A recent report from Realtor.com ranks the Portland/Vancouver metro area #10 in markets with the greatest drop in year over year for-sale inventory. With great rates and nearly 39% fewer available homes this year, the spring buying season shows promise.
The latest RMLS Market Action report for the greater Portland Metro area shows closed sales rose 4% and pending sales increased 6% when comparing overall activity from 2010 with that of 2011. For the year, the average sale price dropped 6.7%, from $282,100 to $263,300, and new listings were down 25.4%.
When comparing December 2011 to December of 2010, closed sales were up 10.3%, pending sales increased 19.3% and new listings were down 11.7%. At December’s rate of sales, it would take approximately 5.3 months (the shortest time period in recent years) to sell the 8,612 active residential listings on the market.
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The latest RMLS Market Action report for the greater Portland Metro area shows a slight increase in sales price when comparing November 2011 to the prior month. Average price rose to $259,400 and median price increased 3.3% to $225,000. Closed sales were up 18.9% when comparing November 2011 to November 2010. Looking at January – November 2011 and the same period last year, closed sales are up 3.4% and pending sales are up by 5.3%. Inventory currently stands at 6.2 months, the lowest in the last three years and four months lower than at this time last year. With mortgage rates at historic lows, this is a great time to buy a home.
RMLS has released the latest Market Action report for the greater Portland Metro area, and much like last month, the news is mixed. Comparing the period January – October of 2011 with the same time period in 2010 shows closed and pending sales are both up … 2.1% in closed and 4.5% in pending sales. When comparing October 2011 with September of this year, closed sales fell 7.1%, pending sales increased slightly and average price fell to $258,700, a drop of 3.5%.
RMLS has released the latest Market Action report for the greater Portland Metro area. The news is mixed… comparing the third quarter of 2011 with that of 2010, closed sales were up by 21.5%, pending sales increased by 21.6% and new listings fell by 27.6%. Average sales price dropped from $271,800 to $268,200 (down 1.3%) while median sales price increased from $225,000 to $230,800 (up 2.6%). Inventory stands at 6.7 months, which is up slightly from August, but remains much lower than the numbers in 2009 and 2010. Six months of inventory is considered a balanced market. With interest rates around 4%, it’s a great time to buy property.
July RMLS market statistics for Metro Portland show closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4% and new listings dropped 27%. Month to month, comparing June 2011 to July 2011, average sale price activity rose 3%, moving from $267,100 to $275,100.
Jason, our COO and Lake Oswego branch manager, shares his perspective on the real estate market recovery in this article in Community Newspaper’s “A Salute to the American Home” special publication. Like many local real estate professionals, Jason believes the market has probably hit bottom as a whole and we’ll see a very gradual recovery.
Portland area home sales shot up in March, driven in part by a federal tax credit worth up to $8,000 to first-time buyers and $6,500 to move-up buyers.
There were nearly 52 percent more sales in March than a year ago and a whopping 77.2 percent more sales than in February, according to Regional Multiple Listing Service figures released Friday.
Compared to a year ago, pending sales increased 46.7 percent and new listings increased 35.3 percent.
The inventory of unsold homes dropped to 7.8 months from 12.9 months in February and 12 months a year ago. The figure refers to the amount of time it takes to clear out the inventory of unsold homes at the current pace of sales. A six-month level is considered healthy.
The inventory of houses for sale in Clark County dropped substantially in March as home sales improved, according to Portland-based RMLS. A 7.7-month supply of homes was listed in March, which was down from an 11.6-month supply in February
Local real estate agents attribute the shrinking inventory to higher demand for houses, as first-time and move-up home buyers rush to take advantage of low mortgage interest rates and tax credits set to expire April 30.
According to RMLS, when comparing the week of April 5 – April 11 with the week prior, the number of times an RMLS subscriber opened a Supra lockbox increased 33% in Washington and 26.6% in Oregon. Activity is on the rise as we move into the Spring season.
Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.
Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.