Archive for August, 2010

The new Market Action report from RMLS with stats for July is, frankly, dismal.  But around the Lee Davies Real Estate office, brokers have been rushing around with a spring in their step and our moving truck has had little down time so we decided to crunch some numbers to see how we compare to the industry overall.
 
If you look at the RMLS report below, you’ll see that July 2010 pending sales were down 24.9% over 2009 but LDRE enjoyed a 33% increase.  That’s a 58% spread!  Portland Metro’s closed sales for July compared to last year declined 29% while LDRE closings were down 11% – that’s 18% above the average.  Average sales prices across Portland Metro were up 2.9% but up a impressive 21.6% from $395,883 to $481,436 at the LDRE closing desk.
 
Comparing year-to-date figures which give you a much broader look at the picture, you’ll see the numbers are a little rosier for our market overall.  Here is the breakdown of January to July ’10 compared to ‘09:
 
                RMLS Closed Sales          +22.5%
                LDRE Closed Sales           +85.4%
 
                RMLS New Listings          +09.1%
                LDRE New Listings           +30.5%
 
Of course, our company growth has played a role in these increases.  Our team of brokers has increased 33% during the same time frame.
 
Many conclusions can be made when crunching the numbers but we like to think that our professional, consistent team approach has played a major role in, not just surviving the recent market conditions, but thriving in spite of them.
 
The statistic of glaring concern to us, as revealed in this report, is the 10.8 month current inventory compared to 7.3 for 2009.  This is the first time since March that this number hasn’t improved over the prior year and it took a big jump.  We are feeling the reverberation of the end of the tax credit which may have prompted summer buyers to buy early and has had a domino effect on the market.  An inventory number this high will likely have a negative effect on home prices, however it is a situation an educated and realistic seller can overcome.  For buyers, on the other hand,  it’s a dream come true…an abundance of inventory and interest rates the lowest they’ve been since Freddie Mac began tracking rates 1971.
 
If you are ready to crunch some numbers of your own and consider taking advantage of this unique window of opportunity, please contact one of our professional brokers today!

 “Not in my back yard”
The Portland Tribune 
In the pursuit of a long-term transportation plan that includes the installation of a new “livable neighborhood” in North Bethany, Washington County is expanding Bethany Boulevard, a project that will cut into the yards of some Oak Hills neighbors.  Click here to see the article in its entirety. 

Link to 3not5 blog created by Bethany neighbors.

“We need a bigger back yard.”  “Wouldn’t a cul-de-sac be perfect?”  “Now that the kids are gone, we really don’t need this big house!”  The main reasons we decide to make a move are often child related.  If you’d like to research neighborhoods with the best public schools to fit your family’s needs, here’s the resource you’re looking for:  School Report Cards
Remember too that schools can affect your home’s resale value!

Click on the image below to see the full RMLS report in PDF format:

Market Action Report

from Northwest Mortgage Group 

As of August 18, 2010 (1% loan fee applies)

Rates shown above are based on transactions with a 20% down payment, 1% loan origination fee, 740 credit scores, impounds for property taxes and insurance and 30-day rate lock.  Contact Jeanine Roe or Brian Page of NW Mortgage Group for more information at 503.439.9191.