December Case Shiller Report

28 12 2010

We have been on this ride before.

Portland, Oregon Made Headlines This Morning on a national scale.  Along with Atlanta, Charlotte, Seattle, Miami and Tampa, Portland hit a average sales price below the previous lows of Spring 2009.

“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The trends we have seen over the past few months have not changed…”

 

Apparently the ride is still going on.

The economy and poor business climate of this state has affected our market.  Without jobs and a stable economy, those people who have to sell must sell at whatever price they can in order to get out.  Never did 11 months of inventory feel so lop-sided in our general marketplace.

The good news is that it is all local, even within the boundaries of the Portland Metro region.  Some areas of town are still low on inventory and actually seeing price increases according to RMLS data.  The other great news is that perhaps home buyers are moving into areas where prices have kept them away and boosting the local schools and struggling municipal services available to them.

As the sign in your dentist’s office reads on the ceiling, “Hang In There Baby!”

December 28, 2010 Case Shiller Chart







December Portland Real Estate Market Report

18 12 2010

Down— down-towner…This month only…Stayed Tuned To This Bat Channel For….Next Month where with rates going up and pending sales creeping in that direction you could see sales inching upward!

The numbers:

 Most are tough and indicate the Portland-based economy is faltering from the real estate standpoint.  Only a few bright spots exist and they are not the regular inner-eastside as possibly expected.

 Let’s do the good ones…

 NE Portland Solds between $400-$500 up 15.6%!

  • NE Portland Solds between $600-$700 up 41.7%!
  • Milwaukie/Gladstone between $500K-700K up 40-50%!
  • West Portland between $500-600K up 18.5%
  • Beaverton/Aloha under $200K up 7.2%

 The future is a challenge and if a message can be conveyed to all it would be this… “sell now for what you can, the future improvement is unsteady and unpredictable.”  “Uns” don’t get us far in this market.

The Numbers:

 

Most are tough and indicate the Portland-based economy is faltering from the real estate standpoint.  Only a few bright spots exist and they are not the regular inner-eastside as possibly expected.

 

Let’s do the good ones…

 

·        NE Portland Solds between $400-$500 up 15.6%!

·        NE Portland Solds between $600-$700 up 41.7%!

·        Milwaukie/Gladstone between $500K-700K up 40-50%!

·        West Portland between $500-600K up 18.5%

·        Beaverton/Aloha under $200K up 7.2%

 

The future is a challenge and if a message can be conveyed to all it would be this… “sell now for what you can, the future improvement is unsteady and unpredictable.”  “Uns” don’t get us far in this market.

Complete Portland Metro Report December 2010

 





November 2010 Market Action

16 12 2010

Wow!  Inventory numbers confirm that last year’s Fall market was better than this year’s. 

 

The Numbers

  • Inventory Nov. 2009 was 7.1 months and was 10.2 months for this report.
  • Pending sales up 7.4% over Nov. 2009 and down 12.6% from Nov. 2010.
  • Closed sales down 28.7% over November 2009 and down only 1% from November 2010.
  • Average sale price is down 0.5% from Nov. 2010 and down 1.8% from last month.
  • Median sale price is down 2.5% from last year and 0.2% from last month.
  • 12 houses pending over $1M pending and only 5 closed in the past 30 days. If these all close in 30 days we could see a significant price improvement in the average sales price and less of one in the median sale price.
  • Time on the market is up over last month by 6.5% but holding nicely at -7.4% for the year.  This indicates listings being better priced up front.

 

Hold on or put your hands in the air – your choice.  The ride apparently is not over yet even though Ben Bernake said we were done in September 2009 and Mark Zandi of Moody’s said in February 2010.

November 2010 Market Action