The final 2010 RMLS stats are in. When we compare the market activity for 2010 with that of 2009, we can see that close sales were up 1.8%! That is great news given that if we were to compare December 2010 to Dec 2009 closed sales were down 6.1% New listings fell to 19.2% and pending sales decreased to 2.2%. If I led with that one could get a false impression. I'm not sure if it will be true for other offices or not, but at my office, Hybrid Real Estate, we have seen a large uptick of "paper" coming in. That to me says that buyers are writing offers this January. They may not all close, but at least the conversation is being started.
Back to statistics. If you compare the average sales price over the last year we can see that it is down 3.9% for the year (2.1% if looking at the median price). When comparing the average sales price of December 2010 with that of November, we can see that the average sales price grew from $202,900 to $205,800 a 1.4% increase. When looking at our inventory we are up from last year at 8.1 months. With that said we did decrease from 9.2 month of inventory the month prior.
The bid appreciation winners of December 2010 were Mohawk Valley at 23.2%, West Lane County Properties at 4.8% and the Coburg Area at 4.4%. We were down overall this month and these areas do not have a lot of volume exchanging hands right now so these numbers to me are a little misleading. Who was hit the hardest with depreciation? Junction City with a 16.6% depreciation (ouch), Pleasant Hill area down 13.3%, Danebo down 9.8%, and River Road down 7.1%.
My beloved Ferry Street Bridge remains consistent at.2% appreciation. Neighboring Gilham continues to suffer down 8.2%. Springfield is hanging in there down just.7% in December. I expect more of the same in 2011, but only time will tell. Consumer Confidents (in the real estate market anyway) seems to be getting stronger. With that said real estate loans are getting harder to obtain and I expect interest rates to start creeping back up. As I have stated in the past, if you can financially afford to do so "Now is the time to buy!" I hate owning rentals (although I have owned several over the years). If I am looking to invest in some cash flow properties again you better bet that there are some deals out there that are just too good to pass up.