Portland homes sales jumped in October 2009 compared to October 2008, according to the latest RMLS Market Action report released this evening.
According to the RMLS, closed sales increased by 37.1% while pending home sales (those under contract, but not yet final) skyrocketed by 64%. That's the largest same-month increase since February 1996.
Why? Personally, I think the rush to beat the original deadline for the first-time homebuyer tax credit worked. The tax credit has since been extended until the spring of 2010, but in October in both roles, as a buyer's agent and a listing agent, I heard firsthand that the tax credit was important to those in the market. It also helps that interest rates for mortgages continued to be very low.
Meanwhile, housing inventory continues to counter historical trends. In October, inventory dropped yet again- to a level of 6.5 months. In other words, it would take 6.5 months for the supply of homes for sale in Portland to dry up. Typically inventory rises in October, November, and December. But in October inventory decreased from September's level of 7.6 months.
Consider this: October 2009 inventory was 6.5 months. October 2008 inventory was almost double at 11.1 months.
All of the above is and was good news for sellers, but home prices continue to fall.
The average sales price in October 2009 fell 12.6%. In October, the average sales price was $283,500 and a year ago the average price was $324,300.
The median sales price in October 2009 fell 10.9%. In October, the median sales price was $245,000 and a year ago the median price was $275,000.
The average time to sell a home was 135 days.
As I've said before, buyers in this market have tons of selection and leverage. Sellers better price it right at minimum.
Please keep in mind these are general numbers for Portland metro. Cities and neighborhoods vary greatly in demand, selling time, and price fluctuation.
By the way, Realtors are a free benefit to buyers when it comes to buying new construction. If you'd like to know more, just ask.
To find out the average sales price and appreciation rates of particular areas in Portland and the suburbs, contact me at 503-381-6750 or visit my website, www.OwnAPortlandHome.com.
About Salvador Del Cid:
When I began selling real estate years ago, I promised myself that I would treat all clients the way I would want to be treated. Today, my clients are satisfied because I listen to them, care for them, and am honest with them. Please contact me if you want this outstanding service.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
