December 2010 RSS Feed

When I started in Real Estate a decade ago foreclosures were few and far between, and were certainly not something you would find in any neighborhood that you wanted to live in.  It is a whole different ball game now, with short sales and foreclosures making up a huge bulk of the sales.  There are pro's and con's to buying a foreclosure or a short and I love having a chance to discuss it with homebuyers.  Of all the news and uncertainty surrounding the housing market these days one thing is for sure; foreclosures will likely be a dominant force in the market for the foreseeable future. Here is a link to an interesting article on Forbes magazine discussing the new rise in strategic defaults and some predictions on the comeback of a more 'normal' market. …

October Residential Highlights

Comparing October 2010 to October 2009, closed sales decreased by 35.7%. Pending sales and new listings also fell by 21.5% and 9.4%, respectively. The number of closed sales and new listings are the lowest they have been in October in a comparison of the past three years (see graphs on pages 3 and 4). A comparison of October 2010 with the previous month, September 2010, shows closed sales decreased by 7.7% (1,292 v. 1,399). Additionally, pending sales grew by 3% (1,632 v. 1,584), and new listings fell by 12.1% (3,119 v. 3,549). At the month’s rate of sales, the 13,805 active residential listings would last approximately 10.7 months. Inventory in October 2010 rose by 4.2 months compared to October 2009 (6.5 months).

Sale…

September Residential Highlights

Comparing September 2010 to September 2009, closed sales decreased by 22.3%. Pending sales and new listings also fell by 30.7% and 1.4%, respectively. See residential highlights table below. A comparison of September 2010 with the previous month, August 2010, shows closed sales increased by 1.3% (1,399 v. 1,381). However, pending sales dropped by 6.2% (1,584 v. 1,688), and new listings fell by 7.3% (3,549 v. 3,829). At the month’s rate of sales, the 14,714 active residential listings would last approximately 10.5 months.

Sale Prices

The average sale price for September 2010 declined 3.5% compared to September 2009. The median sale price also fell 0.6%. On a month-to-month basis, comparing September 2010 to August 2010,…

August Residential Highlights

A comparison of sales activity in the Portland metro area in August 2010 with August 2009, shows that closed sales decreased 25%. Pending sales also dropped 21.7%, while new listings rose 1.3%. See residential highlights table below. On a month-to-month basis, when comparing August 2010 to July 2010, closed sales fell 2.2% (1,381 v. 1,412), while pending sales grew 3.6% (1,688 v. 1,629). New listings also fell 5% (3,829 v. 4,029). At the month’s rate of sales, the 15,200 active residential listings would last approximately 11 months.

Sale Prices

The average sale price for August 2010 inc reas ed 1% compared to August 2009, while the median sale price stayed the same. See residential highlights table below. When comparing…

July Residential Highlights

When comparing sales activity in the Portland metro area in July 2010 to the same time last year, July 2009, closed sales declined 29%. Pending sales also decreased 24.9% and new listings rose 3.1%. See residential highlights table below. On a month-to-month basis, when comparing July 2010 to June 2010, closed sales fell 29.8% (1,412 v. 2,012), while pending sales grew 0.7% (1,629 v. 1,618). New listings also fell 0.5% (4,029 v. 4,049). At the month’s rate of sales, the 15,271 active residential listings would last approximately 10.8 months.

Sale Prices

The average sale price for July 2010 increased 2.9% compared to July 2009, while the median sale price went down 1.6%. See residential highlights table below. When…

June Residential Highlights

While inventory continued to stay low in the Portland Metro area, sales activity saw both increases and declines. When comparing June 2010 with June 2009, closed sales increased 13.3%. Pending sales and new listings fell 25.2% and 4.9%, respectively. Comparing June 2010 with the previous month, May 2010, closed sales dropped 1.9% (2,012 v. 2,050) and pending sales grew 8.4% (1,618 v. 1,493). New listings also rose 16.3% (4,049 v. 3,482). At the month’s rate of sales, the 14,752 active residential listings would last approximately 7.3 months.

Sale Prices

The average sale price for June 2010 declined 3.3% compared to June 2009. The median sale price also fell 4%. On a month-to-month basis, comparing June 2010 to May 2010,…

May Residential Highlights

When comparing sales activity in the Portland metro area in May 2010 to the same time last year, May 2009, closed sales increased 43.7%. Pending sales and new listings both decreased by 24.1% and 10.2%, respectively. On a month-to-month basis, when comparing May 2010 to April 2010, closed sales grew 5.6% (2,050 v. 1,941) while pending sales fell 50.1% (1,493 v. 2,991). New listings also dropped 26.2% (3,482 v. 4,713). At the month’s rate of sales, the 14,372 active residential listings would last approximately 7 months, the lowest inventory has been since August 2007 October 2009.

Sale Prices

The average sale price for May 2010 decreased 5.5% compared to May 2009, while the median sale price also went down 4.4%. See…

April Residential Highlights

Sales activity in the Portland metro area improved in April 2010 compared to the same month a year ago. Comparing April 2010 with April 2009, closed sales increased 49.1%. Pending sales also jumped 60.8%, and new listings rose 23.8%. When comparing April 2010 with the month prior, March 2010, closed sales grew 7.9% (1,941 v. 1,799) and pending sales were up 24.5% (2,991 v. 2,402). New listings, on the other hand, dropped 5.5% (4,713 v. 4,987). At the month’s rate of sales, the 14,182 active residential listings would last approximately 7.3 months, the lowest of the year so far.

Sale Prices

The average sale price for April 2010 decreased 3.1% compared to April 2009, while the median sale price went down 4%. Month-to-month,…

March Residential Highlights

Sales activity in the Portland metropolitan area continues to improve in March 2010 compared to the same month a year ago. When comparing March 2010 with March 2009, closed sales rose 51.9%. Pending sales jumped 46.7% and new listings increased 35.3%. Comparing March 2010 with the previous month, February 2010, closed sales drastically increased 77.2% (1,799 v. 1,015) and pending sales grew 29.8% (2,402 v. 1,850). New listings increased 27.8% (4,987 v. 3,902). At the month’s rate of sales, the 14,042 active residential listings would last approximately 7.8 months, the lowest of the year.

Sale Prices

The average sale price for March 2010 fell 5.6% compared to March 2009. The median sale price dropped 3%. See residential…

February Residential Highlights

Sales activity in the Portland metro area improved in February 2010 compared to the same month a year ago.

Comparing February 2010 with February 2009, closed sales increased 18.4%. Pending sales also jumped 45%, and new listings rose 12.4%.

When comparing February 2010 with the month prior, January 2010, closed sales grew a slight 2.9% (1,015 v. 986) and pending sales were up 20.5% (1,850 v. 1,535). New listings, on the other hand, dropped just 1% (3,902 v. 3,937).

At the month’s rate of sales, the 13,101 active residential listings would last approximately 12.9 months.

Sale Prices

The average sale price for February 2010 was down 8.5% compared to February 2009, while the median sale price declined 9.3%.

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