It’s always nice to hear encouraging news about the housing recovery. This morning HomeServices of America CEO Ron Peltier shared some positive signs for the future. Click here to watch the video: Buffett’s ‘Real Estate Man’ Sees Housing Hope.
At Prudential Northwest Properties, we’re confident brighter days are ahead, and we’re excited to be a member of HomeServices, a Berkshire Hathaway company.
The Portland Business Journal reports today that the average Portland apartment rents for $927 per month, according to Real Facts. In downtown Portland, the average rent for an apartment is $1.68 per square foot, or about $1,344 for an 800 square foot unit.
With today’s low interest rates, it may be wise to consider buying and building equity, especially if you think you’ll stay put for a few years.
The latest RMLS Action Report for the greater Portland Metro area indicates the market recovery is solidifying. With the exception of new listings, all reported measures of real estate activity show improvement when comparing September 2012 with September of 2011.
When comparing last month to September of last year, closed sales were up 19.4% and pending sales increased 10.6%. Prices continue to inch up. The average sales price year-to-date of $272,200 is 2.9% higher than the average price at this time in 2011. Homes are moving quickly — over 20% faster than they were last year — and inventory stands at 4.6 months, with 6 months considered a balanced market.
To keep an eye on trends in your area, sign up for our exclusive Market Tracker report and you will receive a monthly recap by email, or contact a Prudential Northwest Properties real estate professional today.
The latest RMLS Market Action report shows real estate activity in Clark County has reached a new low of 2,402 active residential listings, a drop of 21.4% from September of last year. Prices continue to show modest improvement.
The $218,700 average sales price for the first three quarters of 2012 of is 2.1% higher than the average price in the same period last year. Inventory stands at 5.6 months, which is a slight uptick from the last new months. Six months of inventory is considered a balanced market, favoring both buyers and sellers.
The latest issue of The Chairman’s Report, a quarterly real estate update from Prudential Northwest Properties Chairman Bert Waugh Jr., has just been released and many economic indicators point to a slow and steady improvement in the housing market.
The average price of homes sold increased across the country in the last year, with the West experiencing the greatest gains, with the average price of homes sold up 8.6 percent over this time last year.
The latest RMLS Market Action report shows real estate activity in Clark County increased in several key measures in June 2012 compared to June 2011.
Accepted offers are up 9.1% over last year and up 3.6% from May 2012. Pending sales numbers showed the most improvement in June.
Average sale price of $208,300 is up 4.8% over last year at this time when it was $218,200 and the median sale price rose 7.9%, going from $180,000 to $194,200.
New listings continue downward, decreasing 17.1% from the same month in 2011 and 9.6% from May of this year. Inventory (the ratio of closed sales to active listings) continues to drop. At the June rate of sales, the active listing count of 2,601 would be exhausted in 5.4 months. This is the lowest inventory in Clark County since June of 2006. Six months of inventory is considered a balanced market.
The latest RMLS Market Action report for the greater Portland Metro area shows positive upward growth on all fronts when comparing June 2012 with June of last year.
There were 21.7% more accepted offers than at this time last year, and 14.6% more closed sales, with 2,244, which is the highest number since August of 2007.
The average price of a Portland home rose 6.4% to $284,100 and the median price rose 8.6% to $242,000. Median price is the price at which half of the homes are above that price quoted and half of the homes are below. The average time on market dropped 14.5% to 114 days.
The unsold inventory (the ratio of closed sales to active listings) continues to drop, and is now at 3.9 months, the lowest it has been since March of 2007. Given the current rate of sales, it would only take 3.9 months to sell the 8,799 listings currently available in the Portland Metro area. North and NE Portland have reached inventory levels of only 2.9 months, and SE Portland is down to 2.5 months. These low levels give sellers an advantage across the region, and have led to frequent bidding wars, especially for homes under $300,000.
Slowly but surely, Americans are regaining confidence in the housing market and keeping the American dream of owning a home alive.
The new quarterly Prudential Real Estate Outlook Survey revealed that nearly two-thirds (64%) of respondents had a favorable perception of the U.S. housing market, a 4-point jump from the first-quarter 2012 survey and a 12-point increase from first quarter 2011. As a matter of fact, nearly seven out of 10 Americans surveyed (69%) also indicated that real estate is a good investment – that’s up 6% from first-quarter 2012 survey results and 17% from first quarter 2011.
Homeownership remains at the core of the American dream, with a solid 78% of respondents believing that owning a home is still very important. A full 98% said homeownership was at least somewhat important. In addition to historically low interest rates, one of the factors dominating the desire to own a home is centered on the family. More than financial security, tax benefits and a good investment, respondents prioritized owning a home as a place to raise a family and have control over their space.
Americans are dreaming with both feet on the ground.
Given the challenges and complexity of today’s real estate market, Americans remain cautious about the home-buying process, with 30% strongly agreeing that the housing crisis taught them to assert careful planning when buying or selling a home.
Cautiousness has also brought with it the willingness and openness to seek professional help in the process. A notable 74% of survey respondents think it’s more important than ever to work with a good agent for the best success in buying or selling a home, up from 72% in the first quarter 2012 survey.
The latest RMLS Action report for the greater Portland Metro area shows unsold inventory continues to decline, reaching the lowest level since March 2007. It would take only 4.2 months to sell the current 8.742 active listings at the May rate of sales.
Last month, there were 2,522 accepted offers, 16.4% more than the 2, 167 reported in May of 2011 and 6.6% more than the previous month. This represents the highest number of pending sales in the month of May since 2007, when there were 3,054. Closed sales of 2,098 represent a 20.4% increase over the same month last year and 15.1% more than the number of sales in April.
The average sales price has also risen 7.2% when comparing May 2012 to the same month on 2011. Indications certainly point to the local real estate market moving in a positive direction.
To track market trends in your area, sign up for our exclusive Market Tracker report or contact a Prudential Northwest Properties real estate broker today.