Real Estate Blog

September Residential Highlights

Sales activity in the Portland Metro area showed improvements in closed and pending sales this September compared with September 2010, and the inventory level remained much lower than the same month in 2010. Closed sales grew 13.4% in September 2011 compared to September 2010. Pending sales were also up 17.5%, and new listings dropped 29.5%. Comparing the previous month of August 2011 with September 2011, closed sales decreased from 1,805 to 1,586 (-12.1%). Pending sales also went down from 2,187 to 1,861 (-14.9%). New listings fell from 2,879 to 2,501 (-13.1%). At the month’s rate of sales, the 10,666 active residential listings would last about 6.7 months.

Sale Prices


Average sale price for September 2011 declined

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August Residential Highlights

Sales activity in the Portland Metro area showed improvements in closed and pending sales this August compared with August 2010. (Please see “NOTE” below about increased pending sales.)Closed sales grew 30.7% in August 2011 compared to August 2010. Pending sales were up 29.6%, and new listings dropped 24.8%. See residential highlights table below.Comparing July 2011 with August 2011, closed sales increased from 1,709 to 1,805 (5.6%). Pending sales also went up from 1,928 to 2,187 (13.4%). New listings went down from 2,942 to 2,879 (-2.1%).At the month’s rate of sales, the 11,276 active residential listings would last about 6.2 months.

Sale Prices

Average sale price for August 2011 declined 9.2% compared to August 2010.

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Portland, Oregon is a great city to go cycling, with many miles of paved and unpaved trails and dedicated bike lanes throughout the city. For many Portlanders, biking is not just a recreational activity but also the vehicle for their daily commute, and according to the Economist, "nearly 6% of commuters bike to work in Portland, Oregon, the highest proportion in America!"

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The New York Times just reported that mortgage rates have hit incredible 50 year lows, which was confirmed by Frank Nothaft, vice president and chief economist at Freddie Mac. "The average rate on a 30-year fixed-rate loan fell to 4.15 percent, with borrowers paying an average point of 0.7 percent ... and the averate rate on a 15 year mortgage fell to 3.36 percent, with an average of 0.6 points."

This should be good news for the battered housing market because lower interest rates make homes more affordable for the substantial numbers of buyers who are getting a home loan. It may also trigger another wave of refinancing which may allow some more homeowners to stay in their homes and reduce future foreclosures.

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July Residential Highlights

Closed and pending sales were both up in July 2011 compared with July 2010. Additionally, the inventory level in July 2011 was down 3.8 months compared with the same month a year ago. Closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4%, and new listings dropped 27%. Comparing June 2011 with July 2011, closed sales decreased from 1,958 to 1,709 (-12.7%). Pending sales decreased from 2,001 to 1,928 (-3.7%). New listings went down from 3,143 to 2,942 (-6.4%). At the month’s rate of sales, the 11,970 active residential listings would last about 7 months.

Sale Prices

Average sale price for July 2011 declined 7.4% compared to July 2010. Median sale price also fell 7.6%. See residential

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June Residential Highlights

While closed sales were down in June 2011 compared with June 2010, pending sales jumped compared with the same month a year ago, and inventory hit the lowest level since July 2007. Closed sales were down 2.7% in June 2011 compared to June 2010. Pending sales were up 23.7%, and new listings dropped 22.4%. Comparing May 2011 with June 2011, closed sales increased from 1,742 to 1,958 (12.4%). Pending sales decreased from 2,167 to 2,001 (-7.7%). New listings went down from 3,338 to 3,143 (-5.8%). At the month’s rate of sales, the 11,817 active residential listings would last about 6 months, a drop of 1.3 months since the inventory level in June 2010.

Sale Prices

Average sale price for June 2011 declined 7.8% compared to June

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May Residential Highlights

While closed sales were down in May 2011 compared with May 2010, pending sales greatly increased compared with the same month a year ago, and inventory hit the lowest level since October 2009. Closed sales were down 15% in May 2011 compared to May 2010. Pending sales were up 45.1%, and new listings dropped 4.1%. See residential highlights table below. Comparing April 2011 with May 2011, closed sales increased from 1,611 to 1,742 (8.1%). Pending sales also increased from 2,005 to 2,167 (8.1%). New listings went up from 3,099 to 3,338 (7.7%). At the month’s rate of sales, the 11,825 active residential listings would last about 6.8 months.

Sale Prices

Average sale price for May 2011 declined 4.8% compared to May 2010. Median

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April Residential Highlights

While sales activity was down in April 2011 compared with April 2010, average and median sale prices increased compared with the previous month of March 2011. Closed sales were down 17% in April 2011 compared to April 2010. Pending sales were down 33%, and new listings dropped 34.2%. See residential highlights table below. Comparing March 2011 with April 2011, closed sales dipped from 1,615 to 1,611 (-0.3%). Pending sales also decreased from 2,014 to 2,005 (-0.5%). New listings went up from 3,056 to 3,099 (1.4%). At the month’s rate of sales, the 11,621 active residential listings would last about 7.2 months.

Sale Prices

Average sale price for April 2011 declined 5.2% compared to April 2010. Median sale price also fell

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If you haven't taken a look at my new website, please do. I am excited about what this can do to help you in finding your new home or figuring out what is selling in your neighborhood.

Let me know what you think. I would appreciate any feedback to make this a better experience for you.

Thanks,

Stan

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