Real estate activity in Oregon and SW Washington up in most RMLS areas
In the December 2009 RMLS™ Market Action report, sales activity was up in most areas that we cover, compared to December 2008. Though this is a positive sign, it should be taken with a grain of salt, because last December brought record lows for pending and closed sales in many areas.
Portland saw a 52.6% increase in closed sales this month and a 40.9% increase in pending listings, while Clark County closed sales were up 48.1%, and pending sales rose 33.8%. Baker County, Coos County, Curry County, Lane County, the Mid-Columbia region and Union County also saw both closed and pending sales increase over last December.
Sales volume down for the year in most areas
Given lower sales totals and lower prices, this should come as no surprise, but total sales volume for the year fell in most areas in 2009. Portland dropped from $6.3 billion in 2008 to $5.5 billion this year. Lane County was down from $740 million in 2008 to $669 million in 2009.
Notable, however, is an increase in sales volume in Curry County – up to $66 million this year from $59 million in 2008. And Clark County matched its total sales volume of $1.2 billion in 2008.
Year-end stats, Clark County shines
Clark County seems to be ahead of the pack when it comes to sales activity. For the year, pending sales were up 19.5% and closed sales up 13.8% compared to 2008. That’s far ahead of most areas; for example, in Portland, pending sales were up 4%, and closed sales were down 0.9%. Only Curry County outpaced Clark County in percentage of sales increase for 2009, with pending sales up 31.3% and closed sales up 23.7%.
However, the increase in sales has come at a price – Clark County saw the largest decrease (-12.6%) in median sale price for the 11 areas we cover.
Residential real estate sales tick up in several areas, inventory down
This month’s RMLS™ Market Action report showed a trend of increasing real estate sales & subsequently lower housing inventory in many areas of Oregon & Southwest Washington.
Closed sales rose in the following areas this month, compared to the same month in 2008:
|Curry County, Oregon
|Columbia Basin, Oregon
|Lane County, Oregon
|Clark County, Washington
|Portland Metro, Oregon
Third Quarter Sales Up:
September marked the end of the third quarter and compared to Q3 in 2008, Coos County, Curry County, Douglas County, Lane County, Portland and Clark County all saw sales outpace Q3 in 2008. Clark County led the pack at a clip of 18.7%.
Ten of eleven areas that we cover in the Market Action report saw housing inventory drop from August. This can be attributed to rising sales in several areas and as we head into the slower fall & winter seasons, fewer homes are being listed as well.
Both the Portland and Clark County areas saw inventory drop to 7.6 months. Lane County has the lowest inventory of the areas we cover at 6.8 months.
Free RMLS Fall Education Summit & Trade Fair in Pendleton Highlights this Month
Here’s a quick rundown of upcoming Realtor® events & education for the remainder of October in Oregon & Southern Washington. If you have an event that is not listed here, please let us know by commenting below. For future events, please send an e-mail to communications (at) rmls (dot) com.
RMLS™ Fall Education Summit & Trade Fair: October 8, 2009
Sharpen your skills and learn more about the current market at the RMLS™ Fall Education Summit & Trade Fair in Pendleton, Oregon on October 8. We have three free continuing education opportunities for both Oregon & Washington real estate agents (see descriptions below):
- 9:30 – 11:30 am: “Dealing with Distressed Property Market” – Matt Farmer, Oregon Association of Realtors®. Course is eligible for 2 core hours.
- 1 – 2:30 pm: “Critical Ground Water: Water Quality, Water Quantity, The Basics” – panel includes: Teresa Walchli, Umatilla County Soil & Water Conservation District; J.R. Cook, City of Umatilla; Ken Diebel, Oregon Department of Natural Resources Division. Course is eligible for 1.5 elective hours.
- 9 am – noon: “Current Issues in Washington Residential Real Estate” – Dian Lane. This course is eligible for 3 core hours for Washington agents.
To register for any of these classes, e-mail email@example.com.
Other Events & Opportunities:
– October 3: Salem Association of Realtors® (SAR) hosts “Talent Show – SARCF Fund Raiser”, benefits the SAR Community Fund
– October 8: RMLS™ Fall Education Summit & Trade Fair
– October 8: Portland Metropolitan Association of Realtors® (PMAR) hosts “Navigating the Realtor® Code of Ethics: PMAR Ethics Training Seminar”
– October 8: Clark County Association of Realtors® hosts “Foundation Follies” – proceeds benefit Northwest Children’s Outreach
– October 8: Eugene Association of Realtors® (EAR) hosts “Lane County Property Taxes”
– October 12-13: Washington Realtors® Education Conference
– October 14: Douglas County Board of Realtors® hosts “Unusual Preliminary Title Reports & The New 2009 Title Updates”
– October 15 & 22: EAR hosts “Evaluating Investment Properties I & II”
– October 20-23: Realtor.com® Marketing & Technology Real Estate Series presents “Survival Guide 2009”, October 20 – Ashland, October 21 – Eugene, October 22 – Salem, October 23 – Portland.
– October 21-22: Earth Advantage offers “S.T.A.R. (Sustainability Training for Accredited Real Estate Professionals)” in Portland
– October 22: PMAR hosts “At Home with Diversity”
– October 23: PMAR hosts “Homeownership Opportunities Certification Course
– October 28-29: Earth Advantage offers “S.T.A.R. (Sustainability Training for Accredited Real Estate Professionals)” in Bend
Also, if you’re an RMLS™ subscriber, we have lots of FREE opportunities for continuing education credit at a location near you, click the link for your area to view the October Training Calendar:
– Coos County
– Eastern Oregon
– Hood River
Image courtesy of Ayhan Yildiz
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:
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.
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.
Downward trend continues
Comparing July 20, 2009 through August 2, 2009 the number of times RMLS™ subscribers opened Supra lockboxes decreased 15% in Washington and 5.4% in Oregon.
Click the chart for a larger view (Oregon, left; Washington, right)
View an archive of the Supra lockbox statistical reports on Flickr.