Case-Shiller March 2011 From Portland, Oregon

29 03 2011

 

Ben Bernake must live in Detroit...

If you are looking for someone to cheer you up today, stay far away from David Blitzer, Chairman of the Index Committee at Standard & Poor’s, who says,“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future.”

 This is merely a confirmation of what we are already seeing locally with a decline in real estate prices; however the “Dr. Doofenshmirtz” of the Case-Shiller Report out today is not that bad for us in Portland, Oregon.  The Nation as a whole is depreciating further and pursuing a double-dip in home prices; and, it is now close to Summer 2003 levels.  Some of the cities which make up the composite are actually under year 2000 levels!

Still, we are faring decently compared to them.  Portland’s Case-Shiller number is roughly equivalent to January/February 2005.  Seattle is near September 2004, LA is near October 2003, San Diego is near March 2003 and San Francisco is hovering around April 2002.  It doesn’t feel good, but it could be a lot worse for Portland.

The Regional Multiple Listing Service average sales price for Portland, Oregon is between September& October 2004.

Dustin Miller

Realty Trust Group

DustinM@RealtyTrust.com

The Full Case-Shiller Report for March 29, 2011

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March 2011 Complete Portland Metro Real Estate Report

19 03 2011

Spring is HERE!

 

This is the news we have been waiting for…  yes, it is seasonal to some degree, but the numbers this month show a considerable increase versus the rolling average in activity.  The daffodils woke up the buyers in this market and got them into the marketplace in the last 30 days.

 Big numbers such as a 38.9% increase in sales for Northeast Portland pending sales are very encouraging.  Go down the list for SE Portland pending sales, Milwaukie/Gladstone both pending and sold sales, Lake Oswego pending and solds and West Portland had a great win almost across the board ($500-$600K took a hit as well as above $900K).  Overall the sales numbers were very encouraging for this report with many positive numbers in the total categories as well as a big jump in the overall activity by 11.4%.  It is emotional out there to say the least!

 Now on pricing, most are still down, but some have increased—yes, I said it, increased!  Areas like Milwaukie/Gladstone pending homes went up 5.92% and Oregon City both pending and sold homes went up in percentage.  And so did Beaverton—they went up 6.38%.  Overall, the market price is down, activity is up, bank-owned homes are increasing in select areas and short sales are a teeter-totter.

Good news for many realtors and their families this month—your kids can have a choice of beef or chicken Top Ramen for lunch while on Spring Break.  No more tuna sandwiches!  Sellers most likely got out and are now walking free from that heavy burden on their backs. And, buyers got their dream home for a little more than cost of a fancy Barbie House at Costco or Cat Corral at Petco.  Oh, and I heard Charlie Sheen was going to forego renewing his real estate license.

 

Enjoy the full report and please feel free to contact me regarding any questions.  I love to talk past, present and future!

Dustin Miller

Broker

Realty Trust Group

Think outside the bowl!





Portland, Oregon March 2011 Real Estate Market Action

16 03 2011

LCorporal Wetzel

Still notching it down a bit this month on the sales prices, the average sales price is down 1.8% and the median sales price in down 0.6%.  Portland is down dramatically between February 2010 and February 2011 for the average sales price by 10.5% and the median sales price by 9.1%.  Although these numbers seem somewhat scary for the sellers in this market, overall Portland is still hanging onto its average sales price much better than many other markets around the country.  Currently our average price is hovering around August 2004 levels.

Bright spots within the Portland Metro Area are NE and SE Portland which have an average sale price decrease of only 0.5% and 1.9%.  NW Washington County also stuck under -2% with a decrease of only 1.6%

Compared to Last Year

Inventory down 2 months.

Closed sales up 5.8%.

Pending sales down 13.9%

New listings dropped 26.1%.

Compared to Last Month

Inventory down 0.4 months.

Closed sales up 3.8%

Pending sales up 6.9%

New listings dropped 7.8%

We are still looking good in the sale category by month, which means buyers are still buying in this market regardless of the state of the economy.  Many will be taking advantage of the low interest rates now before they begin to tick up once again.  Ted Jones, Chief Economist for Stewart Title, has always said, interest rates follow oil prices.  As we all know, the gas at the pump is astronomical right now.  Even Spongebob can’t absorb this kind of increase.

 March 2011 Market Action