Sales in Government Camp, Welches, Rhododendron and Brightwood for April 2009
Tuesday, May 26, 2009
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Mt. Hood Sales for April 2009
Tuesday, May 26, 2009
Here we go, the April numbers for sales in our Mt. Hood area are in. Total sales are down around 48% from last year's numbers. The next post will show what has sold over the past
Media Reports of Improving Markets
Thursday, May 14, 2009
According to recent news events, things are improving slightly in the home sales department in the US. Well, perhaps a little. But, what is really selling? If you take a look at the first quarter numbers, according to NAR, the National Association of Realtors, half of all home sales were to first time home buyers.
It's also known that half of all sales in the first quarter were foreclosures and short sales. So, we have investors picking up foreclosers and short sales and first time home buyers picking up the rest. These sales are homes at the bottom of the pricing scale causing the median price of homes to decrease at a rapid rate. The mid and high end price ranges are not moving causing these homes to continue to decline in pricing.
Sure sales have increased in California, Florida and Nevada. These are states that have the most inventory and depressed prices in the US. Investors and first time home buyers are starting to work this inventory over but when will the recovery hit the rest of the pricing ranges? Stay tuned.
Foreclosures and Short Sales Headline First Quarter Sales
Wednesday, May 13, 2009
The National Association of Realtor's recent reports for the first quarter of 2009 are not too thrilling.
The first quarter showed a national decline of around 10.7% but from a year ago we are down 29% in Oregon.
Here is the median sale price chart:
Median sale prices are down around 13% from first quarter 2008.
Moving Numbers Are Down
Friday, May 1, 2009
According to the U.S. Censes Bureau the number of people moving from 2007 to 2008 declined to 11.9%. This is the lowest rate since they began keeping records in 1948.
Most movers were in the South and in the West.
Stats for 2008:
65% moved within the same county
18% moved to a different county within the same state
13% moved to a different state
3% moved to the U.S. from abroad
Home Equity Declines on Mt. Hood
Thursday, April 30, 2009
The latest numbers show home appreciation and home equity declines in the Portland Metro/Vancouver/Beaverton area. Here is the chart:
Look at the impact of 2006-2008, probably through refis and home equity loans. Yikes! Although this is a broad group and the Vancouver area with new construction has probably made these statistics worse than they really are, it's interesting. I am surprised at the median downpayment amount.
Naturally, as Portland goes, our area goes. I don't have the actual numbers for our Mt. Hood area.
New and Existing Home Sale Numbers
Tuesday, March 24, 2009
Take a look at this information to see NAR, the National Association of Realtors, info based upon the Bureau of Census, and their predictions for home sales through the end of the year and into 2010
Unemployment Hits 10.8%
Monday, March 16, 2009
The numbers are out today. Oregon unemployment numbers hit the 10.8% figure. Portland metro is better off than several of the Central Oregon counties hitting 12 to 15% unemployment but this will affect the Mt. Hood area for sales. Less familes qualify for mortgages. Fewer buyers are in the market and it makes it harder to sell homes because we will be seeing more foreclosures due to unemployment.
Current inventory is at 143 properties for sale. Lets hope this stimulus plan gets stimulating soon so we can get this economy heading in the right direction.
Oregon Economic Impact of Housing Crisis
Sunday, March 15, 2009
Here is some interesting information on the impact of real estate for the state of Oregon compiled by the National Association of Realtors through the Bureau of Economic Analysis.
The real estate industry accounted for 17.1% of the gross state product in 2007. “The Industry” includes everything from construction, lending, title services, moving trucks, brokerage, appraisals and other related services.
When a home is sold, $25,767 worth of income is generated into those services. An additional $5,000 is generated from painting, buying new furniture and other auxiliary events.
Once this income is generated there is the multiplier effect with an additional $14,927. This money is generated by eating out, going to movies and sporting events, giving to charity and other spending events generating sales and income.
As additional home sales are conducted a new home is usually constructed- one for every eight home sales. According to Macroeconomic Advisors for NAR, when a new home is constructed it creates 1/8th of new home value generating approximately $35,788 into the economy.
It becomes obvious looking at these numbers that the economic impact of the housing crisis is huge for Oregon. The slowdown has caused Oregon unemployment numbers to be some of the top in the nation!
Mt. Hood Sales for February 2009
Saturday, March 14, 2009
The Portland RMLS recently released sales information for February 2009. Here are the numbers:
Increasing inventory with 56 new listings on the market since January and 22 new on market in February alone. Closed sales at six shows an increasingly competitive market with not as many buyers active. Pending sales are down 61.5% comparing this same time from last year.
There's no doubt that increased unemployment, increased savings and the virtual disappearance of around 45-50% of individuals savings and wealth are having an impact on real estate.
There have been no sales of land, mutilfamily, or commercial properties since January.
Some sellers are making the price adjustments needed to compete and get their properties sold. It is shocking for many sellers to see what comparable properties are selling for as home equities rapidly shrink to adjust to this current economy.
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