Real estate activity continues to show slight seasonal change, but Metro Portland had a strong month in October. At 2,189, closed sales increased 1.4% from September and 4.1% over last October. This was the best October for closed sales in Metro Portland since 2006, when there were 2,503 closings! Pending sales (2,125) dropped this month by 4.2% compared to September, and also decreased 2.4% when compared to October 2012 (2,177). New listings (2,535) dropped 13.3% compared to September (2,925), but show a 5.0% increase over October 2012. The number of active listings on the market dropped to 7,355. Fewer active listings and healthy closed sales combined to decrease inventory slightly to 3.4 months. Total market time is currently 76 days.
Year-to-Date Summary: There have been 23,955 accepted offers and 22,909 closed sales so far in 2013, up 13.6% from 21,091 pendings and 16.2% from 19,716 closed sales in the same period last year. The 32,452 new listings so far this year represent a 11.0% increase from the 29,246 entered the first ten months of last year.
Average and Median Sale Prices: The average sales price so far this year is $310,200, up 13.5% from the same period in 2012, when the average was $273,400. In the same comparison, the median price increased 14.0% from $232,500 last year to $265,000 thus far in 2013. Information courtesy RMLS, Portland Oregon.
Today's chart like last months is from the MLS report this month and shows the average sales price changes in Metro Portland over the years dating back to October, 2004 - so 10 years. I find it interesting where you can clearly see where the recession started and the recovery began. We had a little dip of late which we attribute to intrest rates ticking up, but now they are down again and we are seeing the activity pick up again.
Our featured home of the month is a townhouse style condo in coveted Progress ridge area, steps away from parks, shops and more. This home has a tandem (two car) garage, hardwood/tile/gas/stainless kitchen, and a lovely front porch too! Check it out at http://www.roblevy.com/Property/15411-SW-Mallard-Drive-103-Beaverton-Oregon
For Sale: $199,999More Information
Portland Real Estate Update By Rob Levy
Portland Real Estate Update November, 2013
Should You Sell During the Holiday Season?
Traditional school of thought dictates that selling a home during the holidays is a bad idea. People are busy celebrating with their families and will hardly go shopping for a home, right? Not so! There are numerous advantages to listing a home during this season and below are ten great reasons to put a home on the market now. This is all courtesy my good freind Brad Korb, a top selling Realtor in Burbank, California who came up with this list. In my 25 years of selling homes in Portland, I can agree that this has always been a good time to sell a house in our market. More serious buyers – Less time wastedThese are people who are interested in buying so there is a far greater chance of actually selling the property. Nothing is more promising to a seller than a motivated and qualified buyer that knows what they want and is actively seeking to get it.Fewer Homes On the MarketThe less competition there is, the higher the chance there is for homes on the market to sell. Where during the peak season sellers might be dealing with some interest from buyers on their home, nonetheless there is more selection for buyers to choose from and they can stray to another property.In January Inventory Increases – Chances of Selling DecreasesWith so many homeowners assuming the holidays is a taboo time to sell there is a plethora of new listings in January, resulting in a diminished chance of your home selling. Also, there is a risk that the price you may receive on the home can be less.Decked Halls Look Great!Homes are very appealing to prospective buyers when they are decorated for the holidays. With all the festive décor, lights, greenery and added beauty of the season – the home shows very well and attracts buyers faster than if shown during other times of the year.More Time To Browse HomesBuyers have extra time off from work and are on vacation, which translates to a more aggressive buying pattern and more chances of your home being viewed.More Emotional BuyersBecause of the high stress of the holidays, buyers tend to be more emotional during this time than in the summer months. A more emotional buyer will tend to pay more for a new property, so selling your home during the holidays could make you more money.Show The Home With FlexibilitySellers that have their home listed prior to the holidays have the added advantage to be able to “pause” the process so they can celebrate the holidays, essentially not showing the home during a period of time during the break. When the festivities die down, things can pick up again and the seller has not only managed to save potentially lost time but can also jump right back into the market.Transferred EmployeesJanuary is typically the month where employees are transferred into new position. In order to capture this demographic of buyers, your home must be on the market since these buyers cannot wait until the spring to buy.Sell Now For More Money Then Delay ClosingExtended occupancy can be negotiated, leaving both parties the leniency to get through the holiday season and past the New Year so that all sides can rest assured the deal is done but it can follow through at a more convenient time. For sellers this option is great because they are able to secure a higher selling price on the property before the market is inundated with new listings come January when the selling values drop.Fewer Foreclosures On the MarketMany banks will suspend foreclosure listing during this time of year, especially on properties where there are still families occupying the home. As a result of this, some of the competition that arises for sellers from low-priced foreclosures can be avoided during the holidays.Keep in mind that the idea of your home’s value increasing significantly over the next several months is a myth. The truth is that housing values likely only go up when consumer income rises. Pay rates increase at a rate of three to five percent each year and that is about the maximum yearly increase we can expect to see in a home as well. So if you are wondering whether or not to put your home on the selling market now, or to wait – one important factor is that waiting will not provide much benefit.
Buyers today want a house for the long haul
I found this article interesting from Market Watch. It speaks to a totally different mentality regarding housing and it not being an ATM. Seems folks now really want a home to be, well a home for the long haul. This is good as when prices rise over time these buyers will have more equity and less debt. You can see the full article here.