I wasn’t a Realtor when interest rates were in double digits and we’re a long way from that now but rates do matter. In January of 2010 a 30 year mortgage was quoted at 4.75% for a qualified buyer. In November, it was 4.25% and today is back to 4.75% (note that these are base… Continue reading Mortgage Interest Rates Tick Up
January 2011 RMLS Market Action for Portland real estate came out today. There was a sharp spike in inventory to 11.3 months which makes December’s 7.9 months an anomaly in light of the previous month’s inventory levels. Most of the increase can be attributed to a large increase in new listings. I’ll post the City… Continue reading RMLS Market Action January 2011
Portland real estate housing inventory has been roughly between 10 and 11 months for the last eight months with the exception of December’s blip. The general thought is that six months is equilibrium between a buyer’s and seller’s market so we’re still a buyer’s market by that standard. Whether or not you should list your… Continue reading RMLS Market Action February 2011
I ran a search last month in RMLS looking for something very specific: homes for sale that were new but older than 2010. It should have been an easy search. But early a third of the results were either owner or tenant occupied. Realtors clearly weren’t understanding the definition of “new”. It can’t be new… Continue reading RMLS Year Built Descriptions
RMLS Market Action for August 2011 the Portland Metro area was released last week. Inventory dropped to 6.2 months from July’s 7.0 months, and average and median prices slid a little. This month’s report seems to continue a recent trend of a combination of good news tempered with not-so-good news and vice versa. Inventory is… Continue reading The Portland Real Estate Market and Beyond
RMLS has released the year end December 2011 Market Action report. Portland Metro inventory is 5.3 months. This is the lowest inventory level since June of 2007 (5.0 months). Inventory is the ratio of the number of closed listings for a month divided by the number of active listings. There are fewer closed sales and… Continue reading RMLS Reports Lowest Portland Inventory Since June 2007
Six continual months of (minimal) Portland real estate price appreciation has slipped away in the last two month. The Case Shiller Index, released this morning shows Portland lost 2.18 points to end November at 133.26, essentially the same level as February of last year. The Case Shiller Index reports “Portland Metro” as the seven county… Continue reading Portland Real Estate Loses Traction
Portland real estate inventory continues to drop and June 2012’s 3.9 months is the lowest since March 2007 according to the June 2012 RMLS Market Action released yesterday. It’s important to note that this is a totally different market than 2007. The market peaked in July 2007 and there were nearly twice the number of… Continue reading RMLS Market Action June 2012
A few months ago RMLS added the short sale pending field to listings. In a traditional sale, the life of a listing is Active –> Pending –> Sold. When a property is changed to Pending in RMLS it is removed from search engines and is off the market. With a short sale, the bank has… Continue reading What is SSP- Short Sale Pending?
The Case Shiller Index was released this morning for the September 2012 reporting period and for the sixth consecutive month, the Portland MSA has increased. Today’s 141.10 is the highest since November 2010 and 11.5 points above the March 2012 low. The next few months will be the most telling as we head into the… Continue reading Portland Case Shiller up for Sixth Straight Month