Market Update
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.
Sales Price Climbs to Highest Level in a Year
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price rose 3.56% in September 2011 as compared to August 2011. September’s median price of $233,000 was the highest the median sales price has been in nearly a year.
In November 2010, the median sales price was $235,000.
Inventory Falls To Two Year Low
One reason the sales price is climbing is that there are fewer homes on the market. The number of homes for sale on the last day of September fell nearly 8% as compared to the last day of August.
Year over year, the number of homes for sale in September 2011 was down more than 33% as compared to September 2010.
The Months Supply of Inventory is now in the 5-6 month range, which is considered to be a balanced market.
Record Low Interest Rates
Freddie Mac announced that 30-year fixed mortgage rates had reached an all time low of 4.01%.
Here in the West, we recorded the lowest reported rates with 30-year rates reaching as low as 3.95%.
(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.
Median Sales Price Jumps Nearly 6%
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price climbed 5.85% in September 2011 as compared to August 2011. The median sales price was $190,000 in September 11, the highest its been since January 2011, when it reached $190,500.
Inventory Falls To New Two Year Low
One reason sales prices are rising is that there are fewer homes available for sale. The number of homes for sale on the last day of September fell more than 5% as compared to the last day of August. The number of homes for sale in September 2011 was down more than 27% from last year.
Record Low Interest Rates
Freddie Mac announced on September 30 that 30-year fixed mortgage rates had reached an all time low of 4.01%. Here in the West, we recorded the lowest reported rates with 30-year rates reaching as low as 3.95%.
(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 Surge More Than 44%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer soared 44.49% in August 2011 as compared to last month and skyrocketed more than 80% as compared to last year.
Inventory Falls to 2-year Low
The jump in pending sales brought the months supply under contract figure down to 4.5 months in August 2011, the lowest its been in more than two years. That figure is well below half of what it was a year ago. The actual number of homes available for sale on the last day of August 2011 was also at a two year low.
Sales Increase Year Over Year
Home sales climbed more than 21% in August 2011 as compared to August 2010. Sales were down 4.47% as compared to last month. The increase in pending sales this month should lift the number of closed sales in the next two to three months.
(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 Jump More Than 43%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer jumped more than 43% in August 2011 as compared to the same month the year before.
And, the number of under contract homes climbed more than 18% in August 2011 compared to July.
Inventory Reaches 2-Year Low
The increase in pending sales dropped the number of homes on the market to the lowest level in more than two years. And, there were 32% fewer homes for sale as compared to August 2010.
The months supply of homes in August 2011 was 5 months, less than half of what it was in August last year.
Months supply is the number of months it would take to sell the homes on the market given the current pending sales rate.
Home Sales Up Year Over Year
The number of homes sold in August 2011 was up nearly 15% compared to last year.
Sales overall were down slightly 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 141-156.
