Real Estate Blog

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,

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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

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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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January Residential Highlights

While not quite as dramatic as last month, sales activity in the Portland metro area continued to show improvement in January 2010 compared to the same month a year ago.

Closed sales were up 34.7% compared to January 2009 and pending sales rose 24.3%. However, new listings fell 6.2%.

Pending sales were also up 34.5% (1,535 v. 1,141) when compared to December 2009. On the other hand, closed sales fell 34.5% (986 v. 1,506) and new listings grew 87.1% (3,937 v. 2,104) driving inventory to double digits for the first time since May of 2009. At the month’s rate of sales, it would take approximately 12.6 months to sell the 12,449 active residential listings.

Sale Prices

The average sale price for January 2010 was down 5%

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The Regional Multiple Listing Service (RMLS) report, released monthly, is filled with statistics, sometimes a little unclear and only give part of the picture as to what is happening in real estate.  Real estate is very local and neighborhood-based, so understanding about different areas helps put the numbers into perspective.

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A balanced market is 5-7 months of inventory. The Vancouver/ Clark County area is in a balanced market, holding steady month over month at 6.8 months of inventory on average for June 2010.  For this same time last year, in 2009, the average inventory was 7.9 months, and for 2010 so far, the average monthly inventory is 8.6 months. 

The biggest news for this month is that the average sold price jumped 9.8% from last

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The Regional Multiple Listing Service's Market Action Report for May 2010 was just released. 

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The RMLS report is filled with statistics, sometimes a little unclear and only give part of the picture as to what is happening in real estate.  Real estate is very neighborhood-based, so understanding about different areas helps put the numbers into perspective.

A balanced market is 5-7 months of inventory. There still is a little while to go and depending on how this first time home buyer's tax credit and the vacation home buyer's tax credit plays out, with closings that we will see in the end of June, 2010. 

The Vancouver/ Clark County area is in a balanced market, holding steady month over month at 6.6 months of inventory on average for May 2010.  For

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The RMLS April 2010 Market Action Report was just released.
 
Inventory is approaching a more balanced market in the Portland area, a balanced market is 5-7 months of inventory, and it is now 7.3 months of inventory, down from 7.8 months in March and 12.9 months in February.   There still is a little while to go and depending on how this "perfect storm" of financial crises plays out, and Portland should be better by next year.
 
In the Vancouver area, we are still very much in a strong buyer's market with 6.6 months of inventory on average for April 2010.  For this same time last year, in 2009, the average inventory was 11.9 months, and for 2010 so far, the average monthly inventory is 9.5 months.  Real estate sales typically are at their highest in the

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The Regional Multiple Listing Service (RMLS) that serves Oregon and Southwest Washington releases a report every month about mid-way through the following month for the previous month.  On April 15, 2010, the March 2010 Market Action Report was released.

The data is pretty raw and does not specify what the monthly inventory is per area, just for the whole of Clark County, Washington.  Despite what happens with foreclosures and short sales real estate inventory tends to be cyclical, especially in the Pacific Northwest, where weather is a factor.  Buyers tend to be motivated to purchase in the spring and summer months, which is when prices tend to be higher and inventory lower.  For March 2010, the trend continues as inventory is down to 7.7 months from

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Networking With Other Realtors

It was a mistake for me to think that networking with out of state Realtors was a waste of time.  

The Portland, Oregon area has consistently been listed among the top cities to live and work, and there is a sharp increase in the number of out-of-state home buyers making plans to move here. That makes it imperative to know as many Realtors from around the country as is possible. 

It's not enough to have a network that is pulled from a directory; most of the big companies in real estate are simply franchises, and the directories from ABR, CRS, GRI, and so on, are everybody - the best and the worst are in there.  I have consistently been disappointed with names pulled from these sources - not with their knowledge and skill,

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