The $8K Tax Credit and its Effect on Portland Metro Real Estate

There’s been some encouraging news lately in the RMLS™ market areas. The number of sales and pending sales are finally outpacing the totals from the same month in 2008.  How much of it might be a result of the $8,000 first-time homebuyer tax credit, though?

I recently put together some statistics for the Oregonian on the Portland metro area, and thought I would share them with you.

There is no question that home sales in the lower-end of the market have seen a big jump this year. In 2007, homes priced between $0 and $249,999 only made up 35% of all sales in the Portland metro area. In 2009 so far, they make up 49.6% of the market. 

As you’d expect, coinciding with the increase in lower-end homes is a drop in high-end homes. Homes priced $500,000 or above have dropped from 13.5% of the market in 2007, to just 8.2% of the market this year.

The question is: what will happen when the $8,000 tax credit expires on December 1?

I know the tax credit definitely got me off the fence & I can literally think of 15 of my friends and acquaintances (off the top of my head) who have bought or are actively looking to buy. 

So in my humble opinion, there’s little doubt that the tax credit spurred people to buy. But as the deadline for the credit approaches, it should be interesting to see where sales go.

Supra Lockbox Activity – Updated Through August 9

Lockbox activity rebounds

After a few down weeks, lockbox activity rebounded in the week of August 3-9 compared to the prior week. In Washington, the number of times RMLS™ subscribers opened Supra lockboxes increased 18.2% and in Oregon, activity was up 8.8%.


Click the chart for a larger view (Washington, top; Oregon, bottom)

Archive
View an archive of the Supra lockbox statistical reports on Flickr.

July Market Action Released: Reports Show Improvement in Oregon & Southwest Washington Real Estate

We released the latest Market Action reports to RMLS™ subscribers yesterday. Many areas of Oregon and Southwest Washington are showing improvement as far as sales and inventory go – here are a few highlights:

Note how 2009 line is virtually flat compared to 2007 & 2008

Portland Metro Active Listings: Note how the 2009 line is basically flat.

Inventory: Inventory is showing steady improvement in Portland (7.3 months), Clark County (7.3 months), and Lane County (6.2 months). In most circles, 6 months of supply is considered a balanced market. The drop in inventory comes thanks to strong closed sales, but also because the number of active listings is growing at a much slower pace than usual.

Closed sales: The Portland metro area was finally able to post a gain in same-month closed sales for the first time since April 2007. Closed sales were up 8.6% compared to last July. Clark County posted a gain for the second straight month – closed sales were up 23.5% there. Lane County also posted an 11% gain. Baker County, Curry County, Douglas County, and the Mid-Columbia region also saw growth.

Clark Co. Pending Sales: Oh, so close to reaching July 2007 levels.

Clark Co. Pending Sales: Oh, so close to reaching July 2007 levels.

Pending sales: Same-month pending sales in Clark County grew for the fourth month in a row at 30.3%. In fact, Clark County pending sales not only surpassed July 2008 levels, but they came close to hitting July 2007 levels. With the exception of the Mid-Columbia region and Union County, same-month pending sales grew in all of our primary service areas.
Forms & Documents Keyword Search Added to RMLSweb

Forms & Documents Keyword Search Added to RMLSweb

We’ve added a new Keyword Search to our Forms & Documents menu on RMLSweb. Our Forms & Documents menu has always been filled with lots of useful information, along with  the documents that you need in your day-to-day business.

Now, instead of navigating through a list of folders, you can type in a keyword and search! Here’s a short demonstration:

In addition to the Keyword Search, you can also browse by Tags or by the old “folder”-style organization. Oh, and you can also search the archives of Newsletter articles as well (we’ll have more on that later!).

New Short Sale Fields Added To RMLSweb

New Short Sale Fields Added To RMLSweb

As we previewed in an earlier post, to help you handle short sales more efficiently and to help the other types of properties that require 3rd Party approval to get fair exposure, we’ve added Short Sale Yes/No and Short Sale Offer (Seller Accepted; Submitted for Approval) Yes/No to Listing Load.

Watch this short tutorial to learn more about how to use these two new fields.

For more information on short sales see the National Association of Realtors Short Sale Field Guide.