Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Pending Sales On The Rise
After a 11.3% decline in pending home sales in April, May rose 8.2% after the rain let up some.
This is 13.4% higher than May of last year meaning that there is finally more activity than there was last year!
Over all the trend is plateaued to slightly down but another serious drop is not expected. Mortgage rates are still low, employment is rising and financing is a little easier to get than it has been. It is said that the key will be inventory absorption.
http://www.marketwatch.com/story/pending-home-sales-up-82-in-may-2011-06-29-1020190?Link=obinsite
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Foreclosure Starts Decrease
The foreclosure pipeline has 4 Million homes. These home owners are in foreclosure or are 90 days delinquent or more.
Foreclosure Starts fell below 200,000 which is a 31 percent drop (from March to April). This is a drop of 14.7 percent from last year.
It’s a good sign that foreclosure starts are on the decline, especially since the foreclosure pipeline is already so very bloated.
http://www.inman.com/news/2011/06/1/foreclosure-starts-fall-pipeline-full
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Portland Oregon Market Report
May Residential Highlights
While closed sales were down in May 2011 compared with May 2010, pending sales greatly increased compared with the same month a year ago, and inventory hit the lowest level since October 2009. Closed sales were down 15% in May 2011 compared to May 2010. Pending sales were up 45.1%, and new listings dropped 4.1%. Comparing April 2011 with May 2011, closed sales increased from 1,611 to 1,742 (8.1%). Pending sales also increased from 2,005 to 2,167 (8.1%). New listings went up from 3,099 to 3,338 (7.7%). At the month’s rate of sales, the 11,825 active residential listings would last about 6.8 months.
Sale Prices
Average sale price for May 2011 declined 4.8% compared to May 2010. Median sale price also fell 7.9%. Month to month, comparing April 2011 to May 2011, sale price activity showed minimal change. Average sale price went down from $267,300 to $262,400 (-1.8%) while median sale price increased from $219,900 to $220,000 (0.1%).
Year-to-Date
Comparing January-May 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 9.3% (8,069 v. 7,321). Pending sales went down by 9.6% (9,792 v. 8,853), and new listings fell 26.4% (21,583 v. 15,878). Additionally, the average sale price fell 7.3% ($278,500 v. $258,300), and the median sale price dropped 9.1% ($239,900 v. $218,000).
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
One Of This Year’s Comeback Cities
The Portland metro area is seeing significant growth in the software industry and in clean technology. Which is a great thing because the unemployment currently sits at 10%. But the forecast job growth for 2011 is 3.4%.
Clean technology includes things like energy efficiency, electric vehicles, and batteries and wind power. Vestas is a high-tech producer of wind power systems and just recently moved its North American headquarters to Portland. Not only did they bring 400 employees with it, but will also create an additional 200 jobs.
A European company called ReVolt Technology is setting up its headquarters in Portland, that adds another 150 jobs.
In addition, the Portland Development Commission is giving approximately $4.4 million in loans and grants to businesses. This way Portland can retain or create about 1,000 jobs.
http://www.kiplinger.com/slideshow/comeback_cities/10.html
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
MAX in Tigard
The city of Tigard is looking to put a mass transit rail line that runs between Portland and Sherwood. Some locations have been identified that are believed to be able to support a MAX line in the future. The possible line would run along Pacific Highway and hopefully relieve some of the commuter traffic.
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Agency Info
Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224