In December 2007, the real estate market was issued a threatening letter from the economy that the water would be shut off due to non-payment. By December 2008, the water was shut off and we had 810 homes pending and 987 homes sold. The market dried up to the equivalent of a chile…not even a raisin.
Well, here we are today, after the water was turned back on in 2012 went from a trickle to moderate flow through March 2015.
February 2015 pending sales volume reached 2534 and the closed sales hit 1648. This is only 347 homes off the closed number for February 2005!
Of course the pending homes were huge in that year at 3209 compared to this year at 2534. I calculated my own early numbers for March and we are at 2682 for the pending sales 30 days back from the 15th of March.
Corelogic’s Foreclosure Report just reported that Oregon has 1.6% of its homes in foreclosure, putting it on the bottom third of the nation. Normally we fall higher up in the middle for national averages.
Corelogic’s Home Price Index had Oregon at #5 in the report for the whole nation in price appreciation compared to the other 49 states; and, 8.7% away from our peak prices in July 2007.
Corelogic’s Marketpulse Report has at #10 in the nation since 1976 for Minimum, Maximum and Current home price appreciation.
The flow may not be gushing like little Joel Miller drinking from the firehose in UHF circa 1989, but it certainly has recovered nicely for Spring 2015 in Portland, Oregon.
Compared to Last Year
- Inventory down to 3 months.
- Closed sales up 12.3%.
- Pending sales up 37.1% !
- New listings up 22.5%.
- Average Sales Price up 0.8%
- Median Sales Price 2.2%
Compared to Last Month
- Closed sales up 11.6%
- Pending sales up 10.5%
- New listings up 4.4%
- Average Sales Price Down 0.4%
- Median Sales Price Up 1.8%
The Full Reports Below:
Real Estate Market Analyst