Archive for November, 2014

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

Friday, 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

Friday, 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!

Friday, 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

Tuesday, 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…

Tuesday, 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

Tuesday, 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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