Home sales in December were a percent lower than November, but still 13% higher than last December. Home sales were up 9% during 2012, the highest annual sales volume since 2007.

Prices increased 4.4% as the inventory of homes for sale continues to lag behind the increase in sales volume. New listings were 5.2% lower than last year while closed sales were up 19.1%. Total market time (average days on market) fell 21.5%.

Economics 101 at work, low supply and high demand equals higher prices. This trend is forecasted to continue in the short term until the supply increases to satisfy demand.

The National Association of Realtors has identified several reasons why the inventory remains low:

1. Many homeowners are underwater. According to CoreLogic,

Rick Bean has been named a 2013 Five Star Real Estate Agent. He received the same award in 2012. This award recognizes a level of excellence achieved by fewer than 7 percent of the real estate agents in the local market.

The Five Star Professional award program is the largest and most widely published award program in North America. Award candidates are measured using an objective, in-depth research methodology that focuses on customer satisfaction and a thorough regulatory review.

Why a Duck??

The University of Oregon Ducks have set off in pursuit of another Pac-12 title in 2012. It started when they beat Arkansas State on September 1. If you aren't a fan yet, it’s time to become one.

If you watched the Ducks play in the 2012 Rose Bowl, you saw a great win.

Few outside of the immediate area paid much attention to the Oregon Ducks until recently. Now that the team is playing consistently great football, the rest of the football world has taken notice.

Oregon's program is cutting edge, and there is every indication that the most exciting football in the country will continue to be played by the Oregon Ducks.

Many of my clients ask me for referrals for qualified home inspectors that I have used in the past. I always give my clients a choice of three different home inspectors that my previous clients have had success with. If they decide to find their own, this is the advice I like to give them when looking for a qualified home inspector. This is a crucial decision; there are some many aspects of the home that need to be fully inspected to insure that they are purchasing a sound property.

What are the inspector’s qualifications?

The National Association of Home Inspectors is a great resource to find out the background of the inspector and other involvement within the industry.

What is their experience? Do they specialize in residential inspections?

Many people come through my website searching for real estate all over the Portland area. I received a lead one morning and I promptly responded to their questions and started helping them with their new home search.  They are a husband and wife and they have two small girls. Since they were relocating from Syracuse New York, they wanted to find a home in the 400-500k range near Intel in Hillsboro.  So I began my search and after months of sending them properties they contacted me to go visit a listing in the Century High School District. This particular property had all the wonderful interior features that they wanted but the backyard was extremely small. In the Syracuse area where they lived prior to moving here, they have much larger plots of land.