The housing inventory (homes for sale) is currently at 6.6 months, which matches April’s housing inventory. The peak of our inventory was 18.6 months back in Feb 2009. Inventory is calculated by dividing the active listings at the end of the month by the number of closed sales for that month.
The average home sale price is down 3% and the median sale price is down 5.4%. Not bad when compared to other parts of the country.
The time it takes to sell a home is down 36.1% compared to May, 2009 stats. This lower number could have something to do with the first time home buyer tax credit that recently expired on April 30, 2010. Total market time to sell a home for 2010 is down 19.7% from 2009 statistics.
Interest rates are still incredibly low. If you’re considering selling your home in the near future and you price your house right, the chances of it selling are high. If you want to buy a home, I highly recommend you talk to a lender first to verify you qualify. Once you’re pre-qualified, start watching the market.
These residential statistics are based on monthly figures reported by RMLS™ of which I am a member.
Stats for June are in! The inventory of homes on the market for the month is DOWN from 11.1 in May to 7.9 in June for SW Washington. That compares to 12.6 a year ago and 6.8 two years ago!!! Portland is down 10.2 to 8.2, which compares to 9.5 a year ago and 5 two years ago.
The Inventory in Months statistic means that based on current trends, if no more homes went on the market, the current inventory would exhaust itself in 7.9 months. This supports my comment I made in my May 29 post, “… this waiting game can give a false illusion that there are more houses available than there really are. When the bank finally responds, the short sale homes will finally drop from the active list, but remember, the activity was generated months before.”
Market time in June dropped to to 153 from 167. That means if you put your house on the market, the average days on market before it sells is 153 days. YTD pending sales are up 6.2%.
The average sale price change is down 13.2 from a year ago. That means homes are selling for an average of 13.2% less than a year ago. Since this is an average, one might wonder what areas are doing better? Good question! The YTD average sale price with the least change reported in SW Washington is SE County (16.0%), Cascade Park (-0.4%) , Battle Ground (-9.5%), and West of I5 County (-5.2%). That means that home in these areas are selling for closer to the same price they sold a year ago.
These statistics are based on monthly figures reported by RMLS™ of which I am a member.
I get an automatic foreclosure list from HomeSteps.com, A Freddie Mac Unit, emailed to me weekly for my area. Lately I noticed the list has consistently had less homes on it. There were 11 listed on June, 10, 8 listed on June 17 and 8 listed today, compared to nearly double that earlier in the year. (Hindsight: Wish I would have tracked the number of homes that were listed on there from the beginning.)
I hope this decrease is an indicator that less people are losing their homes and/or more banks are working with their customers to keep their home!
Home prices and interest rates are still low. Locking into a low priced home with a fixed low interest rate is a good hedge against future inflation!!!
Be encouraged! The Pacific NW real estate market appears to be doing the BEST out of the entire nation!
If you’re buying or selling real estate and you live in the Pacific NW, you’re in the best market to be in according to the Federal Housing Finance Agency (FHFA). Check out the numbers: U.S. Monthly House Price Index
Prices and interest rates are historically low and the $8000 tax credit for first time buyers is available if you close by December, 2009. If you have not owned a home in the last 3 years, you may qualify as a first time buyer.
If you want to take advantage of these great opportunities in the Pacific NW, contact me. I’m interested in talking directly to customers that are serious about buying or selling.
Please Note: It is NOT okay to contact me to solicit lists of potential buyers to me!!!