Report is in about 2011 and everyone is eagerly awaiting to hear about what has been going on.
2011 VS. 2010
- In 2011, there was 4% more Closed sales and 6% more Pending Sales in 2010. New listings fell 25.4%.
- Total Sales Volume for 2011 was about $5.2 billion down from $5.3 billion in 2010. So more sold in 2011 but at a lower price point than in 2010.
- Average sales prices dropped 6.7% compared to 2010 and the median price fell 7.9%.
December ’11 vs. November ’11
- 10.3% increase from Closed Sales
- 19.3% increase from Pending Sales
- 11.7% decrease in New Listings
- Leaving us with a record low of 5.3 months of inventory, down from 6.2 months
We end the year with West Portland and SE Portland have the highest inventory as well as the most Closings in December.
N Portland has the shortest marking time of 90 days. Though the average marketing time for the past 3 years was very comparable in December which was around the 140 day mark.
You can see from the RMLS December Market Action Report for Total Active Listings that we have a substantial drop in listings on the market for the full year of 2011 but a huge drop in December. This makes the market more competitive for the homes that are on the market. The buyers have less homes to choose from and the good homes we have seen get multiple offers. Less homes on the market makes it more of a seller’s market even though the prices are low and have declined from last year.
The RMLS Average Sales Price picture average prices over the last 10 years. The orange line is drawn from our ending point in December back to the point it meets in April ’05. We also see a low dip in average sales price in the spring last year. This picture easily depicts the ‘bubble’ in the market and why if you bought in the years of ’05 to the peak in ’08 and are now trying to sell your home that the equity has depreciated and many sellers will either have to be bringing money to the table or looking into other options such as a short sale.
The rapid decline has slowed and we are seeing more little ups and downs in regards to pricing. The deep slope from ’08 to ’10 has leveled out some and be interesting to watch 2011.
These reports suggest that while prices remain soft, we are seeing some hints of possible improvement.
