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.
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The latest RMLS Market Action report for Clark County, Washington shows an increase in average sale price of 5.6% from August to September of 2011, with the average price at $218,700. Closed sales fell 6.8% and new listings decreased 11.9%. Comparing the third quarter of 2011 with the same period in 2010, closed sales rose by 34.9%, pending sales were up 33% and new listings were down 10.4%. Based on September’s rate of sales, the 2,995 active listings would last about 6.8 months. The average time on market stands at 138 days, which is about the same as this time last year.
In Cowlitz County, 39 new listings hit the market in September and the average sale price came in at $165,900, with an average market time of 133 days.
July RMLS market statistics for Southwest Washington show closed sales and pending sales in Clark County showed increases when comparing July 2011 to July 2010. Closed sales were up by 47.1% and pending sales by 14.5%. Inventory stands at approximately 7.3 months, with 6 month indicating a balanced market.
Information courtesy of RMLS.
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.
Clark County home sales continued to rise in November compared to a year ago, but foreclosures and short sales pushed prices down by 13 percent, according to a report today. The overall median price was $199,950 for the 529 new and preowned homes sold last month, falling below $200,000 for the first time in nearly five years in Clark County. February 2005 was the last time the median price was below $200,000, at $198,129.
This is an excellent time to take advantage of the low price points and mortgage rates!