Looking at the Portland Metro area market in 2010, December continued the trend of decreased activity toward the end of the year. However, closed sales underwent an uptick in December, reaching the highest monthly level since June. Inventory also saw its lowest level since June. Closed sales were down 2.9% compared to December 2009, but pending sales were up 6%. New listings dropped 8.5%. Comparing the previous month of November 2010 with December 2010 shows closed sales jumped from 1,279 to 1,462 (14.3%). However, pending sales fell from 1,426 to 1,210(-15.2%), and new listings dropped from 2,437 to 1,925 (-22.2%).
The average sale price for December 2010 declined 5.2% compared to December 2009. The median sale price also fell 5%. Month to month, comparing November 2010 to December 2010, the average sale price went up from $271,900 to $278,000 (2.2%) while the median sale price dropped from $233,000 to $230,000 (-1.3%). For 2010, average sale price dropped 2.7% compared to 2009, and median sale prices fell 2.9%.
When comparing activity in 2010 with that of 2009, closed sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%. Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009.
For the full report, email me!
A new park has been announced by the Lake Oswego City Council, and will be located at 120 State Street. It is named after Richard Sundeleaf. A prominent figure among the Lake Oswego community, Sundeleaf was a well-known architect. His design work can be seen throughout Lake Oswego, from residential homes to commercial buildings such as the Oswego Lake House restaurant & Lake Theatre.
The Sundeleaf Plaza will have a lakeside promenade, lawns, public plaza, a bioswale for storm water, and restrooms. The park is set to be completed by May 31, 2011. There will be a grand opening and dedication ceremony.
In case we didn’t alraedy know we live in a great place, Portland Monthly just published an article of the area’s top 25 wealthiest zip codes. Can you guess which one was at the top? Our very own Lake Oswego. As a result, we have the highest median home values, the highest scoring schools, a great community, and all-around one of the best places to live! Sweet success!! The median home value for Lake Oswego 97034 was $520,901. The article also reported median net worth income, median household income, median disposable income, population, per capita income, and descriped the lifestyle in each zipcode. The article descibed Lake Oswego as “Urban Chic.”
Rounding out the top three were West Linn 97068 with a median home value of $445,782, and Portland 97229 with a median home value of $436,519.
For a full PDF of the Portland Monthly article, email me.
City of Lake Oswego is offering a rebate program, but hurry its only while funds last! You can get a $75 rebate to replace your toliet with a 1.6 Ultra Low Flow standard model toliet, or you could get a $125 rebate for a high efficiency toliet. Your current waterloo must have been installed prior to 1996 to get the rebate.
For an application, please feel free to email me or go to the City of Lake Oswego’s website: www.ci.oswego.or.us
Hearing a lot of negativity in the media lately? Well here’s a refreshing piece of news: According to the National Association of Realtors (NAR), November sales rose 5.6% from October in 2010. While sales are still down from November 2009, when there was a rush before the home buyer tax credit expired.. this is still a positive sign in today’s marketplace.
NAR’s Chief Economist, Lawerence Yun claims “The relationship recently between mortgage interest rates, home prices, and family income has been the most favorable on record for buying a home since we started measuring in 1970. Therefore, the market is recovering, and we trend up to a healthy sustainable level in 2011.”
Inventory levels also went down in November from October 2010. It is currently at 9.5 months, which indicates how long it take to deplete the inventory at the current sales rate.
Now is the time to get a sweet deal on a house. Historically, it’s one of the best times to buy a home. If you or someone you know is thinking about buying or selling, please contact me. Don’t miss out on this unique time in our marketplace.