Reflecting on the local Portland Real Estate Market for 2011, the national news, and even the Oregonian’s reporting on the market in general tended to be more dismal than what was happening in close-in Portland where most of my clients live, and where I work. It was frustrating that the overall state of the real estate economy was always portrayed in such a dismal light. We are actually closing out the year with some very positive signs in the real estate market both locally and nationally.
Nationally, existing home sales are up 4% year over year and up 13% from same time period last year.
In the Portland Metro area, closed sales were up 18.9% and pending sales were up 18.2% compared to the same time last year. New listings are down by 16.7%. With sales activity up and listing activity down the balance between supply and demand is in better shape than it has been in 4 years. As of the end of November, there is 6.2 months of inventory (supply) in the Portland metro area.
In SW Washington closed sales are up 17.2% compared to the same time last year. Pending sales are up 21.6%. And, “months of inventory” is down to an 8-month supply.
The latest Case-Shiller report showed the greater Portland area (including Clark Co.) as one of only 3 metro areas of their 20 city sampling with stable to positive home prices.
Through November of 2011, 31% of all home sales in the US sold for cash. That shows that savvy investor buyers are jumping into the real estate market with full force because they sense the bottom of the market values.
Some market experts are predicting that homebuyers will be saying, “I wish I’d bought a home in 2011 when prices and mortgage rates were so low.”
Please call me to discuss putting your home on the market while the inventory is low. I’d be happy to prepare a current CMA on your property to let you know where you stand right now, and what will be happening in the spring market. Together we can figure out what’s best for you.
I’ve had some great sales this year in <30 days, and have lots of buyers looking for the perfect house. Thank you for keeping me busy in 2011.
I’m sending you my best for 2012!