Market Update
Buyer Competition Pushes Prices Up
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price climbed nearly 2.5% in February 2012 as compared to the month before.
The Portland area is now seeing more competing bids from eager buyers for the limited number of homes on the market. That demand is starting to push prices up.
Inventory Continues to Shrink
The number of homes available for sale on the last day of the month dropped nearly 8% in February 2012 compared to the previous month.
February’s inventory was at the lowest level in more than two years and also the first time in more than two years that fewer than 9,000 homes were on the market.
The decline in February is the ninth consecutive monthly decrease in inventory.
Pending Sales Soar
Pending sales climbed nearly 25% in February 2012 as compared to last month and jumped nearly 47% as compared to last year.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
Sales Rise as Inventory Keeps Falling
According to statistics from the Regional Multiple Listing Service (RMLS), both pending and closed sales were up in February 2012 as compared to January.
The number of homes with an accepted offer jumped more than 19% comparing February to January and more than 41% comparing February of this year to February of last year.
Closed sales also rose in February, increasing more than 2% as compared to last month and more than 4% over last year.
Inventory Reaches Two Year Low Again
The number of homes available for sale on the last day of the month fell below 3,000 for the first time in more than two years, setting another two year low record.
February’s decline in inventory was the ninth consecutive monthly decrease in inventory.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 11-82.
Pending Sales Soar More Than 40%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer jumped more than 40% in January 2012 as compared to December 2011.
Under contract homes also climbed nearly 38% compared to last year.
Home Sales Rise Compared To Last Year
After strong home sales in December 2011 (uncharacteristic for the holiday season), sales declined in January 2012 as compared to December. However, sales in January 2012 increased nearly 6% compared to a year ago.
Distressed properties accounted for 44% of the sales in January 2012.
Inventory Reaches Another Record Low
The number of homes available for sale on the last day of the month slipped below 3,000 in January 2012, the lowest level in more than two years.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 11-82.
Pending Sales Soar More Than 35%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer jumped more than 35% in January 2012 as compared to December 2011.
Pending sales were also up nearly 35% as compared to January 2011.
Home Sales Inch Up Over Last Year
The number of homes sold in January 2012 declined as compared to December 2011 (which had seen an uncharacteristic increase for the season) but climbed nearly 3% above January 2011 sales.
Distressed Properties Pressure Prices
The median sales price appeared to have bottomed out in February 2011 at $214,900, and was consistently above that figure for 10 months.
In January 2012, the median sales price fell to $206,500.
The downward pressure on prices comes as distressed property sales rose from 34% of all sales in the 4th quarter of 2011 to 41% of sales in January 2012.
Distressed properties sold for an average of 36% below the price of non-distressed properties.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
Pending Sales Up More Than 32% Year Over Year
According to statistics from the Regional Multiple Listing Service (RMLS), in December 2011, pending sales were up 32.8% over December 2010.
And, closed sales for the month were up slightly over November.
Traditionally, sales drop off during the holiday season, but mild weather in the Portland area and continuing historically low interest rates helped lift buyer activity this year.
Record Low Inventory
Inventory (number of homes on the market) reached a new two year low in December and, it was the seventh consecutive month of record low inventory.
The number of homes available for sale on the last day of the month fell below 9,000 for the first time in more than two years.
2012 Predictions
Most experts believe residential real estate prices will stabilize in 2012. And, Goldman Sachs is predicting a 30% gain in housing prices over the next decade.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
Sales Defy Seasonal Slowdown, Up 9%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes sold in December 2011 climbed nearly 10% as compared to November 2011, defying the traditional slowdown for the holidays.
Sales were also up more than 4% as compared to last December. Year over year pending sales jumped as well, rising nearly 17% comparing this December to last December.
Mild weather for December and historically low interest rates helped lift buyer activity this year through the traditionally slower holiday season.
Seventh Month of Record Low Inventory
Inventory reached a new two year low in December 2011. It was the seventh consecutive month of record low inventory.
The number of homes available for sale on the last day of the month fell below 3,000 for the first time in more than two years.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 11-82.
Median Price Rises As Inventory Falls
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price in November 2011 climbed more than 3% compared to the previous month. October’s median sales price had been a two-year low.
Inventory Falls to New Two Year Low
In November, inventory dropped to a new two-year low for the fourth consecutive month.
The number of homes available for sale on the last day of November 2011 was down more than 8.8% as compared to the previous month, and down more than 29% compared to last year.
Pending Sales Jump Nearly 48% Year Over Year
The number of homes with an accepted offer in November 2011 climbed nearly 48% compared to last year. Pending sales were down just 3.70% from last month.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 11-82.
Prices Rise as Sellers Start to See Multiple Offers
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price in the Portland area rose nearly 3% in November 2011 as compared to the previous month.
The increase comes as the number of homes on the market (inventory) continues to shrink and some sellers are beginning to see multiple offers.
Homes that are appropriately priced are seeing offers shortly after going on the market.
Inventory Falls to New Two-Year Low
In November, inventory dropped to a new two-year low for the fourth consecutive month.
The number of homes available for sale on the last day of November 2011 was down more than 10% as compared to the previous month, and down more than 35% compared to last year.
Market Continues to Equalize
The months supply of inventory under contract remained 5.7 months in November 2011.
It is the second month it’s been in the range that’s considered to be a balanced market between buyers and sellers.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
Pending Sales Rebound More Than 15%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer jumped more than 15% in October 2011 as compared to September 2011.
Pending sales had reach a high of 674 in August 2011 and then fell to 491 in September before bouncing back to 565 in October. Those 565 accepted offers in October 2011 were a more than 52% increase over the 371 pending sales in October 2010.
Inventory Continues to Drop
The number of homes available for sale on the last day of the month reached a new two-year low in October 2011. October’s 3,219 homes for sale was 8.42% fewer than the number of homes for sale on the last day of the previous month and more than 27% down from October 2010.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 11-82.
Pending Sales Rebound: Up 32% Over 2010
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer jumped more than 32% in October 2011 over the year before.
And, month over month, pending sales were up nearly 8% in October over September.
Inventory Sees Two Year Low
Available inventory (number of homes on the market) reached a new two-year low in October 2011.
The number of available homes for sale fell below 10,000 to 9,990.
Balanced Market
The months supply of inventory fell to 5.2 months in October 2011, also a two year low and the first time that figure has been under 6 months since April 2010.
Months supply is how many months it would take to sell the homes on the market at the current under contract rate.
The market is considered to be balanced between buyers and sellers when available inventory is in the 5-6 month range.
(click on the table above to see it full size)
This report is developed monthly by RE/MAX equity group and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
