Linda Rossi – June 15, 2016
According to the RMLS Market Action Report for the Portland Metro Area, June, 2016:
- There were 4,501 New Listings in June which was up 8.6% from May, and up 5.2% from May of 2015.
- At 3,158, June Closed Sales were up 9% from May’s 2,896, and down 4.4% from June of 2015’s 3,302.
- June Pending Sales (Accepted Offers), at 3,390 down 4.9% from May’s 3,563, and were also 6% lower than June of 2015’s 3,605.
- The Average Sale Price in June of $412,000 was up $9,500 over May’s $402,500, and also up around $42,500 from June of 2015’s $369,500.
Linda Rossi – May 21, 2016
April is seeing, generally, Price and New Listings increases over March, and a decrease in overall productive activity (Closed & Pending Sales) compared to April of last year.
Here are the latest/April numbers for the entire Portland area:
According to the RMLS Market Action Report for the Portland Metro Area, April, 2016:
- There were 4,082 New Listings in April which was up 19.7% from March’s (3,409), and up 3.4% from April of 2015 (3,949).
- At 2,611, April Closed Sales were up 1.8% from March’s 2,565, and down 4.5% from April of 2015’s 2,734.
- April Pending Sales (Accepted Offers), at 3,432 were up 11.6% from March’s 3,076, but were 5% lower than April of 2015’s 3,613.
The Average Sale Price in April of $397,700 was up $12,600 over March’s $385,100, and also up around $50,200 from April of 2015’s $347,500.
Linda Rossi – February 23, 2017
Linda Rossi – September 1, 2015
Tips & Tidbits
- Documentation and timelines will be changing soon around your Lending and Closing Disclosures. Make sure to discuss with your Realtor and your Lender as these changes can affect your ability to meet your contractual Closing date if not monitored properly. Specifically, there are a certain number of days mandated for your review of them prior to being able to Close, so find out your Lender’s plan for timing in getting them to you. Also, Escrow’s documents for your review will depend on when they receive information from your Lender. Expected current timeline for implementation has now been moved to Oct 1st.
- Speaking of meeting the Closing date and plotting timelines carefully, also remember to factor in the potential need for sign-off by an Appraiser if there were repairs that require that (either because of FHA or other loan requirements), or because an Appraiser calls something out that will necessitate it…such as the common issue of a Carbon Monoxide Detector not being in the home at the time of the Appraisal (…really a Good idea to make sure there is one in the home before the Appraisal : )
- Buyers- Make sure to discuss your Offer pricing with your Realtor in the context of current market value research before making your Offer. In this competitive market, reports are varying widely that Appraisals are coming in just fine in some instances, and/but low in others. Per the Oregon Residential Real Estate Sale Agreement generally used, you are not obligated to pay over Appraised Value, and a bank will not lend over that value either. So… this becomes an uncomfortable negotiating point toward the end of a transaction should you really Love the house and the Seller won’t budge on price. Sometimes people are able to meet somewhere in the middle on price, but if you decide you want to proceed with some kind of arrangement in this realm of options, any monies over the Appraised Value will need to come out of your pocket. Take a close look at the best info available on values in that neighborhood in the recent past at the outset so that you don’t go too far afield in your eagerness to compete.
- The same is true for Sellers. Make sure you take into account, when you price your home for sale with your Realtor, that your property will need to appraise “at value” in order to close at the agreed-upon price… without headaches, drama and potential “sale fail”.