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Market Action for August 2008

Tuesday, September 16, 2008
by Liz Warren

Traditionally August is one of the most active of our year in sales. Take a look at the market action from multiple listing for the month of August.  The board of directors of the Multiple Listing Service have changed the calculation of the aveage days on market to the total market time which is now cummulative.Some agents would wait for a listing to expire or withdraw and relist as a new listing giving an unrealistic view of marketing time. This decision by the board will make more realistic figures for sellers and buyers to understand the market.

Sales for August were down 47% from the year before. Days on market will be showing up as longer due to the new cummulative amounts. August saw a total of 12 sales.

 

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Judy's Cottage on 3.2 acres of paradise!

Saturday, June 21, 2008
by Liz Warren

Welcome to Judy's cottage nestled on 3.2 acres of paradise in Brightwood Oregon. This parklike property has been loved to perfection. You enter the driveway under a canopied driveway with tall cedars and firs.

The cottage was originally built around 1920 and has a couple of additions since that time. The original stone fireplace has a wood carving of whimsical horses carved into the mantel. Lots of cedar, high beams, and original paned windows are in the original structure. Three bedrooms, two baths and a charming sun nook to start your day with a cup of coffee and a full view of the many birds that visit the property.

If you want to own your own park and garden paradise, this is it. A huge expansive lawn, 22 blueberry bushes, pear trees, raspberries, strawberries, grapes, iris, rhododendrons, azaleas and more throughout the property. A sturdy outbuilding to store your garden tools too.

There are tons of native plants. Abundant wildlife visit the property from deer, chipmunks, squirrels, raccoons, all kinds of birds...too many to list.

This is a rare opportunity to purchase an outstanding property that has been loved to perfection!

Located only one hour from Portland and forty five minutes to the airport. Only 15 minutes to Mt. Hood ski slopes too. $295,000

Take a tour here

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2007-Second Home and Investor Numbers Will Surprise You

Tuesday, April 1, 2008
by Liz Warren

This is a real eye opener considering 2007 reports on the market! Second home and investment buyers purchased about one third of properties sold in 2007 according to the National Association of Realtors. Vacation home sales only declined two percent from 2006 to 2007. (12% of total sales in 2007).

Despite the fact that we are in a credit crunch and in tough economic times, second homes are elective purchases. Locally we know that at least a third of homeowners in Portland have no mortgage. We also know that Oregon ranks 47th in the subprime problem-which means there is extra money available for purchasing second homes.

Actually, it’s a bonanza of an opportunity for buyers with super low interest rates, softening prices and increased inventory. Yes, primary home sales have softened the most but second home sales have not seen the declines locally that many media outlets have declared.

Believe it or not 28% of second home buyers paid cash for their purchase. Many second home  buyers are looking to purchase now knowing their investment will appreciate greatly in the next five to ten years. Portland metro has a particularly great opportunity with a recreational area so close to the city, many weekenders take advantage of the quick one hour drive making the Mt. Hood area a premium destination for a rec home that can be used year round.

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Cumulative Days On Market

Wednesday, February 13, 2008
by Liz Warren

Gone are the days when agents would reenter a listing as new to draw attention to a property or to market it as "new" in the eyes of the public. The latest statistic for real estate agents straight from multiple listing is the "cumulative days on market" field.

Cumulative Days on Market  really tells the true story vs "days on market" since the property didn't sell the first time, this is the true marketing time. The true time from start to finish with a sale, with price adjustments, new agents or companies entering the picture: it's the whole enchilada.

Today's statistics show the inventory for Government Camp, Welches, Rhododendron, and Brightwood at around 87 properties for sale. We have a current 17 month supply of homes! Average days on market: 78 but cumulative days on market: 101. That's a 22% difference in perception.

Rather than going through the math at a painful pace through the history section, this simplifies the process.

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Timberline Rim Appreciation and Sales Info

Sunday, January 13, 2008
by Liz Warren

Timberline Rim is the largest subdivision on the mountain. The community of owners are mostly full time occupants who either work locally, commute to a job, have retired, or  own a vacation home.

In comparing sales over the past year (1/13/2007-1/13/2008) to sales for the prior year (1/13/2006-1/13/2007) we see approximately 4% appreciation. The average sales price moved from $246,382 to $257,227 in that time frame. That's the good news. The tough news is that sales have declined 44% for the same time periods. Days on market have increased too from 66 days to an average 80 days. The past year averaged just over one Rim home selling per month where as the prior 12 months recorded a whopping 29 sales over the prior one year period.

Current inventory of Timberline Rim sits at 11 homes for sale.

 

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Happy New Year! Summary of December Sales

Thursday, January 3, 2008
by Liz Warren

December was a bit slow. Closings for residential and Condo sales hit a total of six. Two condo units closed. One at Collins Lake in Government Camp and another in Whispering Woods in Welches at the Resort at the Mountain. As for the other four: two major fixer uppers under $80,000, one forest service cabin on leased land and one full time residential sale.

To put this in a national perspective. If you look at the entire market for 2005 and 2006, about a third of that market consisted of second home and investor buyers. The adjustable loan resets and credit crunch have removed much of that market for today and it is reflected in the 2007 numbers. I believe multiple listing is reporting about a 38% decline in sales from the prior year as of November for the mountain.

The mountain does not exactly fit that national mold. In most areas of the country the sales this year have nearly all been owner occupied. Luxury sales have held steady. Here, in our market, the second home buyers have propped us up from even fewer sales for the year. Nationally, many foreign buyers are swooping in to buy vacation homes in high end resort areas due to the declining dollar and increased inventory.

The market is returning to the way it was prior to the huge run ups in 2004 and 2005. It's back to reality and new rules of lending which were tossed out for a while.

It is really a great time to buy and here are a few reasons why:

1. Increased selection.

2. Few bidding wars

3. Repairs are easier to negotiate with more willing sellers

4. Historically low interest rates

5. Few Investors are in the market

6. Prices are soft and as populations in crease in Portland many buyers will be priced out of this market.

7. Minimal Land is available so prices will continue to climb.

 

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8.8% appreciation for October!

Monday, November 26, 2007
by Liz Warren

The constant druming of the "bad" real estate market is overwhelming for agents. Did you know the October rate of appreciation for our area is 8.8% according to the Multiple Listing Service!

Yes, pending sales were down 35% in October but there are buyers enjoying excellent interest rates and lots of choices who are buying right now.

Real Estate is Local!

Did you know that 2007 is the 5th best housing year on record?

 

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Top Five Pricing Considerations In This Market

Thursday, October 4, 2007
by Liz Warren

Here are the top five pricing considerations for today's market and selling your property.

1. Increased  Inventory

2,Increased Mortgage Rates

3.Increased Mortgage Restrictions

4. Increased Vacancy Rates

5. Increased foreclosures

(cutesy of  Steve Harney)

 

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Pending Sales

Monday, September 24, 2007
by Liz Warren

Despite the doom and gloom of the media drums, the mountain market currently has 21 pending sales! 

Under $200,000    8 pending

$200,000 to $300,000    4 pending

$300,000 to $500,000    9 pending

These numbers include three forest service cabins and two properties in Government Camp. Forest cabin invenotry is down to three properties listed so if you want a cabin for skiing this winter, now is the time to buy.

And for my shameless plug: This forest service cabin is on the market right now at $109,500!

 

Call me today for details! 503-705-3090

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What's Selling on the Mountain?

Sunday, July 15, 2007
by Liz Warren

The summer selling season has started a bit slower this year. Kick off typically surfaces right around the 4th of July but things are different this year with fewer pending sales and less inquiries for properties.

The past six and a half months leave 18 pending sales still not closed at this point in the year. Of that 18, around 12 sales pending are under the $300,000 range. Last month's market statistics showed a 44% decrease in sales from a year ago May. I anticipate this number will increase after June's numbers come out to press.

Last year when other areas of the country were singing the blues the Northwest held steady in sales. I am finding we are finally feeling what the rest of the country has been experiencing, although not as severe, but a year later.

Increased inventory, great interest rates and motivated sellers make for a great playing ground to purchase right now!

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Displaying blog entries 341-350 of 353

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