When comparing sales activity in the Portland Metro area this July to July of 2009, closed sales declined 29%. Pending sales also decreased 25% and new listings rose 3. What does all this mean? Less houses are selling, less houses are going pending but we have more houses to choose from. As I am actively reviewing the market daily, what I know is houses in good condition, priced correctly and marketed well are still selling and selling in a reasonable amount of time. It also means with interest rates still hovering at or below record lows, now is a great time to buy. An increase in inventory and less properties selling usually translates to sellers being more motivated to look at an offer and depending on their reason for selling, there is more room to negotiate.
On a month to month basis, sales dropped in the Portland area from 2012 houses in June to 1412 houses sold in July. The only reason analysts have for this drop is the end of the $8000 buyer credit. Either way it still supports the idea that it is a good time to buy as sellers who waited for the summer season to list are realizing that summer is coming to an end and their house is still on the market.
With the current inventory of 15,271 active listings, we have enough inventory to last us almost 11 months. Where is the good news you ask? The average sales price for July of 2010 increased 3% over July of 2009 and from June to July of this year we saw a 2.5% increase in sales price from $289,000 to $297,000.
Despite the increase in inventory it can still be a good time to sell, especially if you are looking to upsize. In which case, the reduced price you receive from the sale of your home would be made up for in the reduced price you receive when purchasing a more expensive home. For those looking to downsize or combine households, depending on the condition, location and price of your home it can also be a good time to sell. Another idea is exploring your options for turning your current home into a rental.
On a month to month basis, sales dropped in the Portland area from 2012 houses in June to 1412 houses sold in July. The only reason analysts have for this drop is the end of the $8000 buyer credit. Either way it still supports the idea that it is a good time to buy as sellers who waited for the summer season to list are realizing that summer is coming to an end and their house is still on the market.
With the current inventory of 15,271 active listings, we have enough inventory to last us almost 11 months. Where is the good news you ask? The average sales price for July of 2010 increased 3% over July of 2009 and from June to July of this year we saw a 2.5% increase in sales price from $289,000 to $297,000.
Despite the increase in inventory it can still be a good time to sell, especially if you are looking to upsize. In which case, the reduced price you receive from the sale of your home would be made up for in the reduced price you receive when purchasing a more expensive home. For those looking to downsize or combine households, depending on the condition, location and price of your home it can also be a good time to sell. Another idea is exploring your options for turning your current home into a rental.
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