May 2013 RMLS Portland Metro Market Action

Portland Market Rolling Downhill

So the ball is still rolling downhill for the Portland Real Estate market. All is up in the Portland real estate world: pending sales are up from last month by 24%, closed sales are up from last month by 16.6%, average sales price is up 15.3% and median sales price is up 14.2%.

The median sales price for Portland is $257,000. The last time we were close to this was between January and February 2006. The median price is figured my averaging out all sales prices and picking the exact one in between the highest and lowest. The reason this has more significance than the average sales price is that it eliminates the million dollar sales from skewing the numbers from month-to-month.

Wow, is all we in the real estate world can say. The biggest surprise here (comparing the trend in the past 6 months to the year before) is the median sales price—up 16.6% to $257,000. There has never been a run of double digit increases in the median sales price from year-to-year in since 2007 in a hot market.

The numbers for year-to-year appreciation for Portland in the past 5 months are below:

December 2012 = 14.5%

January 2013 = 19.5%

February 2013 = 19.5%

March 2013 = 14.7%

April 2013 = 15.9%

Just so you know the past month-to-month median price level changes…

2012 small positives

2011 small negatives

2010 full of negatives with two break-evens at 0.0%

2009 double digit negatives

2008 single digit up and downs

2007 single digit up and downs

2006 single digit ups

2005 single digit ups

Compared to Last Year

Inventory down to 3.1 months.

Closed sales up 15.3%.

Pending sales up 14.2%

New listings up 19.3%.

Average Sales Price up 15.3%

Median Sales Price 14.2%

Compared to Last Month

Closed sales up 9.8%

Pending sales up 11.9% (way up from April’s report)

New listings up 20.7% (still couldn’t keep the inventory # from going down)

Average Sales Price Up 1.2%

Median Sales Price Up 2.8%

 

View The Full Report Here May 2013 RMLS Market Action

Portland Metro RMLS Market Action May 2013

So the ball is still rolling downhill for the Portland Real Estate market. All is up in the Portland real estate world: pending sales are up from last month by 24%, closed sales are up from last month by 16.6%, average sales price is up 15.3% and median sales price is up 14.2%.

The median sales price for Portland is $257,000. The last time we were close to this was between January and February 2006. The median price is figured my averaging out all sales prices and picking the exact one in between the highest and lowest. The reason this has more significance than the average sales price is that it eliminates the million dollar sales from skewing the numbers from month-to-month.

Wow, is all we in the real estate world can say. The biggest surprise here (comparing the trend in the past 6 months to the year before) is the median sales price—up 16.6% to $257,000. There has never been a run of double digit increases in the median sales price from year-to-year in since 2007 in a hot market.

The numbers for year-to-year appreciation for Portland in the past 5 months are below:

December 2012 = 14.5%

January 2013 = 19.5%

February 2013 = 19.5%

March 2013 = 14.7%

April 2013 = 15.9%

Just so you know the past month-to-month median price level changes…

2012 small positives

2011 small negatives

2010 full of negatives with two break-evens at 0.0%

2009 double digit negatives

2008 single digit up and downs

2007 single digit up and downs

2006 single digit ups

2005 single digit ups

Compared to Last Year

Inventory down to 3.1 months.

Closed sales up 15.3%.

Pending sales up 14.2%

New listings up 19.3%.

Average Sales Price up 15.3%

Median Sales Price 14.2%

Compared to Last Month

Closed sales up 9.8%

Pending sales up 11.9% (way up from April’s report)

New listings up 20.7% (still couldn’t keep the inventory # from going down)

Average Sales Price Up 1.2%

Median Sales Price Up 2.8%

View The Full Report

May 2013 Portland RMLS Market Action Report

Portland Market Smoothly Rolling Downhill

So the ball is still rolling downhill for the Portland Real Estate market.  All is up in the Portland real estate world:   pending sales are up from last month by 24%, closed sales are up from last month by 16.6%, average sales price is up 15.3% and median sales price is up 14.2%.

 

The median sales price for Portland is $257,000.  The last time we were close to this was between January and February 2006.  The median price is figured my averaging out all sales prices and picking the exact one in between the highest and lowest.  The reason this has more significance than the average sales price is that it eliminates the million dollar sales from skewing the numbers from month-to-month.

 

Wow, is all we in the real estate world can say.  The biggest surprise here (comparing the trend in the past 6 months to the year before) is the median sales price—up 16.6% to $257,000.  There has never been a run of double digit increases in the median sales price from year-to-year in since 2007 in a hot market.

The numbers for year-to-year appreciation for Portland in the past 5 months are below:

December 2012 =  14.5%

January 2013 = 19.5%

February 2013 = 19.5%

March 2013 = 14.7%

April 2013 = 15.9%

 

Just so you know the past month-to-month median price level changes…

2012 small positives

2011 small negatives

2010 full of negatives with two break-evens at 0.0%

2009 double digit negatives

2008 single digit up and downs

2007 single digit up and downs

2006 single digit ups

2005 single digit ups

 

Compared to Last Year

Inventory down to 3.1 months.

Closed sales up 15.3%.

Pending sales up 14.2%

New listings up 19.3%.

Average Sales Price up 1.2%

Median Sales Price 2.8%

 

Compared to Last Month

Closed sales up 9.8%

Pending sales up 11.9% (way up from April’s report)

New listings up 20.7%  (still couldn’t keep the inventory # from going down)

Average Sales Price Up 1.2%

Median Sales Price Up 2.8%

View The Full Report Here    May 2013 RMLS Market Action

 

Dustin Miller

Broker/Leading Market Analyst

 

Portland’s Hottest Neighborhoods

Do you live in one of Portland’s Hottest Nieghborhoods for 2013?

Check out this great new article I asissted on from the Portland Business Journal.

http://www.bizjournals.com/portland/blog/real-estate-daily/2013/04/do-you-live-in-one-of-portlands.html?ana=e_ptl_real&s=newsletter&ed=2013-04-30&u=owSEzPH2PIP/j6QE4704T/ytP4w.

Portland Business Journal Countdown

 

 

 

 

 

 

 

 

–Dustin Miller

Broker/ Market Analyst

 

April 30, 2013 Case-Shiller Report

This month’s Case Shiller Report took a unique approach to the data and chose to address the perspective of what the housing market looks like now using March 2012 as a bottom of the market-to-date.  The standard “Housing is up” language is once again in it with some quotes of highs and lows.  For instance, Phoenix gained a 23% return from last year and New York gained only 1.9% from last year.  A number we would have been praising 3-4 years ago.

The annual returns of the 10-City Composite and the 20-City Composite Home Price Indices for February 2013, posted respective annual increases of 8.6% and 9.3%, and monthly increases of 0.4% and 0.3%.

“Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth.”

Case-Shiller Chart from March 2012

The unique perspective on what our market looks like over last year shows us that we may be in for a completely different cycle on housing prices.  (See “Spaghetti” Graphic to the Right)  Instead of a slow and steady incline higher, we might have some mountains and valleys during short periods in the future. Portland is doing its usual performance on prices staying right in the middle and out of the limelight.  It posted increases of 9.4% for the year and 0.7% over January 2013.  Portland’s index is now close to prices in September 2010 and August 2005.  This is the kind of bouncing I am suggesting where we just don’t look back to one time when there was a high or low, but two or three possibly.  It is hard to remember 2010 as a time equivalent to now for real estate simply because the pending sales have increased about 65% from 1584 pending sales and 38% from 1399 closed sales in September 2010.

 

Here’s to the new noodling and trying to figure it out!

Review the Full Report Here    The April 30, 2013 CS Report

 

–Dustin Miller

Broker/Market Anaylst

RMLS MARKET ACTION APRIL 2013

Portland’s Market is On Fire!

Eyebrow raising numbers this month as the number of pending and sold sales have both gone up significantly: From last month, pending is up 23.4% and sold up 40.6%! As a result, our inventory took another dive 28.8% down to 3.2 months. The last time we had this or lower inventory was June 2006 where it was 2.6 months.

On prices, we went up 6% over the month before on the average sales price and up 3.3% for the median sales price. Usually people try to break these down year to year to show the significances in difference, not this month.

 

Predictions from last month I was right on…
o Low inventory will drive up the average and median sales prices again for the year. The S&P Case-Shiller report will also reflect this.
o Inventory will continue to go down as sales numbers are up. On March 7, 2013 I recorded 3.5 months of inventory.

Predictions from last month I was wrong on…ZERO!

Compared to Last Year
Inventory down to 3.2 months.
Closed sales up 14.2%.
Pending sales up 15.7%
New listings down 4%.
Average Sales Price up 18.4%
Median Sales Price 15.9%

Compared to Last Month
Closed sales up 40.6%
Pending sales up 23.4% (way up from January’s report of -0.9%!)
New listings up 22.4% (still couldn’t keep the inventory # from going down)
Average Sales Price Up 6%
Median Sales Price Up 3.3%

Great news for Portkand Real Estate

Get the mitts!  This tater’s a Hot One!

 

April 2013 RMLS Market Action

View The Full Report

 

Dustin Miller

Broker & Market Analyst

Portland, Oregon

Case-Shiller Home Prices March 26, 2013 Report

A new foundation is beginning to be poured.

Another positive national report for housing prices from the Case-Shiller Indices in the March 26, 2013 report has been released. Now this covers the data up to the month of January 2013, so it kind of outlines information we already know.  All in all, the nation seems to be looking up, even the lagging states like New York have finally followed suit and posted some positive numbers. The annual returns of the 10-City Composite and the 20-City Composite Home Price Indices for January 2013, posted respective annual increases of 7.3% and 8.1%, and monthly increases of 0.2% and 0.1%. 

“Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.

 

One of the funny buzz words still to this day is low interest rates…we had low interest rates in 2008 when the market was falling apart too and prices and sales were both down. I think we are missing something significant in the mindset of the people in the marketplace as to what they are truly thinking. Perhaps it is the $1.4 Trillion of household wealth that has increased due to improving home prices (according to the NAR) or a more difficult factor such as consumer confidence going up?

 

Portland is ticking upward at this point each 12 month period moving forward. We did see some seasonal month-to-month declines over the winter. It had a year over year increase of 6.5% for December 2012 and January 2013 posted an increase of 8.3%.

 

That is still good news to build on for our future marketplace.

Review the full report here: Case-Shiller March 26, 2013

–Dustin Miller