of homes, first time home buyer incentives and good pricing seems to have motivated a lot of buyers to get into the market and make decisions. This decreased inventory levels, kept average sales prices consistent and increased closed and pending sales volume for the first quarter this year.

 

Please keep in mind that these numbers are combined for all of the Portland Metro Areas. Though this will provide an idea of the condition of the market as a whole, real estate is always localized to individual cities and neighborhoods. Therefore statistics and trends will vary broadly between different areas.

 

Available Months Of Inventory

This is calculated by dividing the number of homes currently for sale by the number of closed sales in the previous month. What this means is that at the current sales rate with no new homes coming on the market all of the available homes for sale would be absorbed in that particular amount of months. For a balanced market the inventory levels should be somewhere around 6 months. The year started off with 19.2 months in January dropped to 16.6 months in February and in March decreased to 12 months. The higher this number is the more the market is skewed in the buyer’s favor and vise versa for the sellers. With higher inventory buyers have more options therefore putting pressure on the sellers’ prices. With lower available inventory prices tend to stabilize giving seller’s more control.

 

Closed Sales

There’s been a dramatic increase in closed sales in March vs. February. It’s normal for the numbers to increase as spring approaches however March over February increased at a rate of 38.2%. In January there were 732 closed sales, February 857 sales and in March a total of 1,184 closed sales.

 

Pending Sales

These are homes that have offers but have not closed escrow. The increase in volume month over months is a sign of a health progression towards the busy seasons of spring and summer. Pending sales in January were 1235, February 1276 and March increased to 1637. The percentage increase in pending sales in March vs. February is higher than the same time last year and as the same time in 2007.

 

Average Sales Price

Average sales prices have remained steady this year but are still down compared to the same time last year as well as 2007. Average sales prices were as follows: January $297,200, February $298,500 and March $297,000. Two of the biggest contributing factors to lower average sales prices versus the previous years are the mortgage market and first time home buyers. As financing has tightened over the last year and it became more expensive and difficult to obtain larger mortgages it has forced many buyers to look at homes in lower in price ranges. This in turn will put down pressure on average sales prices. First time home buyers getting into the market are also contributing to lower sales prices as a majority first time home buyers tend to buy in the lower price ranges.

 

If you’d like market data for your neighborhood or have questions please contact me. You may also see the full RMLS Market Snapshot Report by Clicking HERE.

February 2009 – Real Estate Market Stats – Portland Oregon

February 2009 – Residential Home Snapshots

 

 

 

Portland Neighborhood

Average Sales Price This Month

YTD Average Sales Price

Total Days on Market

% Change in Value *

North Portland

$257,200

$248,300

88

-1.20%

NE Portland

$296,000

$299,800

129

-1.20%

SE Portland

$253,600

$238,800

142

-5.90%

West Portland

$402,800

$428,200

208

-1.30%

* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

Portland Metro Area total months of inventory 14.46

City Of Portland total months of inventory 16.6

All Stats Provided by RMLS (Market Action Report – February 2009)

To view the complete report available please click on the link below.

Click Here To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

%d bloggers like this: