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 here, here and here. For a complete list of available matches click here.
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.
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:
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.
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.
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:
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.
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!
Just finished the real estate market tracking report for Gresham, Fairview, Troutdale and Wood Village…This is again, only 10 days worth of data so not super reliable yet (give it a few weeks; trends and real usable data will show itself); with that said Gresham seems to be where only those looking for deals are buying as the average sale price in Gresham (and the mentioned towns in the Gresham area) are below the $200,000 mark:
I had a bit of difficulty with this one as it began it’s thus far short life as an east side only rural report (sorry west side rural folks, I won’t be doing a report for you) but there just wasn’t enough data, so I changed it up to include all east side AND south side rural. The towns included in this report are:
Even with all of those towns, we’re still talking a few listings/solds etc per day at best…Of course were still coming out of the slow season, so come spring/summer the numbers here will pick up a bit, but there are enough now for trackable data.
Here’s a snippet of the report (not bad average sale prices for rural areas):
Here’s the report for the Clackamas, Milwaukie, Oak Grove & Gladstone area. Even though Happy Valley and portions of SE Portland are technically the same RMLS “areas” I am doing seperate reports for those, hence they are not included in this report; just FYI.
Here’s the Clackamas, Milwaukie, Oak Grove & Gladstone Market Report.
Your Realtor, Scott McDonald
Everything. Portland. Real Estate. Blog.
I’m going through these new tracking reports in alphabetical order, so the “Aloha, Beaverton & Hillsboro” one was the first completed.
I did attempt to go back to January 1 of this year, however, it would have taken me WEEKS, if not MONTHS to get all the reports updated, so I opted to start March 1 2014 with the reports so there is data in them now, just not a lot.
I’ll be posting each areas report as I complete them, so stay tuned for your areas report; for now, here’s some screen shots of the new Beaverton area one (and it’s also attached below, with some more information on these reports):
I just wanted to get an FYI out to everyone that I am currently working on revamping the tracking report as I get a lot of requests for area specific reports (people asking for my tracking reports for Happy Valley, or Lake Oswego real estate reports etc).
Additionally short sales and foreclosures have been edging ever closer to market pricing these days, often no longer the “steal of a deal” they once were and there are a lot less of them now. So, with that said, I am *considering* ditching that portion of the tracking data in favor of adding new data points like:
This week, not officially the first of spring, albeit we’ve had some spring like weather, has been a jumping week for the Portland real estate market.
Total number of homes continues to hover under 4,300 in total, however new listings are seeing a significant jump in the last week, continuing the previous weeks trend:
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
Your Portland Oregon Real Estate Agent, Scott McDonald
So we’re now officially into March and all of the February Portland real estate tracking numbers are in.
Most everything is up across the board, new listings are increasing, however the inventory is staying about the same because pending sales and closed sales are also increasing:
Of course at the end of February we had a very normal large spike in cancelled, withdrawn and expired listings…Again, completely normal for the last day of the month.
Here’s an article from MSN on 10 of the best home improvements you can do for your dollar. I thought it was interesting enough, some obvious points in there, but then it also linked over to what I found to be a much more interesting site which reports, for Portland Oregon homes as well, a “cost vs. value repor for 2014” from remodeling.hw.net.
It’s actually pretty cool, select your region, Portland Oregon is there, and it gives average costs for specific remodeling projects and essentially what boils down to ROI for those improvements.
Obviously these numbers can vary greatly on a home to home basis, but this does give some pretty good insight as to what may increase the value the most for the lowest cost before selling your home (or of course, just with later resale, if ever, in mind).
I’ve begun putting together a short eBook series that at this point in time will consist of the following two eBooks:
“Scott’s Home Buyers Guide” followed by,
“Scott’s Home Sellers Guide”
I should have the first of the two ready and available via Amazon towards the end of March, but it’s shaping up nicely so I thought I would put up a small sample of the book; here goes:
Triggering a Multiple Offer Situation
In skimming through some articles in the real estate world today I came across one from the AP syndicated through Oregonlive.com titled “Portland home prices dip on slower December sales“, so of course being my market I need to check it out.
I didn’t find the slow December sales portion interesting as that’s par for the course this time of year (and apparently the Corelogic data used for the article, doesn’t take seasonal market shifts into consideration anyway), but I did find the numbers provided to be off…The AP / Corelogic data showed December home prices being up 15% from last year, where as RMLS, in their Market Action Report for December, showed 12.9% and the drop AP cites from November to December was 0.2%, but RMLS shows -3% average sale price compared to November and -1% median.
So who’s right?
Now, the numbers are still very similar, but it shows the differences you can end up with depending on how you are looking at a given market. They just said the “Portland area”…Do they mean city of Portland only? Entire Metro? Do they, on a national level, consider Salem to be a part of that market? Are they looking at residential only as the RMLS Market Action Reports do, or are they looking at everything, residential, commercial etc?
The January 2014 RMLS Market Action Report for the Portland Metro & Surrounding areas is out and is showing yet again the Portland real estate market has become a much more healthy and stable market. This positive outlook was market wide for the Portland area, officially, when almost a year ago back in April of 2013, NW Washington County was the last Portland Metro RMLS area to leave depreciating numbers behind; hopefully for good!
Inventory just about always slips in January (that is, it rises) and this year is no different with inventory going from 3.2 months in December 2013 to 4.1 months in January 2014 and when you look at current pending sales you can see that inventory could slip again in February.
Happy Presidents Day everyone!
Taking a look at the daily numbers for today we’re still seeing a measurable, albeit expected drop off in pending sales and new listings. Pending sales which were averaging around 55 a day are now barely averaging around 40 per day:
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, Realtor & Principal Broker
We’ve been seeing an increase in the percent of new construction sales as they pertain to total closed volume in the Portland market, however this appears to be more of a situation where new construction sales are remaining flat and resale (existing home sales) are declining, as you can see from the charts below:
Hot off the RMLS Blog is a report showing some of the statistics for distressed properties in the RMLS market for 2013 compared to the same data from 2012 and the one that caught my attention right off the bat was the percent of total sales.
In 2012 for “All [RMLS] Areas” distressed properties accounted for 28.6% of the market, in 2013 that number was almost half of that (thanks Clark county for the “almost”) at 15.1%.
For the Portland Metro market we hit BELOW half, 2012 was 28.2%, 2013 was 13.2%.
Looking at the daily market tracking for the Portland real estate market I’m seeing a bit of a dip in new listings coming onto the market for the past week. Yesterday for example there were 23 and on the 8th just 19 compared to the average of over 70 homes per day being listed; here’s that graph:
