Portland Metro Real Estate Highlights 4th Quarter of the Year 2010 December Residential Highlights Looking at the Portland Metro area market in 2010, December continued the trend of decreased activity toward the end of the year. However, closed sales underwent an uptick in December, reaching the highest monthly level since June. Inventory also saw its lowest level since June. Closed sales were down 2.9% compared to December 2009, but pending sales were up 6%. New listings dropped 8.5%. Comparing the previous month of November 2010 with December 2010 shows closed sales jumped from 1,279 to 1,462 (14.3%). However, pending sales fell from 1,426 to 1,210 (-15.2%), and new listings dropped from 2,437 to 1,925 (-22.2%). At the month’s rate of sales, the 11,611 active residential listings would last about 7.9 months, a 2.3- month drop since November. 2010 Summary When comparing activity in 2010 with that of 2009, closed sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%. Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009. Sale Prices The average sale price for December 2010 declined 5.2% compared to December 2009. The median sale price also fell 5%. Month to month, comparing November 2010 to December 2010, the average sale price went up from $271,900 to $278,000 (2.2%) while the median sale price dropped from $233,000 to $230,000 (-1.3%). For 2010, average sale price dropped 2.7% compared to 2009, and median sale prices fell 2.9%. Median Sales Prices: Hillsboro - $208,000
Beaveton - $196,000
Lake Oswego and West Linn - $385,000
Bethany - $336,000
W Portland including Forest Heights - $340,000
Portland Metro Real Estate Highlights 3rd Quarter Mortgage Interest rates Mortgage interest rates for the 3rd quarter of this year have been in the low 4% and actually broke 3.75% interest rate at some point. August Residential Highlights A comparison of sales activity in the Portland Metro area in August 2010 with August 2009, shows that closed sales are decreased 25. Pending sales also dropped 21.7%, while new listing rose 1.3%. Comparing August 2010 with the previous month, July 2010, closed sales fell 2.2% and pending sales grew 3.6%. New listings dropped 5%. At the month’s rate of sales, the 15,200 active residential listings would last approximately 11 months. Sales Prices The average sale price for August 2010 increased 1% compared to August 2009. While the median sale price stayed the same. On a month-to-month basis, comparing August 2010 to July 2010, the average price increased 0.8% ($299,300 vs. $297,000) and the median price also increased 1.6% ($250,000 v. $246,000) Year-to-date Increases are seen when comparing January to August 2010 with the same period of year 2009. Closed sales increased 14.7%, pending sales grew 4%, and new listing increased 6%. Portland Metro Real Estate Highlights 2nd Quarter Extended Tax Credit for VA The homebuyer tax credit, which expired earlier this year for the general public, gives you an $8,000 credit or 10% of the purchase price of your home for first-time home buyers. Repeat home-buyers are eligible for $6,500 credit or 10% of the purchase price of your home. To continue to show gratitude for the military, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. Who Is the Credit For? The credit is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. How Do I Get The Credit? To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase. June Residential Highlights While inventory continued to stay low in the Portland Metro area, sales activity saw both increases and declines. When comparing June 2010 with June 2009, closed sales increased 13.3%. Pending sales and new listings fell 25.2% and 4.9%, respectively. Sale Prices The average sale price for June 2010 declined 3.3% compared to June 2009. The median sale price also fell 4%. On a month-to-month basis, comparing June 2010 to May 2010, the average price went up 5.2% ($289,800 v. $275,500) and the median price grew a slight 0.4% ($240,000 v. $239,000). Comparing June 2010 with the previous month, May 2010, closed sales dropped 1.9% (2,012 v. 2,050) and pending sales grew 8.4% (1,618 v. 1,493). New listings also rose 16.3% (4,049 v. 3,482). At the month’s rate of sales, the 14,752 active residential listings would last approximately 7.3 months. Second Quarter Report Comparing the second quarter of 2010 (April - June) with that of 2009, there are gains across the board. Closed sales rose 34% (6,191 v. 4,625). Pending sales and new listings also saw increases of 1% (5,842 v. 5,784) and 2.4% 12,456 v. 12,165), respectively. By: RMLS Market Action 2010.
And https://www.quickenloans.com/mortgage-news/homebuyer-tax-credit-extended-2011-veterans December Residential Highlights Looking at the Portland Metro area market in 2010, December continued the trend of decreased activity toward the end of the year. However, closed sales underwent an uptick in December, reaching the highest monthly level since June. Inventory also saw its lowest level since June.
Closed sales were down 2.9% compared to December 2009, but pending sales were up 6%. New listings dropped 8.5%.
Comparing the previous month of November 2010 with December 2010 shows closed sales jumped from 1,279 to 1,462 (14.3%). However, pending sales fell from 1,426 to 1,210 (-15.2%), and new listings dropped from 2,437 to 1,925 (-22.2%). 2010 Summary Median Sales Price
When comparing activity in 2010 with that of 2009, closed sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%. Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009. Sale Prices The average sale price for December 2010 declined 5.2% compared to December 2009. The median sale price also fell 5%. Month to month, comparing November 2010 to December 2010, the average sale price went up from $271,900 to $278,000 (2.2%) while the median sale price dropped from $233,000 to $230,000 (-1.3%). For 2010, average sale price dropped 2.7% compared to 2009, and median sale prices fell 2.9%.
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