March Statistics for Portland area Home Sales

Here is the latest march-2009-market-action report from the RMLS. This is the monthly summary of the real estate sales statistics for our region published by the Regional Multiple Listing Service.

In February both the increase in sales and the decrease in listings relative to last month (January) had a positive influence on the amount of inventory for the Metro area. Inventory now is just over 16 ½ months, down from the record breaking high of 19.2 months in January. While this is both good news and a positive change, we are still in a market that is hugely biased in favor of buyers due to high inventory and very low demand. Until this imbalance changes we can only expect that pricing pressure will continue to be on the downside. This means that for selling listings our strategy must continue to hold to these tenets: very competitive pricing, excellent condition and showing preparation, showing convenience for buyers’ brokers and multi- focused marketing strategies for reaching all possible prospects. We also keep clients well informed by offering regular reports on the number of showings for properties and feedback from the brokers or buyers about those showings, plus the competitive picture specific to each listing.

Another report we provide is the “market analyzer” which shows market demand and inventory absorption in a specific property area and type, among other things. This report is key to understanding why pricing much be considered in terms of demand as well as property comparison. For example, we may be able to determine that a property is priced competitive to all other listings, but still have sales challenges because there simply is such light demand.

For buyers we provide all the same detailed information for the areas and specific properties that are of interest in their home search.  Knowledge is power!

Our intent is to provide legitimate statistical information that i useful to you for taking care of your plans for moving.  We know that a big decision like buying or selling a home cannot be done without the analytical information possible to help with those decisions. There are a lot of good things about our business that are emotional and subjective – we need to have personal and emotional connections to our homes. Added to that ‘emotional connection’ I welcome the ‘proof’ of statistics to help us with strategies and decisions. This is true for both buyers and sellers alike.

As always, if you have any questions or want to discuss something specifically, please give us a call at 503-416-4177.

Becky

March 23, 2009 · Filed Under Home Purchase Process in Oregon, Market/Pricing Assessment, Pricing Your Home, Sales Trends and Statistics

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Here it is . . . the Market Action Report for January

Bottom line – lot’s of homes for sale, prices down about 13% from January of 2008.  Buyers are moving back into the market with pending sales up 52% in January over the snowy December of 2008.  The total homes for sale is now over 14,000, which at the current rate, means a supply that will take 19 months to sell.

“Priced right and lookin’ good “ is the mantra to attract one of the savvy buyers looking to take advantage of a buyer’s market!

Check out the full story market-action-2162009 and find the numbers for your area of Portland.  And call us if you have questions interpreting this real estate market.  503-416-4177

Becky

February 16, 2009 · Filed Under Market/Pricing Assessment, Real Estate, Real Estate Trends, Sales Trends and Statistics

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How are you doing in real estate? – Part 2

Okay, so nothing about this real estate market is easy, yet we are busy, working and handling it! Don’t hesitate to call us for help or send us your friends. We can make things happen.

We recently wrote about “how we are doing in real estate,” the question that we hear often from our friends and clients. And, I can still report that, while we could certainly be busier, we are selling homes, we are adjusting to the new realities and we are counseling our clients daily on how they can prepare and adjust in order to reach their goals for moving.

None of this year has been easy! That came home to us clearly this week while working on wrapping up records for the year and preparing for year-end planning and communications with clients. Sarah was packing up all the year’s transaction files when she made the observation, “You know, Becky, none of these were easy.” Well, that is true, and it also doesn’t matter.

Sarah at work on files at the office

Sarah at work on files at the office

Recognizing that our real estate market is new territory with unexpected challenges is something we can notice and learn from, but from my perspective of 25 years of selling real estate, our challenges today are new to us today, but not original or out of the ordinary in prior markets. So, this tells me that we are managing through this because we know what to do, and when the hiccups of the process cause us problems – we solve them.

Like what, you wonder, is causing us problems? First and predominately, surprises in the lending arena. And that should really be no surprise at all – the lending world has been turned on end this year. In some ways it is settling back into the guidelines and practices of a decade ago, and in some ways it is all new territory. So, when the surprises come, new conditions or new rules, for example, The Jackson Group as a team, together with our transaction partners, goes to work to find the solution and to take care of our clients.

The second main area of challenge is the disconnect between buyers and sellers regarding the market. We handle this one, as best we can, with well documented information to help both sides see “reality” for what it is and in context for what they want it to be. Sometimes this works, and sometimes not, but we do our best to bring people together. It is up to them to transact.

If you need help with a move, a transaction or a decision, give us a call. We’re getting more and more resourceful all the time. Here’s our number:  503-416-4177.

Becky

December 3, 2008 · Filed Under Real Estate, Sales Trends and Statistics, The Jackson Group

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How are you doing in this real estate market?

Our neighbor states in The West have been known for their high market volatility, yet we know that here in Portland our markets are characterized more by slow, steady and small changes. Have a look at our recent report.  statistics-by-zipcode

We show you the real statistics about your own neighborhood in charts of homes sale values by zip code for the last four years for many of the areas of Portland that we know matter to you. There are some ups and some downs, but the high volatility we associate with the busting of the housing bubble is not the reality of our Portland area. The information comes from sold data from the RMLS and may not include sales that were done privately.

If you are interested in our report, please contact us with a request and we will send it on. Or, if you have received our report and want more information, or want to learn about a zip code or area that is not included, that’s another good reason to get in touch. .

In recent conversations, many of our friends and clients have asked how we are doing in this credit crisis. While the current market has brought us significant challenges, we are managing through it. We have worked with several buyers recently for whom new loans could have been a challenge, but we have sourced stable lenders with programs that have enabled us to do some loans with 5% and 10% down payments. Credit is available if properly documented and sourced with good lenders. Additionally, we are working with a number of buyers who see this part of the economic cycle as an opportunity to be exploited and they are actively seeking the right property at advantageous terms.

For our sellers we are doing our best to promote properties – especially online, where most buyers are looking – with quality photos and virtual tours and we recommend staging or top notch condition for all showings. We are advising sellers to do everything possible to prepare their homes to ‘shine’ compared to the competition and to price them to be positioned strategically and offer value relative to other homes for sale. We keep our sellers informed about market activity and buyer feedback with weekly reports as we know good communication and information is essential for all of us to make important decisions about how to take care of business today.

We have great properties for sale – and if you see anything on our website that may be of interest to you or a friend of yours, just let us know how we can help.  503-416-4177

Becky

October 20, 2008 · Filed Under Coaching for Sellers, Home Purchase Process in Oregon, Real Estate Trends, Sales Trends and Statistics, The Jackson Group

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