Market News
Metro Market News was designed for one primary reason: to help people find the properties and the information that they desire about the Portland metro area all within one web site
No Comments Mortgage Applications Are On The Rise
Kerri Panchuck has written an interesting piece for Housing Wire about recent trends in the mortgage industry.
The article notes that mortgage applications rose 4.9% in October of 2011. It also breaks down several other very interesting statistics and trends that are taking place across the country. For instance, did you know that the average interest rate on a 30-year, FRM backed by the FHA fell to 4.11% from 4.12%, while the 15-year, FRM increased to 3.62% from 3.61%?
Read more by clicking HERE.
Metro Market Report for September 2011
Here is a quick glance at some important market trends and stats in the Portland Metro Area for September 2011 as reported by the local MLS:
Compared to September 2010, closed sales increased 13.4%, pending sales increased 17.5% and new listings dropped 29.5%. The average sale price declined 4.2% and the median sale price fell 3.8%.
When compared with the previous month (August 2011), closed sales decreased 12.1%, pending sales decreased 14.9% and new listings fell 13.1%. The average sale price went down from $271,800 to $268,200 (-1.3%) while the median sale price increased from $225,000 to $230,800 (2.6%).
At the time of the report there were 10,666 active residential listings. At the month’s rate of sales, that inventory would last approximately 6.7 months.
Comparing the third quarter of 2010 with the same period in 2011, sales activity was up. Closed sales increased by 21.5% and pending sales were up 21.6%. New listings fell 27.6%. The average sale price dropped 6.9% and the median sale price was down 7.5%.
Metro Market News offers some of the best information on market trends and statistics regarding real estate in the Portland Metro area!
A Quick Glance at Third Quarter Market Trends and Stats
According to experts, the economy grew at an annual rate of 2.5%, personal consumption increased by 2.4% and the threat of a doubled-dip recession is on “hold” for now. Click HERE for more information.
As I have mentioned before, we are continually seeing signs of a slow but evident recovery and there is finally some reason for optimism! Locally, closed sales, pending sales and the median sales price are all UP while interest rates remain at historically low levels.
Please contact me at 503.807.4430 with any questions or concerns about real estate.
-Patrick Krause
Wall Street Journal: “Finally Time to Buy a House”
We have all heard the talk about the real estate “bubble”. We have also been hearing (and in some cases experiencing) how bad things have been over the last few years. Hence, many people are wondering if we have hit bottom yet. In other words…is it safe to actually participate in the market again?
The Wall Street Journal recently published a pretty informative article that helps answer that question. Here it is:
http://online.wsj.com/article/SB70001424052970203914304576630891758741406.html
Feel free to contact me with any questions about this information and/or about how this pertains to our local market.
Coming Soon…6 Custom Condos in Westmoreland!
Welcome to the Crosswater Condominiums…a custom-built and very well appointed new construction project in one of Portland’s most desirable neighborhoods!
The custom design and décor combines the rustic look of the Pacific Northwest with an urban chic vibe and offers new owners high-end materials and amenities in a very reasonable price range ($274,900-$289,000).
Completion is scheduled for mid-December. Please visit www.crosswatercondos.net for more information!
