May 31, 2011 Case-Shiller Report

31 05 2011

March's News

The Case-Shiller Report is out today for the nation.  It is reporting on data up through March 2011 and confirming a double dip in home prices nationwide.  The company is doing its best to report the facts up to these dates and then add a little more fear into the market by using this quote from David Blitzer, Chairman of the Index Committee at S&P Indices, “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight.”

 The last sentence was where he went a little south.  We can see some relief in sight across the nation and locally.  In short, the relief in sight we have seen locally is that April and May had an increase in prices for the Portland Metropolitan Area.  Not huge, but still what I would consider a relief in sight. Portland went up 6.8% in average sale price from February 2011 to March 2011 and 2.4% from March 2011 to April 2011.  In order for Portland to reach mid-2002 levels, as the National Index is now posting for March, it would have to lose another 20% in overall home prices.

 In this report, Portland is near September 2004 levels and Seattle is near July 2004 levels.  Washington D.C. is the only MSA (Metropolitan Statistical Area) displaying positive trends with an annual growth rate of +4.3% and a 1.1% increase from its February level.  Seattle also hit a bright spot with a +0.1% gain of February.

 All in all, the report is confirming what we have been seeing far too long as a trend nationally.  What we can expect though, is the next 2-3 months confirming what we know now as well . . . and that is that prices are improving in the Portland Metropolitan area.  If you live here and are buying or selling real estate now, you would know that the lower price ranges and some close-in Eastside neighborhoods are seeing a heavy level of competition for desirable homes which bring multiple offers in some cases.  For now, without the “tax credit” we can take that as a positive overall trend for the day and hope for better numbers in the future.

 

      Heavy seas are not on the immediate horizon.

 

Case Shiller May 31, 2011

Dustin Miller

Realty Trust Group

DustinM@RealtyTrust.com

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May 2011 Portland Metro Real Estate Report

23 05 2011

More momentum for the late spring.  It may be a little seasonal but a very welcome one nonetheless.

The washing machine activity seems to still be happening with some gain on one direction and losses in others.  Overall, though, positive signs continue to build in the Portland Market.

Solid sales number increases exist in the lower price ranges of pending and sold homes for most of the Portland Metro areas across the board.  NW Washington County and Gresham/Sandy were the big winners this month with an increase of 41.7% and 36% in sold homes under $200,000.  NE Portland saw near 50% raises in sold homes between $200K-$400K.  West Portland and Lake Oswego also saw a good rise in numbers in the higher ranges above $300K and $400K.

As a whole, sales numbers across the whole Portland area have increased in double digits for a second month in a row.  The under $800K, under $900K, and above $1M territory is very encouraging for the Portland Metro Market in total.  In general, the Portland Metro real estate market has increased 18.4% over the previous 3 months averaged together. 

Average Sales prices are also following suit with our recent RMLS Market Action report for May. Sales prices are up, but spotty however.  The largest loss was in pending Oregon City homes of -7.65%.  The largest gain was pending homes (14.39%) and sold homes (14.56%) in Lake Oswego for the second month in a row.  This number is also heavily influenced by the 55% increase of pending sales over $1M—the sold category though did not see an increase in this category but saw an increase in $700K-$900K homes.  The next bright spot on the list is sold homes in West Portland which also had an 8.7% increase in average sales price for sold homes.  Overall the average pending sale price is up 2.7% and the sold price is up 4.79% for Portland.

The market numbers for Portland bank-owned homes, short sales and vacant homes vary depending on area.  Bank-owned properties are down 26.39% in the pending category and 16.37% in the sold category. 

It is not necessarily frenzy out there, but multiple offers are the norm for many bank-owned properties under $200K it is becoming less hard to win on deals out there for buyers.  With the inventory hanging near balanced around 7 months, the market is showing signs of life this spring.  I am sure Portlanders will welcome both this news and the sun in the coming days ahead.

Emerging Signs of Life in Real Estate

 Complete May Portland Metro Real Estate Report





May 2011 Market Action

14 05 2011

Whew, here we go.  Bucking the trend from the last two months with an incline.  The news from Case-Shiller and Zillow are behind the times for Portland in May 2011.  Sales price is not declining but is up 2.4% for average sale price and up 2.3% for median sales price on homes between March 2011 and April 2011.

Compared to Last Year

Inventory down 0.1 months.

Closed sales down 17%.

Pending sales down 33%

New listings down 34.2%.

Compared to Last Month

Closed sales down 0.3%

Pending sales down 0.5%

New listings up 1.4%

 

Floating to see the next month!

 

Keep Hope Alive! As Jesse Jackson says…

 

 2011 May Market Action V2

The Full Report