I Love Portland Homes

According to the newest RMLS market action report, sales picked up for the month of May this year. Compared to April, closed sales were up 17.8% and pending sales increased 2.6%. New listings dropped 2.1%. However, this year still remains slower than last year. Compared to last May, closed sales were down 33.5%, pending sales dropped 30.5% and the number of new listings also decreased 12.1%. This year-to-date versus last year-to-date, new listings are up 2.1% while closed and pending sales have decreased over 30%. At May’s rate of sales, it will take approximately 9.2 months to absorb all of the active inventory. The average market time for the month of May was 72 days.

The average home sales price in Portland this May was $335,000 and the median price was $287,500. Year-to-date average sales price is $335,700 and median is $280,000.*

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

If you have any questions about these statistics and how they may affect you as a home buyer or seller, feel free to get in touch!

The latest RMLS market action report has just been released. According to the statistics, certain areas of activity have improved from March to April, but are still slow compared to April of last year. In comparing April to March, pending sales increased 6.8%. (This is the first time pending sales have increased from March to April since 2005!). Closed sales dropped 6.7% from March to April, keeping with the trend of the past three years. New listings grew 2.7%. At the April rate of sales, it will take approximately 10.3 months to absorb all of the active inventory.

Comparing April 2008 with April 2007, the number of closed sales were down 39% and pending sales decreased 31%. New listings dropped a slight 2.9%. This year-to-date versus last year-to-date, new listings are up 5.8% while closed and pending sales have declined.

The average home sales price in Portland this April was $325,000 and the median price was $275,000. This is the first decline in average and median price since August 2002 and May 2001, respectively. One factor that may have played a roll in this decline is a 51.2% decrease in the number of houses sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date sales in this price range are down 31.9% compared to the same time last year.*

In my experience, houses that are priced right in the lower price ranges are still selling quickly, and often with multiple offers. There are still some really great finds out there for peope looking to buy their first home or make their first upgrade.

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

It’s market action time again! According to the latest RMLS market statistics, March shows a definite improvement over February (something to smile about!), but doesn’t live up to the amount of activity a year ago. In comparing March to February, closed sales were up 22.2% and pending sales increased 5.5%. At the March rate of sales, it will take approximately 9.1 months to absorb all of the active inventory.

Comparing March 2008 with March 2007, the number of closed sales were down 39.1% and pending sales decreased 36.9%. New listings dropped a mere 1.8%. A positive note for homeowners is that the average sales price has appreciated 4.9% and the median 5.1% over this time last year.

The average home sales price in Portland this March was $336,700 and the median price was $286,500. The average sales price for condos was $264,300, with a 5% appreciation over this time last year.*

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

Sorry for the delay in posting the February 2008 market statistics! (March should be out in a couple weeks.) Market activity picked up compared to January, but is still slower than February of 2007.  Average time on the market for February was 85 days, and at this rate would take 10.4 months to absorb all of the active inventory. The average home sales price in Portland this February was $342,600 and the median price was $280,000.  For comparison, the average sales price for February of 2007 was $326,700 and the median price was $279,000.*

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

The RMLS market statistics for the first month of 2008 are out. None of the statistics are too surprising. Market activity has appeared to slow compared to January of last year. The number of closed sales was down 31.9%, but we had an 11.9% increase in new listings. At January’s rate of sales, it would take approximately 12.8 months to absorb all of the active residential listings. (Things seem to be picking up as of late and I expect February’s rate of sales to be better, with an even bigger jump as we head farther into spring.) The average home sales price in Portland this January was $342,900 and the median price was $280,000.  For comparison, the average sales price for January of 2007 was $322,900 and the median price was $275,000.*

If you’re thinking of buying a house, this is a great time! There is lots of inventory to choose from, interest rates are still good, and there are less buyers out there competing.

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

The latest RMLS market action report came out today. The year finished off with a continued decrease in the number of closed and pending sales, but sales price continued to rise. The number of closed sales was down 29.4% compared to this time last year.  The number of new listings also dropped for the third month in a row. At the current rate of sales, it would take approximately 8.5 months to absorb all of the active residential listings. The average home sales price in Portland this December was $352,000 and the median price was $276,500.  The average sales price during the 2007 year was $342,900 and the median price was $290,000. Both of those numbers are a $20,000 increase over the 2006 averages.*

I’ve noticed an increase in activity lately…people seem to be coming out of their post-holiday haze.  The statistics still support that this is a good time to buy. If you’re thinking about buying a house or condo in 2008, give me a call!

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.

RMLS has put out the latest market statistics covering the month of November and most of the trends are still following those of previous months.  The number of closed sales has dropped almost 20% compared to this time last year.  The number of new listings dropped for the month, although this year-to-date we’ve seen an 8.3% increase in new listings over last year. At the current rate of sales, it would take approximately 8.3 months to absorb all of the active residential listings. The average home sales price in Portland this November was $344,500 and the median price was $285,000.  (Year-to-date prices through November 2007 are $342,500 average and $290,000 median.)  The average sales price has appreciated 6.5% for the twelve months ending in November 2007, compared to the twelve months ending in November of 2006.  The average time on the market has also increased since November of last year from 51 to 67 days. *

This is a great time to buy a house, if you’re in the market! There are lots of houses to choose from, and things are moving slow enough that buyers can weigh their options and make well thought out decisions. If you’re thinking of buying a house in 2008, feel free to give me a call!

*From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.