March 2018 Portland Market Action

13 04 2018

Portland Prices Align With Arizona Weather!

arizona

If you bought a rental house at the average sales price in December 2017 and rented it the next month in January, you would have covered your $1500 mortgage payments for the year and walked away with $6200 to spare for expenses on that rental for the rest of the year.  If you bought it for the median sales price, you broke even for March.  All your expenses paid; even better if your first payment wasn’t until February 1st.

 

hamburger

So, prices are hotter than a ghost pepper and it barely hit 69 degrees once this year!  Last year’s ceiling is this year’s floor.  I said it last month and the month before and it could not be more true today with this news from the RMLS Market Action for March 2018.

 

 

Hot As Hell

Buckle down for the next six- eight months folks—or, wait until the last week of August—my favorite time of the year for buyers to get a steal from a seller who has to sell as the market comes to a halt at the end of the summer.

 

 

Compared to Last Year

  • Inventory up to 1.6 months from 1.3.
  • Closed sales up 31.3%.
  • Pending sales up 23.8%.
  • New listings up 44.2%.
  • Average Sales Price up 4.1%
  • Median Sales Price up 6.8%

 

Compared to Last Month

  • Inventory down to 1.6 months from 1.9.
  • Closed sales up 31 %
  • Pending sales up 23.8%
  • New listings up 44.2%
  • Average Sales Price up 0.9%
  • Median Sales Price up 2.6%

kiss

 

The Full Report:Market Action March 2018

Dustin Miller

Market Analyst

Windermere Realty Trust

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December 2016 End of Year RMLS Market Action Compared to National Reporting

17 01 2017

2017

Well, let’s wrap it up with a summary of bullet points for 2016.  All in all, we are in a good position for the real estate market in 2017.  Whether we end up breaking more records or dropping to the middle of the pack like the many years prior, an increase of even small amounts is still an increase and; frankly, much healthier in the long run.  Portland, as well as the state, has always been under the radar for home prices hiding in the middle of the national numbers near center.  See where being in the top 3 has got us this year…

News:

  • Oregon is the 6th largest growing state according to U.S. Census Bureau—80% from out-of-state folks, 20% from new births exceeding deaths.

Pocket watch in snow, New Year 2017 greeting card

December 2016 S&P Corelogic Case-Shiller—numbers from October 2016

  • Portland at 10.3% average sales price appreciation, #2 in the Nation.
  • All 20 cities measured saw a month-to-month increase this year.
  • Nationally we are on a healthy plateau around 5.6% unlike we have seen in the past 20 years. We are neither rising quickly nor declining quickly.

Corelogic Equity Report Q3 2016

  • Oregon averaged $26K in equity gain since 2015.
  • Oregon average is 52.4% of loan-to-value of all homes mortgaged.

Corelogic Home Price Insights Report –numbers from October 2016

  • Connecticut was the only state which showed a negative for price appreciation year-over-year at -0.7%.
  • The National figure for year-over –year is 6.7% on average.
  • Oregon experienced 9.9% year-over-year appreciation (#2 between Washington and Colorado) and forecast next year to drop to 5.3%.

2017-roll-forward

RMLS Market Action End of Year 2016

Compared to Last Year

  • Inventory up to 1.3 months from 1.2.
  • Closed sales down -3.3%.
  • Pending sales down -9.2%
  • New listings down -7.6%.
  • Average Sales Price up 8.6%
  • Median Sales Price up 9.3%

Compared to Last Month

  • Inventory down to 1.3 months from 1.8.
  • Closed sales up 7.7%
  • Pending sales down -22.5%
  • New listings down -31.7%
  • Average Sales Price up 0.6%
  • Median Sales Price down -0.5%

RMLS Market Action December 2016: december-2016-market-action

hood-sunrise

Dustin Miller
Broker/Analyst

 

 





July 2012 Portland Market Action

14 07 2012

Sales numbers are up over last year and last month again both in the pending sales category and the closed sales category. They are also up month-over-month from June 7%, and for the year 14% for closed homes. Pending homes are 21% higher than this month last year and down -3.4% from last month.

Prices are up again since last month, 8.6% in the median sale price and 4.6 in the average sale price. The average sales price from last month is .99% and median is 3.2%.

It is building for sure. Low inventory definitely makes the prices rise. There is no doubt about it. Will this be another increase anomaly? Hard to say. This is definitely a market where the buyers still hold weight compared to 2005, Except when the properties are the top of their class. Then, you will find multiple offers for sure in the right neghborhoods.

Predictions for the next few months…
o Inventory will drive up the median sales price again slightly.
o The S&P Case-Shiller report will also reflect this.
o Inventory will either stay flat or go down. With it this low, It is unpredictably going to go up or down just slightly.
o Sales numbers may also increase or decrease with economic instability, the election, and new listings going down. They are down 1.8% from last month and 6.8% from last year. “Will they ever stop going down?”

Compared to Last Year
Inventory down to 3.9 months.
Closed sales up 14.6%.
Pending sales up 21.7%
New listings down 6.8%.

Compared to Last Month
Closed sales up 7%
Pending sales down 3.4%
New listings down 1.8%

Market Action July 2012RMLS MARKET ACTION JULY 2012
The Full Report