Inventory Grows

Inventory has begun to creep up throughout much of the metro area and is headed back to a balanced market from a sellers market. Prices for move in ready homes in the core of the city are holding value. The big wild card this Spring will be bank owned properties [REO] which usually sell at a discount. These bank owned homes are starting to appear more regularly in close-in areas.

This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of property are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use current active listings and 6 months of sold data from the RMLS to create this report.

Popularity: 1% [?]

This one will go quick! Move in ready bungalow in Foster/Powell with large fenced yard. Very large master bedroom and classic archways in living/dining. Well maintained home perfect for a first time buyer or any urban gardeners. SE 66th client full

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390 homes were sold in Portland in January, down from 593 in December. I had predicted 400 with the normal sales slow down of the holiday season. This January is just slightly better than 2009’s.

Wild cards: Tax credit has been extended to April 30th 2010 and new move up buyer tax credit added. Foreclosures are still going up in Oregon.
I’m predicting around 425 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in February. Watch for a large increase in new homes on the market in March and rising activity through the Spring.

Sales volume is a leading indicator for price. To help predict where the market is going I publish this sales volume trend report. The wisdom is that price follows volume so when you see a market trending higher in sales, prices will soon follow up and when sales volume is low, prices will stay flat or fall.

PORTLAND sales volume 021510

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726 homes were sold in Portland in November, down from 850 in October. I had predicted 700 and the normal sales slow down in Fall and Winter but October and November show the positive influence of the first time homebuyer tax credit in a BIG way.

Wild cards: Tax credit has been extended to mid 2010 and new move up buyer tax credit added, will FHA increase minimum down payment to 5% in 2010? Foreclosures are still going up nationally and in Oregon.

I’m predicting around 500 closed sales in Portland (areas 141, 142, 143 & 148) in December. Investors will begin to emerge as a major part of the market this Fall and Winter.

Sales volume is a leading indicator for price. To help predict where the market is going I publish this sales volume trend report. The wisdom is that price follows volume so when you see a market trending higher in sales, prices will soon follow up and when sales volume is low, prices will stay flat or fall.

PORTLAND sales volume 121509

Popularity: 2% [?]

INVENTORY REACHES TWO YEAR LOW

Portland metro inventory just hit 6.5 months, a number not seen since August of 2007. Prices for move in ready homes in the core of the city should start seeing slight increases in sales price. The big wild card this winter will be bank owned properties which sell at a discount but generally need work to compare to homes prepared for sale by individual home owners.

This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of property are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use current active listings and 6 months of sold data from the RMLS to create this report.

PORTLAND INVENTORY REPORT 120109 PDF

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