February 26, 2013 Case-Shiller Report

26 02 2013

Case-Shiller Home Prices 2012 Q4 Report

Portland is slightly down month-to-month again by 0.5% along with 10 other metropolitan markets. However, like all the other metro markets, Portland is up for the year by 6.5%. According to David Blitzer, Chairman of the Index Committee for Standard and Poor’s, “Home prices ended 2012 with solid gains. Housing and residential construction led the economy in the 2012 fourth quarter…”

The Portland, Oregon Market is still in the top three of markets based on where prices were in the past as well. The top markets reported by the Case-Shiller Report were Dallas, Denver, Minneapolis and Phoenix. Portland is now (Dec. 2012) near April 2005 levels. Dallas is the leader with September 2005 levels, Denver is near May 2005, Minneapolis is near January 2002 (July 2010 as well) and Phoenix is near November 2003 levels.

This is another confirmation that Portland performed much better than many of the other Metro markets overall during the real estate bust in the past 10 years. The good news is that we are climbing steadily up from our own bottom and hopefully will continue in this higher tier in the short-term future.

case shiller february 26, 2013

Link to The Full Report





February 2013 Portland Metro Market Action

15 02 2013
Storm seemingly over

Storm seemingly over

Well, the big news in Portland is not sales price, as those who are “in” the market know right now.  The active listings inventory went up 89% over December 2012 from 3.6 months to 4.9 months!  This is the number of closed sales divided by the number of active listings on the market. Sales numbers are up over last year by 9.8%; in fact the highest for January since 2007 and down 23.6% from December 2012. Pending sales are up 4.6% for the year and 37.7% since last month in December.

Prices are even from last month, 0.0% in the median sale price and down 0.9% in the average sale price for the year.

The overall drive to get more listings on the market is greater than ever as buyers are desperately out there seeking their perfect home.  My assessment of why inventory is so low is due to most sellers’ desires to sell their home for a certain price and not “thinking” that their home has quite reached that price yet in the market rebound.  When they feel their home has reached this level, we may start to see the inventory numbers climb.

Predictions for the next few months…

  • Low inventory will drive up the average median sales price again slightly.
  • The S&P Case-Shiller report will also reflect this.
  • Inventory will hopefully increase once again as the weather improves and positive news of recovery are spread throughout the media.
  • Sales numbers year-to-year will increase by month-to-month but keep going down as the trend has been for the last 6 months.

Compared to Last Year

Inventory up to 4.7 months.

Closed sales up 9.8%.

Pending sales up 4.6%

New listings down 6.7%.

Compared to Last Month

Closed sales down 23.6%

Pending sales down 0.9%

New listings up 89.6%

 

Click Here for the full report

February 2013 RMLS Market Action

The real estate market is showing some positive signs of recovery

The real estate market is showing some positive signs of recovery

 





Great Post from NAR yesterday!

12 02 2013

Great Post from NAR yesterday!

The news isn’t surprising but a solid move in the right direction.  We just can’t get it to go fast enough as a nation.  We want it back now.  Slowly just doesn’t cut it.