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September Residential Highlights
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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As of July 2011, the current residential shadow inventory declined slightly to 1.6 million units, representing a supply of 5 months. This is down from 1.9 million units, a supply of 6 months, from a year ago, and follows a decline from April 2011 when shadow inventory stood at 1.7 million units. This moderate decline in shadow inventory is being driven by a pace of new delinquencies that is slower than the disposition pace of distressed assets. CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more), in foreclosure and real estate owned (REO) by lenders. Transition rates of “delinquency to foreclosure” and “foreclosure to REO” are used to identify the currently distressed non-listed properties most likely to become REO properties. Properties that are not yet delinquent but may become delinquent in the future are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official metrics of unsold inventory.
Data Highlights:
· The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5–months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as compared to July 2010.
· Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.2-months’ supply), 430,000 are in some stage of foreclosure (1.2-months’ supply) and 390,000 are already in REO (1.1-months’ supply).
· As of July 2011 the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, 8.4-months’ supply.
· The total shadow and visible inventory was 5.4 million units in July 2011, down from 6.1 million units a year ago. The shadow inventory accounts for 29 percent of the combined shadow and visible inventories.
· The aggregate current mortgage debt outstanding of the shadow inventory was $336 billion in July 2011, down 18 percent from $411 billion a year ago.
Mark Fleming, chief economist for CoreLogic, commented, “The steady improvement in the shadow inventory is a positive development for the housing market. However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”
This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or web site.
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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).
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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 & OUR NEW PORTLAND METRO BLOG AThttp//:www.TonyandLibby.blogspot.com & pdxrealtynews.com (make sure you leave comments)
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Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
Lake Oswego,
OR
More about me…
Keller Williams Realty Portland Premiere
Office Phone: (503) 924-3520
Cell Phone: (503) 753-7300
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