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08/20/2010

July 2010 showed the full impact of the end of the home buyers tax credit; Pending sales for July to July last year showed a 29% decline in closed sales and a 24.9% decrease in pending sales. New listings rose 3.1% pushing inventory levels to 10.8 months of supply. However, the average sales price for July INCREASED 2.9% over July last year where the median decreased by 1.6%. When comparing July to June 2010 closed sales were up 22.5%, pending sales went up by 9.1% and new listings grew by 6.8%. Year to date the average sales price has decreased 6.4% and the median has dropped 6.8% The average marketing time was 130 days.

On the bright side interest rates remain historically low at 4.5 to 4.75%. For example, figuring a loan amount of $250,000 @ 4.75 the principle and interest would be about $1304/month, if rates go up by just 1% that same loan amount would be about $1458, a difference of $154/month. Over the life of a 30 year loan that is about $55,440 in interest savings. Take advantage of these great rates, extensive inventory, motivated sellers, interest tax write offs and pride of home ownership, call me today to get started on your path to home ownership.

06/21/2010

Highlights for May’s sales activity had a slight decrease in inventory down to 7 months from 7.3 months of supply last month. Sales activity for May 2010 showed a mixed bag over May 2009, closed sales increased 43.7% but pending sales decreased 24.1% and new listings decreased by 10.2%.

On a month to month basis May 2010 compared April showed an incased in closed sales 5.6% while pending sales decreased 50.1%, with much of this decrease driven by the end of the federal tax credit. New listings also decreased by 26.2% over the previous month.

The average sales price for May 2010 decreased by 5.5% for the Portland metro market while the median price also dropped 4.4% when compared to May 2009.

On a month to month basis the average price fell 2.3% and the median decreased only 0.4% from May to April 2010. The average time on the market for listing so far in 2010 is 134 days.

The congress has approved a plan for extending the deadline for closing a property and the buyer receiving their tax credit from June 31 to September 31. It goes to the president for his signature now. This would sure help with the backlog of buyers trying to get their purchase loans closed and are dealing with the bottle neck at their lenders.

06/01/2010

Sales activity for the Portland metro improved in April 2010 when compared to April 2009. Closed Sales increased by 49.1% and pending sales rose 60.8% and new listings expanded by 23.8%. This decreased available inventory to 7.3 months of supply in April, down slightly from 7.8 months in March.

The average sales price decreased 3.1% and the median price dropped 4% when comparing April 2009 with 2010. Month to month priced remained relatively flat with just a minimal increase of .6% for the average price and a .05% increase for the median when comparing March to April.
Year to date, January thru April, closed sales increased 41.4%, pending sales rose 46.3% and new listings increased by 15.4% from the same period 2009.

Although the tax credit has expired interest rates remain very good. Combined with available inventory and with summer finally approaching it’s time to get out house hunting. If you think there are no loan programs for you, give me a call and we can discuss your situation. There are still loan programs to help first time buyers get into a home, even some with no down.

05/09/2010

As we ended the 1st quarter of 2010 we continued to see mixed market indicators. January saw the first increase to double digit inventory levels (12.6 months) since May of 2009 with February increasing again to 12.9 months of supply. In March we saw a lot of that inventory burn off, over 5 months actually, dropping our inventory to just 7.8 months. When comparing March 2009 with March 2010 there was a 51.9% increase in closed sales and pending sales rose 46.7% while new listings increased by 35.3%. Much of this activity is due to last minute buyers trying to cash in on the $8000 tax credit and sellers trying to attract those buyers.

Pressure continued on sales prices however with the average sales price for March falling 5.6% compared to March 2009 and the median dropping 3%. Reviewing sales on a month to month basis the average sales price increased 2.6% and the median increased 1.6% from February to March, 2010.

I believe we’ll see this mixed bag of results continue for a while. Inventory will rise and fall and we’ll also see prices fluctuate as we bump along for the next several months. We still have several things to be thankful for; we have a relatively stable market locally, we are still enjoying great interest rates and abundant inventory selection.

03/15/2010

USDA financing is running out of money. This program is for rural homes and will provide up to 100% financing for buyers looking to buy rural properties. This program usually runs out of money every year in October or November but this year the program ran out in April. This makes just one less program for buyer to utilize for home purchases.

03/01/2010

Wow! It''s been a little longer since I blogged than I thought. Here are the Portland Metro stats for January.

January started the year off as a mixed bag of indicators. When comparing January to December Pending sales rose 34.5%, closed sales fell 34.5% and new listings were up by 87.1% pushing inventory numbers to their highest level, 12.6 months of supply, since March of 2009.

When comparing January 2010 with January 2009 closed sales were up 34.5% and pending sales rose 24.3% and new listings fell 6.2%.

The average sales price for January 2010 was down 5% from January 2009 to $282,400 and the median fell just .9% to $240,000.

Here are the 5 counties that make up the Portland metro area and how they ended 2009.

Avg sales price % Change 08 v 09

Clackamas $336,100 -10.6%

Columbia $193,300 -16.2%

Multnomah $285,300 -14.0%

Washington $281,300 -11.1%

Yamhill $227,300 -14.8%

1/15/2010

As 2010 begins we can reflect on 2009 as a whole and see how the Portland metro market faired for real estate trends. As 2009 started we were at record high inventory levels with 19.2 months of supply on the books. The snow and ice which hit us in December 2008, which lingered on much too long, killed sales and set us up for some scary numbers to start the year off with. But as the snow and ice melted so did a lot of fears and inventory steadily declined throughout the year. We bottomed out in October with 6.5 months of supply and we ended the year at 7.7. Much improved from the previous December’s inventory level of 14.1.

Total sales volume for 2009 was $5.5 billion dollars, down from $6.3 billion in 2008. For the year the average sales prices dropped -12.2% and the median prices fell -11.2%. Pending sales rose 4% where closed sales fell -.9 short of 2008’s total. Year to date the average sales price was $289,900 and the median came in at $247,000. The average listing time for a home was 141 days.

Interest rates continue to be good but there are signs that rates will go up this year. The first time home buyer tax credit has been extended through April and expanded to included some existing home owners as well. Tax credit, good selection of homes, good values to find and incredible loan rates. If you''ve been thinking about buying and have been on the fence, now''s the time to get motivated.

Date 12/4/2009

Portland metro sales continued its upward trend in October when compared to same month sales from a year ago. Pending sales increased by 64% and closed sales rose 37.1% over October 2008. New listings dropped by 4.5% which decreased our available inventory to 6.5 months, which is at its lowest level since August of 2007. Much of this activity was driven by first time home buyers trying to cash in on the original November 30^th deadline for the $8000 tax credit. The credit was expanded and extended, now encompassing some current home owners and increasing income limits for those that qualify for the tax credit. Although all this activity did not help home prices, Portland metro experienced a 12.6% decrease in the average sales price and a 10.9% decrease in the median home price when comparing October 2009 with October 2009. Month to month were mixed the average was down 2.3% from September and the median was up 1.5%.

Looking at the big picture it’s still a good time to buy, interest rates are still very good ranging from 4.5% for conventional financing to about 5% for FHA loan programs. And depending on your situation it may be a good time to sell and move up to a larger home or one in a more preferable area.

Date 10/30/2009

Why Selllers Should Keep Their Home Listed During The Holidays:

1. People that are looking for homes during the holidays are BUYERS, not lookers. If someone is out scouring the homes for sale they need a place to live.

2. Many people want to take advantage of the tax benefits of buying before the end of the year.

3. There is less competition for your home due to market inventory. Everyone else is waiting until after the end of the year to put their home up!

4. Homes show better during the holidays with all the decorations.

5. Buyers tend to have more available time to look at homes during the holidays.

6. You can be on the market but restrict showings on the days during the holidays the you do not want people in your home.

7. Buyers tend to be emotional during the holidays and may pay more for your home.

8. January is a month that many people will start new jobs so that will bring in more serious buyers.

9. You can sell the home now and try to set up a delayed closing so you will not have to more until later.

10. It only takes 1 buyer to buy your home and you never know when that buyer will be out looking to buy.

Date 10/29/2009

The rumors and speculation on the new tax credit are reaching fever pitch but nothing has been signed into law yet. We won''t know what the final outcome is until that happens. We have at least a few days to go before the President signs the bill. Don''t read too much into any of the reports or forwarded emails about what the new bill is all about, it will likely change before it becomes law.

As always, if you have any questions feel free to give me a call.

Best,

Kevin

Date 10/1/2009

Time is running out first time buyers! We are rapidly approaching the November 30^th deadline to have your home sale closed to cash in on the $8000 tax credit. If you don’t have an offer in by this weekend, 10/10 it’s going to be really tough to make sure your closing happens before it’s too late.

August was full of mixed messages to the health of the local market. Inventory levels crept up just a bit to 7.8 from 7.3 months of supply breaking the 7 month streak of downward movement. Sales continued to outpace last year’s same month sales totals, pending sales were up 13%, closed sales climbed 4% with new listings falling 14.1% and closed sales dropping 7.4%. Year to date trend, January to August 2009, show closed sales are down 15.6% and pending sales decreased by 7.2% when comparing January to August 2008. New listings were also down 22.4% for year to date figures. Sales prices showed some mixed results when comparing July ’09 to August ‘09 with the average sales price increasing by 2.7% and the median losing .04%. Year to date we’re still down, average sales price was down by 10.6% and the median sales price down by 10.8%. In reviewing all the data it appears we’re settling at the bottom of the market. Prices have been relatively stable for about 3 months now with not much movement since May and inventory is starting to level out.

Interest rates have been stable and have even come down a bit in recent weeks. Buyers should be taking advantage of the available inventory, tax and seller incentives. It’s a great time to buy!

John L. Scott
358 Warner Milne Road • Oregon City, OR 97045
Phone: (503)504-8024 • Fax: (503) 284-2393
Office Voice Mail (503) 656-1115 Ext. 219