Southwest Washington Home Sales Report, RMLS – NOV 2010

This report highlights November 2010 real estate activity for Southwest Washington as reported by the Regional Multiple Listing Service (RMLS). RMLS is the main provider of listing services for Clark County while NWMLS is dominant in Cowlitz and Pacific counties. Please read the Cowlitz County Market Snapshot and Market Tracker posts for Cowlitz-specific data.

November Residential Highlights
Compared to November 2009, closed sales decreased by 36.7%. Pending sales and new listings also fell by 9.1% and 19.6%, respectively.
Month-to-month , when comparing November 2010 with October 2010, closed sales decreased by 7.2% (297 v. 320). Additionally, pending sales decreased by 5.1% (370 v. 390), while new listings decreased by 12.7% (594 v. 680).
At the month’s rate of sales, the 3,479 active residential listings would last approximately 11.7 months.

Sale Prices
Comparing November 2010 to November 2009, average sale price grew 3.5% and median sale price also rose 0.8%. In a comparison of November 2010 to October 2010, the average sale price increased by 6.2% ($228,900 v. $215,500). The median sale price also increased by 4.2% ($200,000 v. $192,000).

Year-to-Date
Comparing January-November 2010 with the same period in 2009, closed sales were down 3.3%. Pending sales fell 9.3% and new listings also decreased by 3.4%.

Download the complete report.

 

Source: Regional Multiple Listing Service (RMLS)



Kelso Longview Chamber of Commerce – Holiday After-Hours Event

Time: Tuesday, December 14 · 5:00pm – 8:00pm
Location: LCC Rose Center for the Arts 1600 Maple St Longview

Call Kelso Longview Chamber of Commerce for details and admission fee, (360) 423-8400

Come enjoy holiday music, and delicious yuletide treats and beverages brightened by the warm camaraderie of your Chamber colleagues.

Tour the joint exhibit of prints by Mark Perry and basketry by Dorothy McGuinness in the Art Gallery.

Sponsored By: Lower Columbia College & LCC Foundation, Red Canoe Credit Union, H&S Enterprises, NORPAC, Interstate Wood Products, Inc. Solvay Chemicals, CCS, CWCOG, State Farm , PNE Construction, and Longview Fibre

Lower Columbia Professionals- Coat Drive Tonight: gladly accepting new & gently used Coats, hats, scarfs, gloves, blankets and sleeping bags

Return to Normalcy: Presentation by Lawrence Yun, NAR Chief Economist

 

Cowlitz County Real Estate Sales Snapshot – Nov 2010

 Number of homes sold in November 2010 was much less than that in November 2009. Year to date sales are now running very close to those in 2009. This leveling off is expected as we head into the holiday season, a seasonally slower time in real estate activity.   While selling a house may not be very easy considering the depressed prices and current Time on Market numbers, ‘home affordability’ is at an all-time high. The average YTD sale price of a single family home in Cowlitz County is still down about 5% from a year ago.

Most analysts do not expect the market to recover dramatically next year and neither do I.  We will most likely see it ‘bounce along the bottom’ until home inventory is drastically reduced. This presents a great opportunity for buyers, ones looking to buy their first home and also those wanting to ‘move up’ or invest.

If you would like a list of properties meeting your search criteria, please contact me and ask about the automated HomeFinder report!

 

Residential Sales – Single Family Home

  NOV 2010 NOV 2009
Units Sold 49 84
Units Sold – YTD 627 609
Avg. Sale Price $158,488 $173,686
Avg. Sale Price – YTD $168,993 $177,985
Avg. Time on Market 143 93
Avg. Time on Market – YTD 155 100
 Data source: Northwest Multiple Listing Service (NWMLS). Stats not compiled by NWMLS. Information deemed reliable but not guaranteed.

Nov 2010 Real Estate Market Report – Longview, Kelso, Castle Rock, Kalama and Woodland, WA

This report analyzes data as it affects a specific zip code. The Market Summary information offers a look at sales activity for the prior month and year, along with current and past year to date statistics. The graphs provide four different aspects of the real estate market and three of the four graphs break out trends by price increments.

Please contact me if you would like more detailed information on activity in your immediate neigborhood or want a Market Tracker for a zip code not included in this report.

Click here to Download

For Whom The Bell Rings

This past week, I had the great pleasure of ringing bells for the Salvation Army at the new Walmart location.  I would like to thank everyone from my favorite club, the Longview Kiwanis, who helped despite the cold temperatures and biting winds. I have never rung these bells before.  Some of you have been doing this for years either directly for the Salvation Army or with your clubs Pioneer Lions, Kelso Rotary, etc. and I commend you for your continued passion.  During the first few minutes, I was a little apprehensive and thought to myself “Do people look at me weird? Do I look like a fool?”  A lot of people were donating whatever change they had and some completely ignored me despite my smile, looking them in the eye and saying “Merry Christmas”.

This went on and I was still a bit uncomfortable with the whole process until two things happened. I saw one lady give what looked like a $20 bill and an older gentleman stopped, shook my hand and said “Merry Christmas” back.  That was it.  From then on, I did not care what people thought about me.  My goal became greeting as many people as possible and hope they would contribute to the Salvation Army’s cause.  One guy stopped and donated because the Salvation Army had saved his life.

If that does not touch you, I don’t know what else will.  My expectation of the process had completely changed and showed in the number of greetings reciprocated to me and by the time the Captain, David Davis, took over the last shift for the day, the pot was almost full.

I am so very proud of the bell I received as a souvenir and also have a new-found respect for all those serving at various locations in our community.  Life has taught me some interesting lessons over the years… the one I learned this day is that ‘giving back’ is everyone’s responsibility and while we may not be able to give everywhere we go, I hope you are giving somewhere, somehow.  Even if you can’t give, be nice and greet your fellow human beings.  It doesn’t cost a thing.

Strong Rebound in Pending Home Sales

Washington, DC, December 02, 2010
From Realtor.org

Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.

Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.

“More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said. Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the vintages of 2002 and 2003 before the housing boom.

The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago. Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.

Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

NOTE: The next Pending Home Sales Index will be released December 30 with release dates being moved up for 2011, and existing-home sales for November will be reported December 22; release times are 10:00 a.m. EST.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

 

Giving Thanks in Cowlitz County

It is a glorious day. No sounds of birds chirping or squirrels running on the tree branches. Just silence, not even the sound of snow melting and dripping water in the drains despite the sun that is shining so bright. I breathe in the crisp winter air as my eyes adjust to the light and I prepare for what lay ahead. It is not a day to dawdle. Much work needs to be done. The driveway has to be cleared of snow. This tall fir tree in my yard looks magnificent.

  

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         I wish I could lie down in a hammock and admire it and the blue sky but summer is gone and the snow is here.

Ever since moving to the United States 16 years ago, my favorite time of the year has been ‘the holidays’. Thanksgiving and Christmas are great opportunities to get together with loved ones and catch up with their lives. Heck, I even like Christmas music a lot now. I was playing it the other day while cleaning the house. Some jazz infused music channel on the DISH Network and it was good. If I don’t clear the driveway, we will not be able to make it to Thanksgiving dinner. It is supposed to remain cold and dry so the snow will not melt on its own. We got more than 8 inches in a single day and my AWD vehicle cannot navigate the steep climb without some help. Should I go get my iPod? Not charged.

Dang, this is going to be a long day…

I hear the snow plow on the road. No, that’s the neighbor. Cool, at least his truck will leave me some tire tracks to work on. It’s been three hours and the sweat has soaked through my ski cap and is running down my back. The water I drink is so cold I have brain freeze. I have achieved a certain amount of expertise with this process. In order to save the gravel on the driveway, I scoop up the layers of snow above the gravel and dump them on the grassy part. Then I use the snow shovel like a plow and move the last layer of snow to one side exposing the gravel. This way I can recover the gravel once the snow melts. Sound good? :-)    Hey, I do this every year and process improvement is second nature to me. If you know me, you understand.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                It is late afternoon, my arms and back hurt from the repetitive work. I wonder if a Snow Blower would be a good investment. Maybe next time… besides, this is good exercise and I don’t like being cooped up inside the house on cold days like this. I will not be able to work on the upper part of the driveway today. My lungs are screaming for rest. You know, a few years ago I could not imagine myself doing this. I was a city boy, a ‘metro’. I lived in a rented apartment and maintenance was someone else’s responsibility. Living in the country and owning a home with acreage is quite a change but I understand now why people do it. Freedom.

I wonder what my fiancé is going to make me for dinner tonight or is it my turn? :-)    I sprinkle ‘ice melt’ on the tire tracks going up the driveway and hope tomorrow will be less grueling. When I reach the top, I am spellbound by the scene before me. I go back to the house and grab my cell phone again and hope the 5 Megapixel camera in it is good enough to capture this panorama in the fading light.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       As I walk back down the driveway, knowing that tomorrow may be just as much work, I am thankful for the life God has given me and the people in it.
Happy Thanksgiving everyone. Be safe and love the people in your life.

- Aman

News and Analysis via Real Estate Radio

Announcing the availability of streaming real estate news and analysis via Real Estate Radio on my website.

Here are the 2 step instructions:

1. Go to www.amanwasu.com
2. Scroll down to see the Real Estate Radio player and Click the ‘Play’ icon

SW Washington Home Sales Report – OCT 2010

This report highlights October 2010 real estate activity for Southwest Washington as reported by the Regional Multiple Listing Service (RMLS). RMLS is the main provider of listing services for Clark County while NWMLS is dominant in Cowlitz and Pacific counties. Please read the Cowlitz County Market Snapshot and Market Tracker posts for Cowlitz-specific data.

October Residential Highlights
Comparing September 2010 with the same month in 2009, results were down across the board. Closed sales decreased by 40.2%. Pending sales and new listings also fell by 32.3% and 11.1%, respectively.
Month-to-month , when comparing October 2010 with September 2010, closed sales decreased by 10.9% (320 v. 359). Additionally, pending sales decreased by 2.3% (390 v. 399), while new listings increased by 2.6% (680 v. 663).
At the month’s rate of sales, the 3,549 active residential listings would last approximately 11.1 months.

Sale Prices
Comparing October 2010 to October 2009, average sale price fell 1.9% and median sale price dropped 4%. In a comparison of October 2010 to September 2010, the average sale price decreased by 10.4% ($215,500 v. $240,600). The median sale price also decreased by 8.1% ($192,000 v. $209,000).

Year-to-Date
Comparing January-October 2010 with the same period in 2009, closed sales went up 0.6%. Pending sales fell 9% and new listings also decreased by 2.1%.

Download the complete report.

 

Source: Regional Multiple Listing Service (RMLS)


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