Home Prices Edge Upward
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price of homes sold in July 2011 edged up more than 1/2 a percent as compared to last month. Last month’s figure of $180,000 was a two year low.
Pendings and Solds Climb Year Over Year
The number of homes with an accepted offer jumped more than 36% in July 2011 as compared to July 2010. Under contract homes were down slightly from June 2011.
The number of closed sales climbed more than 33% in July 2011 as compared to July 2010.
Homes are selling faster
The average days on market of sold homes dropped nearly two weeks in July 2011 as compared to June. Homes were on the market nearly three weeks less in July 2011 than in July 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.
Portland, Oregon was recently named the twelfth most walkable city in America by Walk Score. According to the survey, nearly half of Portland’s neighborhoods have a WalkScore of 70 or above.
Portland continues to pursue policies that make it an environmentally friendly place to live and work.
Home Sales Increase More Than 6%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes sold in June 2011 rose more than 6% as compared to May 2011. The 503 homes sold in June 2011 was the highest number of home sales since June of 2010, when the Homebuyer Tax credit was influencing the market.
June’s increase in home sales was the fourth consecutive monthly climb in the number of homes sold.
Pending Sales also climb nearly 6%
The number of homes with an accepted offer also rose in June 2011, climbing nearly 6% as compared to May 2011 and up more than 55% as compared to June last year.
Inventory drops
The rise in under contract homes brought the inventory level down to 6.4 months, its lowest level in more than a 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 11-82.
Portland Home Prices, Sales Continue to Rise
According to the June 2011 statistics from the Regional Multiple Listing Service (RMLS), the average median sales price in the Portland area rose for the fourth consecutive month.
Compared to May 2011, the average price was up nearly 1%, inching up from $220,000 to $222,000.
Home Sales Also Edge Up
The number of homes sold in June 2011 rose by 0.06% over May 2011.
A total of 1,813 homes were sold in June 2011, the highest number since the same month last year when 2,133 homes were sold.
Last year’s numbers were driven by the Homebuyer Tax Credit, which was in effect.
Inventory continues to fall
The number of homes on the market reached another two-year low in June, falling to 5.8 months.
This marks the second consecutive month that months supply of inventory has been in the 5-6 month range, which is considered to be a balanced market.
(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.
4th of July Fireworks and Fun in the greater Portland and Vancouver and Salem areas
THE BIG THREE
- VANCOUVER – Fort Vancouver – $5 in advance, $7 at the gate, kids under 12 – FREE
- PORTLAND – Watefront Blues Festival – at Tom McCall Waterfront park in downtown Portland. Admission to the festival is $10 plus 2 cans of food.
- SALEM – Salem Independence Day Celebration – Riverfront Park, Salem, Oregon.$3 per person suggested donation.
LOCAL (Alphabetical)
- CANBY – General Canby Day – Canby, OR
- CORBETT Fun Festival – Corbett. Various prices for different events. See schedule for details.
- ESTACADA 4th of July Carnival
- FAIRVIEW Fourth of July Fireworks and Festivities – Blue Lake Regional Park, Fairview. $10 per car, $15 per bus, RV or 12-passenger van.
- HAPPY VALLEY Family Festival – Happy Valley City Park, Happy Valley.
- HILLSBORO 4th of July Parade – Downtown Hillsboro Oregon. Free admission. 2nd largest parade in Oregon.
- INDENPENDENCE – 4th of July Independence Days – River View Park, Independence, Oregon. See schedule for details, including admission for various events.
- LAKE OSWEGO Star Spangled Celebration – Lake Oswego. Free admission.
- MILWAUKIE – Oaks Park – Milwaukie. Admission for July 4th is $5 ($3 for seniors 62 and up, and $2 for kids 15 and younger).
- MOLALLA – Molalla Buckaroo Rodeo - Molalla, Oregon
- OREGON CITY AND GLADSTONE 4th of July Celebration
- ST.PAUL – St. Paul Rodeo – St. Paul Oregon. See website for events and their admission fees.
- TIGARD Old Fashioned 4th of July Celebration – Tigard High School.
- WOODBURN – Wave Broadband 4th of July Celebration – Centennial Park, Woodburn, Oregon. Free admission.
S&P/Case-Shiller recently released its Home Price Indices for first quarter 2011 and the mainstream media immediately jumped on the statement that home prices were down more than 30% from their peak (emphasis added).
As is usual, the mainstream media jumped on the most sensational fact without putting it in any real context. Because prices were at an unreasonable and unsustainable high at the peak of the real estate bubble, it is only natural that prices would have to come down.
In Portland, we calculated the actual median sales price for each year beginning in 2000 against the historical rate of real estate appreciation (according to Case-Shiller’s average for 1987-2009) of 3.4%. You can see that in the chart below.
Looking at the data this way, we see that in Portland, had housing appreciated at the historical average, the median sales price would now be $244,640. It was $215,000 in March 2011. Although that is more than 25% down from the peak of $290,000 in 2007, it is just 12.12% below where the median sales price would have likely been had we not saw the unsustainable growth in the period between 2005 and 2007. Indeed, the median sales price is now at a level just above 2004 home prices when the market began its unusual growth.
Yes, those buyers who bought or refinanced in 2005-2007 are facing the drops in equity talked about in the Case-Shiller report but that is not true for all homeowners and it does not mean that people who buy in today’s market are looking at those types of drops in the future. Indeed homes are at their highest level of affordability in more than 20 years.
According to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released May 25, 2011, 74.6 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400.
In Portland, the median family income is actually a little higher than the national median – $64,800 for a family of 3 and $72,000 for a family of four (see Portland Housing Bureau Median Family Income data). Based on the old rule of thumb that you can afford a home that is 3 times your annual income, we would expect housing prices to stabilize somewhere between $194, 400 and $216,000 in 2011.
The most recent statistics from the Portland MLS show that for the period January to May 2011, the median sales price has actually risen to $218,000.
Buyers should not let national media reports put them off their goal of home ownership. Talk to a REALTOR about your specific needs and situation and the opportunities available to you in today’s housing market.
Pending Sales Climb Nearly 7%
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer rose 6.85% in May 2011 as compared to April 2011. The 577 pending sales in May 2011 was the highest that figure has been since April 2010, when it was 724.
In April 2010, homebuyers had the incentive of the April 30th deadline to have a home under contract to qualify for the Homebuyer Tax credit.
Inventory falls to lowest level in a year
The rise in pending home sales brought the months supply of inventory under contract number down to 6.4 months in May 2011, the lowest its been since April 2010, when it was 6.1 months.
The actual number of homes for sale on the last day of the month (3,719) is the lowest that figure has been in 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, Home Prices Continue to Climb
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer rose nearly 15% in May 2011 as compared to April.
And, looking at year over year numbers, pending sales were up more than 61% in May 2011 from May 2010.
Last month’s jump in under contract homes was the fifth consecutive monthly increase in pending sales. The number of pending sales in May 2011 was the highest its been since April 2010.
Home Prices Keep Inching Up
The average median sold price edged up nearly half a percent in May 2011 as compared to April 2011. The rise was the third consecutive monthly increase.
After reaching a low of $214,500 in February 2011, the median sales price climbed nearly 3% to $220,894 in May.
A steady improvement in the Oregon unemployment rate is likely contributing to the improvement in the housing market. Oregon unemployment was 11% in January 2011 and stands at 9.5% in April 2011.
(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.
Congratulations to RE/MAX equity group Sunnyside branch manager Larry Sievers on being selected as the Managing Broker of the Year by the Portland Metropolitan Association of REALTORS’ Million Dollar Club!
Larry has been a managing broker for more than 32 years, the last 13 with RE/MAX equity group. His office has 65 brokers and closed more than $160 million last year. Part of that success is because Larry is a great broker, trainer, and leader.
His REALTOR involvement has been with PMAR, the Oregon Association of REALTORS, and the National Association of REALTORS. He has been both a Local and a State Director and served on the Grievance and Professional Standards committees and chaired the Grievance committee. He was also the President of the Oregon State CRB (Certified Residential Broker) chapter. He holds the GRI, CRS, CRB, and FACS designations.
Larry was first licensed as a Realtor in 1976 at J.S. Pounder, came to Stan Wiley in 1978 as a Manager. In 1981, he opened his own brokerage, The Real Estate Marketplace, which merged with RE/MAX equity group in 1998. In addition to managing at RE/MAX equity group, Larry has developed a Leadership Training Program for the company and been very involved with community activities, particularly Komen Race for the Cure and Northwest Medical Teams.
Larry grew up in Salem, Oregon and went to South Salem High School, where he became the State High School Bowling Champion. That achievement earned him a scholarship to Oregon State University. He graduated in 1969 with a Bachelor of Arts in English and married his Gayle, his high school and college sweetheart, a few days later. They have been married for nearly 42 years and the joy of their lives are their two sons and grandchildren.
Larry received his master’s degree from Lewis and Clark in 1972 and taught English at David Douglas for seven years and also served in the National Guard for six years.
We are so proud of you Larry!
Pending Sales Inch Up
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes with an accepted offer inched up 0.35% in April 2011 as compared to March 2011. Although small this month, the gain is the fifth consecutive monthly increase in pending sales.
Homes are selling faster
The average days on market of sold homes fell more than 3% in April 2011 as compared to the previous month and was down by a week compared to April 2010.
Median Sales Price May Be Stabilizing
The median sales price fell by just $1,000 in April 2011 as compared to March 2011. The tiny decline may be an indication that prices are stabilizing.
(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.
