By Randy McCreith, Principal Broker
Click Here to View the Market Action Report- November 2009
You would think it is Christmas! The numbers in November’s report look like an remarkable gift. 72.4% increase in closed sales compared with last November, and 19.9% increase in pending sales; this is the largest increase on record! The previous record was 56.9%. Read on…
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It seems like so long ago, but it was just a year ago that the financial markets were melting-down and our whole economy was seizing-up. People and institutions world-wide stopped everything to try to understand what was happening. Every one of our massive investment banks went bankrupt, were forcibly sold-off, or morphed into something completely different under the intense heat of the moment. Following September, 2008’s explosive news, October, November, and December, were dark months for everyone.
We have seen much recovery since then, and October 2009’s Market Action Report continues to document incremental improvements every month in the Portland metropolitan housing sector. More… »
Attached is the current Market Action Report for the month of September, produced by the Regional Multiple Listing Service (RMLS). This is the best local hard data available on the Portland Metropolitan markets. I have also included an couple of attachments for our core area, Yamhill County. One document looks at the current contingent sales (must sell first) and pending sales (accepted offer) as of 10/17/09. The other looks at closed sales for the past 30 days as of 10/17/09. Both documents sort the data first solely by price, and then by city/price. This gives you a chance to see what price ranges and locations are active. I can also provide more information about your particular interests, or more details on any area in Oregon, just let me know what is helpful for you.
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I have attached the April Market Action Report from the Regional Multiple Listing Service (RMLS). The report supplies good news and supports our contention that the market has changed direction and is in recovery. This month, before we discuss the report, I want to pause and acknowledge with empathy the toll exacted on our clients and our industry thus far.
The Effects Of The Past Two Years On Our Clients…
In our area we have been in a difficult market now for almost two years. In July/August of 2007 when American Home Mortgage suddenly went bankrupt, it was if we all were awakened by the jolt of a powerful earthquake. What could take down a skyscraper lender so quickly?
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February’s report is more good news! But if one does not think about it critically, it might not appear to be so.
Comparing Data with 2008:
We all know that 2008 was a bad year, first for the housing market, and then for the overall economy. Buyers were difficult to find anywhere, inventory continued to climb to record numbers, more and more sellers moved from default to foreclosure because they could not sell, and by the 4th quarter the patient was completely comatose. The national economy entered a recession in early 2008. There was still significant fall-out from the sub-prime debacle, oil prices shot up dramatically and grounded most people and robbed others of their economic viability, and in mid-September, the financial sector crashed, credit froze, most of the national investment institutions failed in one way or another; many banks were seriously undercapitalized requiring dramatic intervention of the US Government. Wow!
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