January 2011 Market Action Report

15 01 2011

 Finally, the inventory we were hoping for last month!  New listings decreased by 22.2% percent and dropped those Christmas feasting pounds of 2.3 months off the inventory.  Portland Metro is now at 7.9 months.  What does that mean?  Well, it means buyers and sellers are inching closer to a balanced market where homes sell slowly but surely; and, less pressure is put on the average and median sale price.

 

The Numbers

  1. Inventory December 2009 was 7.7 months and was 7.9 months for this report.
  2. Pending sales +6% over Dec. 2009 and -15.2% from Nov. 2010.
  3. Closed sales -2.9% over Dec. 2009 and +14% from Nov. 2010.
  4.  Ave. sale price is -5.2% from Dec. 2009 and +2.2% from Nov. 2010.
  5. Median sale price is -5% from last year and -1.3% from last month.
  6. 10 houses pending over $1M and 13 closed in December.  With ten possible closings on the horizon the average sale price number could hang in there for another month.
  • Last report = 12 houses pending over $1M pending and only 5 closed.  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.
  • Result of prediction TRUE.  “Significant” was wrong but decent in proportion to falling prices.

    7.  Time on the market is +.0006% and holding nicely to finish the

           year -6.8%.

Baby Steps to the market...

 We can’t predict the future really, but we can celebrate the break in the sun for now.  As Bob Wiley said in the 1991 movie, What About Bob?, “…baby step onto the elevator… baby step into the elevator… I’m in the elevator….AHHHHHHHHHHHH!”

January 2011 Market Action

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