Scott’s October 2014 Portland Area Market Report by Area – UPDATED

November 14th, 2014

I have been tracking numbers for probably close to three years now and have gone through tons of changes in what I track and how I track it. Just this last year eliminating an emphasis on the distressed market as we are no longer in a heavily distressed market (though, I do still track distressed activity).

The biggest change however has come recently in starting to track all 13 individual RMLS “Areas” that make up the Portland Metro real estate market in addition to the overall Portland Metro market. This change has been a difficult one at best as I am often finding a need to fine tune things; then it must be fine tuned 14 times (13 markets plus the 1 overall Portland market).

As an example, in preparing this post I realized I was taking a daily “snapshot” of the previous week worth of sales activity to generate the portion of my reports that show:

  • Inventory in days
  • Average days on market for sold homes
  • Average price per square foot for solds
  • Average list price when sold
  • Average sale price
  • Average percent of list price paid

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RMLS Portland Metro Market Action Report for October 2014

November 14th, 2014

The RMLS Market Action Report for October 2014 just came out and with it some, well; expected numbers.

First off, inventory dropped a bit from 3.1 months worth of inventory in September to just 2.8 months of inventory. This is a normal figure for this time of year with the last two years also dropping at the same time, from 3.7 to 3.4 in 2013 and from 4.6 to 3.8 in 2012.

 

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What is the Current Average Home Sale Price in Your Area? Got it Right Here!

November 7th, 2014

In the last few months I’ve been switching up my real estate market tracking which previously only tracked the Portland metro and surrounding areas as a whole, lumping in Molalla with say N Portland, which shows the overall conditions in the Portland real estate market at large, but doesn’t get granular enough to help folks buying or selling a home in a given area.

That has now changed. I am now tracking, daily, each of the 13 individual RMLS markets in the Portland metro region. This still may not get granular enough for some, however being that these “areas” are defined by RMLS as “markets” it should help quite a bit.

So, home sale prices in a given area? Lets get on with it! These numbers represent all logged sales in the last week (from October 30th – November 6th):

RMLS Area 141 North Portland

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Foreclosure List(S) for November 4th 2014

November 4th, 2014

Today we have FIVE emails from RMLS for the foreclosure list update and generally I’d wait until later in the evening to post them, but I figure with five, that’s GOT TO BE all RMLS will send out today as I’ve never received six…I’ll update if a sixth one comes out though.

Here they are:

Here are the new foreclosures listed for sale within the last 24 hours:

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Want to Buy a Home with a Recent Bankruptcy, Foreclosure or Short Sale on Your Record? Check This Out…

November 4th, 2014

Received this from my firms managing Principal Broker today, thought I would pass it along here as it’s a handy dandy chart showing expected wait time frames for someone that has a bankruptcy, foreclosure or short sale in their recent past and would like to buy a home.

Something else to remember as well, if you are married (or, may as well be) and you or your spouse is the one with this on their record, you may want to speak to a lender about just one of you qualifying for a loan. I had this happen very recently with clients that thought they had to wait until spring 2015 because they were applying together and turned out one of them was able to get approved (without the other) all on their own and they are now all moved in to their new home.

Something to think about. Here’s that chart:

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Interest Rates Starting to Climb a Bit, Still Low

November 4th, 2014

Checking interest rates today it looks like rates are beginning to climb a bit again with BankRate.com showing 4.10% for a standard 30 year fixed and 3.27 for 15 year fixed rate. Both are up from rates in the previous two weeks, however they are still historically very low and lower than we’ve seen in months.

This means if you’re sitting on the fence, hoping for lower interest rates, you need to make a decision soon as this trend of increasing rates could continue for the next few weeks or months and get back into the 4.5%+ range soon.

 

Mortgage rates 30-year fixed 15-year fixed 5/1 ARM 30-year jumbo
10/29/2014 4.10 3.27 3.11 4.11
10/22/2014 4.05 3.21 3.14 4.10
10/15/2014 4.01 3.23 3.09 4.09
10/8/2014 4.18 3.37 3.27 4.21
10/1/2014 4.27 3.44 3.29 4.29
9/24/2014 4.30 3.46 3.32 4.31
9/17/2014 4.33 3.46 3.35 4.37
9/10/2014 4.27 3.42 3.29 4.35
9/3/2014 4.24 3.37 3.25 4.29
8/27/2014 4.23 3.38 3.32 4.29

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Halloween Foreclosure List

October 31st, 2014

Only received three foreclosure email updates from RMLS today, considering we’ve been seeing an increase in distressed homes in the Portland real estate market lately, it’s kind of nice to see only three of these emails today.

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click herehere and here. For a complete list of available matches click here.

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Portland Real Estate Market Update: Inventory Down, Distressed Homes Up

October 31st, 2014

Normally during this time of year we do see inventory shrinking and indeed this year is no different. Down from roughly 6,400 homes on the market back in late August to 5,640 as of today as this graph shows:

 

 

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September 2014 RMLS Market Action Report

October 29th, 2014

The September RMLS Market Action Report is out and is showing the market is still quite strong for sellers with inventory still low in terms of number of months. RMLS shows 3.1 months for September. My own number tracking shows us running around 80 days currently (seems to be decreasing for October, which is not the norm).

Other highlights include solid gains for the average sale price as well which for September was $338,100 up 6.6% from September 2013 and 7.4% for year to date, but that is down .6% from August. My own numbers show we are currently hovering around the $360,000 mark so it is still increasing currently in late October.

Typically we would be seeing a solid slow down in the market right now and while we are seeing that with inventory over all, down from over 6,400 homes in early September to just barely 5,800 now, usually we would be seeing larger jumps in the inventory in terms of months worth of inventory, but we’re not seeing that with only a .1 /month jump for September from August where as in 2013 that same jump was .6 and in 2012 it was .7.

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October 29th 2014 Foreclosure List

October 29th, 2014

The foreclosure list is getting further broken up into multiple lists per day. RMLS seems intent on sending out property update emails multiple times per day now so today alone there were five emails (so far…Hey, the days not over!)…Here are the links:

To see the newest matches from RMLSweb click herehereherehere and here. For a complete list of available matches click here.

If you are not already working with a Realtor and would like to see any of these homes please feel free to contact me anytime at 503-706-5563 (cell or text) or Scott AT YourRoadMapToHome DOT com

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Data Tracking Changes Incoming & Finally Adding Area & Price Tracking

August 26th, 2014

I’m going to be changing what is tracked from here on out and being that tracking these numbers takes a considerable amount of time, I can’t keep the old numbers going while also doing the new numbers; HOWEVER, I have also implemented area tracking and home price tracking (see the end of this post for tracking information going away, and tracking information being added).

This means, from here on out I’ll be tracking data for the entire Portland Metro and surrounding area markets, as well as each of the 13 RMLS areas that make up this market individually.

Here’s a breakdown of these areas:

  • 141 North Portland
  • 142 Northeast Portland
  • 143 Southeast Portland
  • 144 Gresham, Sandy, Troutdale, Corbett
  • 145 Milwaukie, Gladstone, Happy Valley, Clackamas, Damascus, Estacada
  • 146 Oregon City, Beavercreek, Canby, Molalla, Mulino
  • 147 Lake Oswego, West Linn
  • 148 West Portland, Raleigh Hills
  • 149 NW Washington County, Sauvie Island
  • 150 Beaverton, Aloha
  • 151 Tigard, Tualatin, Sherwood, Wilsonville
  • 152 Hillsboro, Forest Grove
  • 153 Mt Hood, Welches, Rhododendron, Wemme, Zigzag, Brightwood, Government Camp

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Slow week for closings in the Portland real estate market

August 23rd, 2014

This one could just be a matter of other agents; a lof of them this week, not updating RMLS to show their home sales have closed and I won’t know for sure until I back check the numbers to pickup those missing entered sales next week.

However, with that said, we’ve been averaging around 90-100 closings per day for the last few weeks which has been gradually dipping during that time but this last week we’ve hit a new low to under 50 per day on average across the board:

 

 

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Portland Oregon homes for sale inventory increasing in all but two areas

August 23rd, 2014

Checking market conditions today shows a definite trend in inventory climbing ever so slightly across the board in the Portland real estate market with the exception of two areas.

RMLS area 145, also known as Milwaukie, Gladstone, Clackamas & Happy Valley, has actually dipped a bit from 622 homes on the market just a few days ago to 617 currently. Additionally, area RMLS 149, NW Washington County and Sauvie Island, also saw a decrease from 305 homes on the market to 299.

Neither of these are significant by any means, however it could suggest an upcoming trend for these areas so I’ll be keeping an eye on it.

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August 23rd 2014 Foreclosure List for Portland Homes for Sale

August 23rd, 2014

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

If you are not already working with a Realtor and would like to see any of these homes please feel free to contact me anytime at 503-706-5563 (cell or text) or Scott@YourRoadMapToHome.com
Scott McDonald, Your Portland Realtor

Everything. Portland. Real Estate. Blog.

August 21st 2014 Portland Area Foreclosures List

August 21st, 2014

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

As usual, if you’d like to see any of these, or any home for that matter (or selling?) and you’re not already working with a Realtor, give me a call!

Scott McDonald, Your Portland Oregon Realtor

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Small batch of new Montage townhomes up for grabs in SW Portland/Tigard

August 21st, 2014

Checking the numbers for my market tracking today I saw a bit of an uptick in new listings for new construction in area 151 (Tigard, Tualatin, Sherwood etc) so I decided to check it out.

Looks like the “Montage” neighborhood town-homes built by AAA Properties Inc put a few more new town-homes on the market today, 4 to be precise. All 1,712 sqft, 3 bedrooms, 3 baths and all but one are priced at $264,900; the “one” is $259,900 (get it while it’s hot?).

These 3 bedroom town-homes that sit just south of Hall blvd and east of Greenburg Rd, feature 9′ ceilings, stainless steel appliances, granite counters and attached garages.

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August 20th 2014 Portland Oregon Foreclosure List

August 20th, 2014

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

Remember, If you’re not already working with a Realtor and are looking for foreclosures (or any home for that matter, buying or selling a home); give me a call!

Scott

Portland Oregon residential real estate market inventory remaining steady; for now

August 20th, 2014

Usually this time of year things start to slow up a bit and this August is no different. We’re seeing a dip across the board, however it’s a very light dip thus far.

Here’s the overall closed sales so far:

 

 

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Foreclosure list for Tuesday August 18th 2014

August 19th, 2014

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

Remember, If you are not already working with a Realtor and would like to see any of these homes please feel free to contact me anytime at 503-706-5563 (cell or text) or Scott AT YourRoadMapToHome DOT com

Scott McDonald

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RMLS Market Action Report for July 2014

August 15th, 2014

It’s that time of the month again; the RMLS Market Action Reports are out for July 2014. I generally focus on the Portland Metro report as that’s the market I operate in, however if you want the report for other areas please feel free to shoot me an email and I’ll get it to you.

For July inventory slipped slightly from 2.8 months of inventory at current buying activity to 2.9 months, just about a negligible change. The average sale price however has increased slightly from $334,800 in June to $344,700 in July; or roughly 2.85%. From the same period in 2013 however it’s jumped 7.9% ($326,500 in July 2013).

We are likely to see the inventory levels rise however as A) It’s normal for this time of year moving forward and B) at 3,954 new listings for July 2014 that’s 2% more than July 2013 which is actually a 3% drop from 4,078 new listings in June of this year. Of course with all of this said we saw an increase in pending sales (accepted offers) in July 2014 compared to July 2013 (2.3% better) but a drop from June 2014 of 5.5%. Last but not least, following suit with the drop/increase trend are closed sales increasing 2.3% from last July and dropping 3.2% from June 2014.

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Today’s Foreclosures; Getting Close to No More Daily’s

July 30th, 2014

Only TWO new ones today…get em while they’re still available! If this declining trend continues (which of course, less foreclosures = GOOD) then any day now we’ll stop seeing new listings every day.

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

If you are not already working with a Realtor and would like to see any of these homes please feel free to contact me anytime at 503-706-5563 (cell or text) or Scott AT YourRoadMapToHome DOT com

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Foreclosure List for July 29th 2014

July 29th, 2014

Here’s the foreclosure lists for today. 11 total new ones for today, with 201 total on the market, again declining at a fairly steady rate.

To see the newest matches from RMLSweb click here and here. For a complete list of available matches click here.

As usual, if you’re looking for foreclosure investment homes and are not already working with a Realtor, please give me a call!

Scott

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Home Ownership at 19 Year Low

July 29th, 2014

Despite the strong sales we’re seeing here in the Portland real estate market and higher than average appreciation rates combined with interest rates still at historical lows, we’re still seeing an overall decline in the U.S. for home ownership and part of that is due to the fact that 1 in 3 Americans currently has some sort of debt in collections.

There are additional contributing factors, like recent college grads having high school loan debt, housing prices climbing and tighter restrictions on lending. I suspect however there is also some growing concern among potential home buyers about the U.S. economy in general causing them to hold off on owning a home.

It really is a shame to see this as owning a home is by far a more financially stable position to be in, the majority of the time, than renting. With renting, you’re just throwing your money away every month adding to someone else’s investment portfolio rather than your own.

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Portland Oregon Area Foreclosures for July 28th 2014

July 28th, 2014

Here are the new foreclosures listed for sale within the last 24 hours:

To see the newest matches from RMLSweb click here. For a complete list of available matches click here.

I should also mention, this list is getting VERY short these days with only 11 new ones today.

Remember, if you want to get this list in your email every day, click here and you’ll be prompted to add your email to the list, or just shoot me an email at Scott AT YourRoadMapToHome DOT com

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RMLS June 2014 Market Action Report

July 28th, 2014

For the 3rd straight month in a row inventory in the Portland real estate market has been at 2.8 months, the lowest in 2014 (well, along with April & May of course) and the lowest since May 2013 which hit 2.5 months.

This is the June 2014 RMLS Portland Metro Area Market Action Report.

Other highlights from this report include a 4.2% increase in sales from the same month last year and the average sale price increasing a whopping 8.7% also from the same month last year; that’s huge!

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