Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this December to the same month a year ago. Closed sales experienced a 10.3% increase, while pending sales saw growth of 19.3%. However, there were 11.7% less newly listed residential properties. Month-to-month, closed sales rose 6% (1,521 v. 1,612) when compared to November 2011, pending sales fell 14.4% (1,685 v. 1,443) and new listings dropped 16.1% (2,026 v. 1700). At the month’s rate of sales, it would take approximately 5.3 months to sell the 8,612 active residential listings. Due to the drop of active listings in December, along with the rise in closed sales, low inventory resulted.

2011 Summary

Comparing activity from 2010 with that of 2011, closed sales rose 4% and pending sales rose 6%. New listings fell 25.4%. Total sales volume for 2011 was about $5.2 billion, down from $5.3 billion in 2010, and $5.5 billion in 2009.

Sale Prices

The average sale price for December 2011 was down 6.2% compared to December 2010, while the median declined 5.8%. Compared to November 2011, the average price rose 0.5% ($259,400 v. $260,800) and the median fell 3.7% ($225,000 v. $216,600). For the year, the average sale price dropped 6.7% compared to 2010. The median price fell 7.9%.

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Similar to last month, sales activity in the Portland Metro area showed improvements in closed and pending sales this November 2011 compared with November of last year. Closed sales went up 18.9% in November 2011 compared to November 2010. Pending sales rose 18.2%, while there were 18.1% less newly listed residential properties. A month-to-month comparison of the previous month of October 2011 with November 2011, shows closed sales rose 3.2% from 1,474 to 1,521. Pending sales fell 10.3% from 1,878 to 1,685. New listings were down from 2,433 to 2,026 (-16.7%). At November’s rate of sales, the 9,451 active residential listings would last about 6.2 months. Interestingly, this is the lowest active listing count in the last three years.

Sale Prices

The average sale price in November 2011 fell 4.6% when compared to November 2010. The median sale price also was down by 3.4%. Prices increased when comparing November 2011 to the previous month of October 2011. Average sale price went up from $258,700 to $259,400 (0.3%), while median sale price rose by 3.3% from $217,800 to $225,000.

Year-to-Date

A comparison of January- November 2011 with the same period last year shows improvements in closed and pending sales. Closed sales increased 3.4% (17,385 v. 17,968) and pending sales rose 5.3% (18,436 v. 19,411). New listings, however, saw a decline of 26.0%, falling from 43,658 to 32,315.

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Similarly to last month, sales activity in the Portland Metro area showed improvements in closed and pending sales this October 2011 compared with October of last year. Closed sales went up 14.1% in October 2011 compared to October 2010. Pending sales saw a rise of 15.1%, while there were 22% less newly listed residential properties. A month-to-month comparison of the previous month of September 2011 with October 2011, shows closed sales fell 7.1% from 1,586 to 1,474. Pending sales saw a slight increase of 0.9% from 1,861 to 1,878. New listings were down from 2,501 to 2,433 (-2.7%). At the month’s rate of sales, the 10,012 active residential listings would last about 6.8 months.

Sale Prices

The average sale price in October 2011 fell 6.5% when compared to October 2010. The median sale price also was down by 6.7%. Prices declined when comparing October 2011 to the previous month of September 2011 as well. Average sale price went down from $268,200 to $258,700 (-3.5%), while median sale price decreased by 5.6% from $230,800 to $217,800.

Year-to-Date

A comparison of January-October 2011 with the same period last year shows improvements in closed and pending sales. Closed sales increased 2.1% (16,033 v. 16,372) and pending sales rose 4.5% (17,167 v. 17,939). New listings, however, saw a decline of 26.3%, falling from 41,051 to 30,243.

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Despite the websites’ disclaimers stating that these are just estimates and that they should consult a real estate agent, these figures tend to hold a lot of weight with consumers.  Many use these numbers to determine how they are going to shop or sell.  And yet valuations that are 20, 30 or even 50 percent higher or lower than a property’s eventual sale price are not uncommon, and these estimates change all the time.  As new data comes in, estimates have been known to adjust by hundreds of thousands of dollars in a month.

The algorithms used to determine the estimates are dependent upon the updated information supplied by the users of the website.  Though they claim it’s rare, that leaves potential for home owners or real estate agents to game the system.  Not to mention the major shifts in estimates when algorithms are switched out for updated ones.  These algorithms are still in their infancy and cannot yet factor in qualities of the home like its condition, finishes, views etc…

Although very helpful and convenient in many ways, home value estimators are still pretty new and people have not necessarily learned to take that number with a grain of salt.  This has created some added work for real estate agents who have to explain to their clients why their numbers may not agree with Zillow.

http://finance.yahoo.com/news/the-fuzzy-math-of-home-values-.html

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“Although Portland is well known as a city that is friendly to bicyclists, it also has a walkable and attractive downtown that offers a wide variety of cultural options and commercial options. There’s a vibrant and active arts scene, great food on both the high and low ends, the country’s best selection of locally sourced craft beers, an attractive and popular riverside park, and Powell’s, the largest and one of the best independent bookstores in the country. And while you can, with some effort walk around much of Portland’s relatively small downtowns, its best to mike like a local and rent a bike – you’ll get around more effectively, see more of the area, and get a little exercise – all good things in the greenest of “America’s 50 Greenest Cities.””

http://travel.yahoo.com/p-interests-40804394

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Sales activity in the Portland Metro area showed improvements in closed and pending sales this September compared with September 2010, and the inventory level remained much lower than the same month in 2010. Closed sales grew 13.4% in September 2011 compared to September 2010. Pending sales were also up 17.5%, and new listings dropped 29.5%. Comparing the previous month of August 2011 with September 2011, closed sales decreased from 1,805 to 1,586 (-12.1%). Pending sales also went down from 2,187 to 1,861 (-14.9%). New listings fell from 2,879 to 2,501 (-13.1%). At the month’s rate of sales, the 10,666 active residential listings would last about 6.7 months.

Sale Prices

Average sale price for September 2011 declined 4.2% compared to September 2010. Median sale price also fell 3.8%. Month to month, comparing August 2011 to September 2011, sale price activity was mixed. Average sale price went down from $271,800 to $268,200 (-1.3%) while median sale price increased from $225,000 to $230,800 (2.6%).

Third Quarter Report

Comparing the third quarter of 2010 with that of 2011, sales activity was up. Closed sales jumped up by 21.5% (4,340 v. 5,275), while pending sales also increased by 21.6% (4,725 v. 5,747). New listings fell 27.6% (11,582 v. 8,380). In the same quarterly comparison, average sale price fell 6.9%, while median sale price dropped 7.5%.

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Closed and pending sales were both up in July 2011 compared with July 2010. Additionally, the inventory level in July 2011 was down 3.8 months compared with the same month a year ago. Closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4%, and new listings dropped 27%. Comparing June 2011 with July 2011, closed sales decreased from 1,958 to 1,709 (-12.7%). Pending sales decreased from 2,001 to 1,928 (-3.7%). New listings went down from 3,143 to 2,942 (-6.4%). At the month’s rate of sales, the 11,970 active residential listings would last about 7 months.

Sale Prices

Average sale price for July 2011 declined 7.4% compared to July 2010. Median sale price also fell 7.6%. Month to month, comparing June 2011 to July 2011, sale price activity rose slightly. Average sale price went up from $267,100 to $275,100 (3%) while median sale price increased from $222,900 to $227,200 (1.9%).

Year-to-Date

Comparing January-July 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 4.3% (11,717 v. 11,209). Pending sales went down by 1.4% (12,733 v. 12,550), and new listings fell 26% (30,051 v. 22,245).

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Next, if you don’t have one already you need to find an experienced real estate agent who knows your area.  Don’t be afraid to ask for their stats, marketing plans and any details you don’t already know about the home selling process.  The most important part of a real estate agents job is setting a realistic beginning list price.  Many sellers start off too high only to have it sit on the market when it is at its most visible.  Then they end up selling for less than their agents original proposed price and have waisted a lot of time in the process.  So not only does your agent need to price right but you, the seller, need to trust their advise.

Closing costs are on the rise.  A lot of the increased cost is due to higher bank fees, which banks blame on increased underwriting and processing because there are more regulations to comply with.  Get a good faith estimate from a few banks to see who is charging what.

Finally, don’t discount home features like school districts just because you don’t have kids.  Homes in good school districts have better resale value because those areas tend to be more stable and your future buyer might very well have kids.  Often neighborhoods in good school districts are safer and have a better sense of community.  Of course you have to take your life style into account, not everyone wants to be surrounded by young families.

http://realestate.msn.com/august-buying-advice-how-to-juggle-listing-and-looking-at-the-same-time?page=2&wa=wsignin1.0

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While closed sales were down in June 2011 compared with June 2010, pending sales jumped compared with the same month a year ago, and inventory hit the lowest level since July 2007. Closed sales were down 2.7% in June 2011 compared to June 2010. Pending sales were up 23.7%, and new listings dropped 22.4%. Comparing May 2011 with June 2011, closed sales increased from 1,742 to 1,958 (12.4%). Pending sales decreased from 2,167 to 2,001 (-7.7%). New listings went down from 3,338 to 3,143 (-5.8%). At the month’s rate of sales, the 11,817 active residential listings would last about 6 months, a drop of 1.3 months since the inventory level in June 2010.

Sale Prices

Average sale price for June 2011 declined 7.8% compared to June 2010. Median sale price also fell 7.1%. Month to month, comparing May 2011 to June 2011, sale price activity rose slightly. Average sale price went up from $262,400 to $267,100 (1.8%) while median sale price increased from $220,000 to $222,900 (1.3%).

Second Quarter Report

Comparing the second quarter of 2010 with the same period in 2011, sales activity was mixed. Closed sales decreased by 11.8% (6,191 v. 5,462). Pending sales went up by 2.3% (5,842 v. 5,978), and new listings fell 21.6% (12,456 v. 9,761). Additionally, the average sale price fell 6.1% ($282,300 v. $265,200), and the median sale price dropped 8.3% ($240,000 v. $220,000).

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