That seasonal slowing, kinda

Statistics are out, showing Portland area real estate activity for September.

 At our current rate of sales, it will take 3.1 months to sell all the properties on the market.  This is a slight increase form August (3 months), but a drop from last September's 3.7 months.

Pending sales were up 15.0% from September 2013,  and fell 5.7% from August 2014.   Closed sales rose 10.2% from September 2013, but are down 8.0%  from  August  2014.

Our market time got a tad shorter; 60 days in September 2014 vs. 63 days in August 2014.  September 2013 had a market time of 72 days. .

The median year to date sales price is $281,000, up 9.8% from the median year to date sales price in September 2013 of  $256,000.

So, prices continue to increase, we've had a slight increase in the number of houses on the market, but the pace of sales and number of active buyers make for a busy real estate industry.  There is still a lot of cash in the market, making it harder for first time buyers, with low down payments, to compete.

We are seeing the predicted flurry in September and October as both buyers and sellers rush to finalize real estate transactions before the holidays.  While our market slows over the holidays, plenty of real estate business is conducted, primarily by serious buyers and sellers looking to get it done.

Call me if you want to jump in.  503-312-8038

read the full Portland area report here

Still busy

The Portland market continues to suffer from low inventory, with only 2.8 months of houses on the market.  At our current rate of sales, it will take 2.8 months to sell all the properties on the market. We haven't seen lower inventory since May of 2013. This, with listings up 17.4% from March 2014.  As market times have decreased, the increased inventory is absorbed.

Pending sales were up 11.5% from March 2014, but down 4.0% from April of 2013.  Closed sales rose 15.4% from March 2014, and showed a slight increase of 0.8% from  April 2013.  Spring of 2013 was a kickass market, maybe even a bit too kickass.  So being "flat" compared to last year is fine by me.

Our market time got a tad shorter in April; 77 days vs. 85 days in March.  April 2013 had a market time of 91 days.

The median year to date sales price is $275,000, up 10.0% from the median year to date sales price in April 2013 of  $250,000.

So, prices continue to increase, we've had a slight increase in the number of houses on the market, but the pace of sales and number of active buyers make for a busy real estate industry.  There is still a lot of cash in the market, making it harder for first time buyers, with low down payments, to compete.

There is still time to get your place on the market if you've been thinking of selling. Give me a call. 503-312-8038.  Buyers, there is hope, with 2143 closed sales in Portland last month, clearly some folks are getting their offers accepted.


Read the full report for the Portland Metro Area

The August market stats are out from RMLS, with no particular surprises.  What I see as seasonal slowing  is evident in lower pending sales; down 4.5% from July 2013, but still up 9.5% over August 2012, and lower closed sales; down 5.2% from July 2013, but up 13.5% from August 2012

Our market time got a tad longer in August; 69 days vs. 63 days for July 2013.  I attribute that slight slow down to...VACATION.  At any given time, at least half my clients were out of town, so everything took longer.   Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation.  But with 69 days being the average, you know plenty of houses are still taking months to sell.

The median home price for the first eight months of this year up 15.2 over the same period in 2012 to $265,000..

And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped along, from 2.5 months in May 2013 to 2.9 months in June 2013, 2.8 months in July 2013 and now to 3.1 months in August 2013.  Contrast this to July of 2012 with 4.6 months of inventory and July of 2011 with 7 months on inventory.

I do believe we are starting to see the increasing interest rates effect the market.  Buyers who may have started looking with rates in the high 3 percents, are now locking in rates as high as 4.99%.  That much of a jump makes a clear impact.  My trusted lender, Julee Felsman, with Equity Home Mortgage, thinks we'll be up in the fives for 2014 and that we should expect, in the long term to see rates increase about 1% per year, and level off around 7 or 8 %.  None of us have a crystal ball, but Julee is one smart gal.

If you're thinking of making a move, you might talk to a lender to see how increasing rates might play into your plans.  You can contact Julee at juleef@equityhome.com  or 503-288-9284.

Read the full report for the Portland area.