Buyers Love Our Interactive Micro-Market Real Estate Reports

Prudential NW Market Watch micro market snapshotHome buyers love our interactive micro-market real estate reports for accessing the latest homes for sale activity and market trend information.

Our Market Watch area snapshot reports give users an interactive look at homes for sale and what’s happening in any of the market areas we serve. See active listings and trends for Beaverton OR here.

Prudential Northwest Properties Market Watch reports merge school and community information, along with stats that include time on market and price changes, and users can easily use the interactive map to adjust their radius of interest.

The Prudential NW Market Watch system uses current MLS market data to give users accurate and timely information on homes for sale throughout the market areas we serve, which include the greater Portland/Vancouver metro area, Central Oregon, SW Washington and Oregon coastal communities.

Visit our website at www.pru-nw.com and try out Market Watch yourself. Once you pinpoint an area of interest, click “Schedule Weekly Updates” and an automated email will deliver the information to you each week. Give it a try and let us know what you think!


Warren Buffett’s CEO is High on Housing

Ron Peltier on housing and Berkshire Hathaway HomeServices brand

HomeServices of America CEO Ron Peltier

HomeServices of America CEO Ron Peltier shared his thoughts on the housing market and the new Berkshire Hathaway HomeServices real estate brand on CNBC yesterday.

Prudential Northwest Properties is proud to be one of the select brokerages invited to join the new brand when it launches mid-2013.

Click here for comments from Warren Buffett and Ron Peltier.

 


Western Region of U.S. Leads In Sales Activity

The National Association of Realtors® is reporting the Western region of the United States continues to lead the rest of the country with the highest level of real estate activity for pending sale contracts. This is good news for Oregon and Washington residents as we head into the busy Fall season. Pending home sales were up almost 14.4% across the country in July 2011 compared to the same time period a year ago.

 

Is this positive news for the real estate market and a sign of things possibly turning around?

Lawrence Yun, NAR chief economist, said “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process.”

To read the full report from the National Association of Realtors®, CLICK HERE.

 

 


Local home sales surge in March

Portland area home sales shot up in March, driven in part by a federal tax credit worth up to $8,000 to first-time buyers and $6,500 to move-up buyers.

There were nearly 52 percent more sales in March than a year ago and a whopping 77.2 percent more sales than in February, according to Regional Multiple Listing Service figures released Friday.

Compared to a year ago, pending sales increased 46.7 percent and new listings increased 35.3 percent.

The inventory of unsold homes dropped to 7.8 months from 12.9 months in February and 12 months a year ago. The figure refers to the amount of time it takes to clear out the inventory of unsold homes at the current pace of sales. A six-month level is considered healthy.

The inventory of houses for sale in Clark County dropped substantially in March as home sales improved, according to Portland-based RMLS. A 7.7-month supply of homes was listed in March, which was down from an 11.6-month supply in February

Local real estate agents attribute the shrinking inventory to higher demand for houses, as first-time and move-up home buyers rush to take advantage of low mortgage interest rates and tax credits set to expire April 30.

According to RMLS, when comparing the week of April 5 – April 11 with the week prior, the number of times an RMLS subscriber opened a Supra lockbox increased 33% in Washington and 26.6% in Oregon. Activity is on the rise as we move into the Spring season.


Home prices show improvement in latest Case-Shiller report

Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.

 Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.


Homebuyer tax credit extended and expanded

capitolU.S. real estate received a big boost from Congress earlier this month when President Obama signed into law a five-month extension of the first-time homebuyer tax credit and a new tax credit benefiting existing homebuyers.

The first-time credit, part of the American Recovery and Reinvestment Act of 2009, was set to expire Nov. 30. Both credits will be available for qualified buyers through April 30. “Congress did the right thing by extending and expanding these tax credits,” said Prudential Real Estate and Relocation Services President Earl Lee. “The first-time homebuyer credit played a significant role in the U.S. housing market’s recovery in 2009, and both will help the market in the new year.”

According to the National Association of REALTORS, nearly half of all home sales are now being made by first-time purchasers. In fact, 47 percent of all Americans who purchased homes this year had not owned one during the previous three years, said NAR, up from 36 percent in 2006. NAR forecasts that existing home sales will rise 2 percent this year to just over 5 million. NAR predicts a 13.6 percent gain in 2010 to 5.69 million homes sold.

The first-time homebuyer tax credit equates to as much as $8,000, or 10 percent of a principal residence’s purchase price and is available to those who have not owned a principal residence in the past three years. Existing homeowners who have lived in their current home for at least five consecutive years of the previous eight and who are purchasing a home to be their principal residence may be eligible for up to a $6,500 tax credit.


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