It's a new year: TIME for new ways of doing things. TIME TO CHART A NEW COURSE CHART:
Every month during 2010, I've posted pie charts showing the number of single family home sales by type of sale (Regular Sales, Bank-Owned Sales and Short Sales closed during the previous month in each of 19 Lane County market areas (as derived from data residing in the computer system of the Portland, Oregon Regional Multiple Listing Service (RMLS)).
Every month, I've also produced three summary posts aggregating this data for all of Eugene, all of Springfield and all of the outlying areas in Lane County.
Those posts will greatly change in 2011.
I have compiled the data for my own market knowledge. I've done the posts here on ActiveRAIN in order to be able to share that knowledge easily with clients or potential clients....but also as sort of a public service.
The proportion of distressed-property sales clearly varies highly among those 19 market areas. Some areas have many distressed sales while other areas have very few. Market prices of all homes in some areas, like Danebo and Springfield, have been strongly and negatively affected by an abundance of distressed sales. Other neighborhoods, while affected by the bust's general decline in values, have so few distressed sales as to relatively unaffected.
The difference among markete areas seems to mirror the pattern we see in distressed sales nationally: those areas that saw high growth in the boom years leading up to the bust now have many distressed sales; those areas that saw relatively slow growth then have very few distressed sales now. Additionally, lower income areas definitely have more distressed sales than higher income areas.
But the proportion of distressed sales also varies over time. So each month in each post, I've included pie-charts from all the earlier months - trying to show an historical perspective.
That reporting method has at least two weaknesses:
(1) The charts are hard to compare month to month because they cannot all be seen on a computer screen. By the end of the year the posts grew to be a very unwieldy three feet long.
(2) The diameter of the pie charts have all been the same each month. Therefore, the changes in the total number of monthly sales over the course of the year has been impossible to visualize.
Those weaknesses will disappear in this new year.
Here is an example of the new posts for 2011:
Here is the break down for single family (detached) home sales for
all of 2010 in all
SPRINGFIELD, OREGON
RMLS Market Areas
Including: Hayden Bridge, Thurston and (SW) Springfield
(SHOWN BY type of sale: REGULAR SALE, BANK-OWNED SALE or SHORT SALE)
*************************
While producing these posts still takes time, it has grown much easier in recent months since the RMLS system now requires that listing agents mark
the "short sale" and "bank-owned sale" parameters on every listing.
Also in 201l, we will publish similar graphs showing the number of active listings by type at month's end.
However, those active-listing posts will also distinguish between those short sale listings that are truly active and those on which an offer has been submitted to the lender for approval. In some real estate markets across the country that submitted-but-not-yet-pending category has become huge.
We'll see how it shakes out here - as that shadow inventory of distressed sales continues to impact us all.
***********************
Jim Hale
Principal Broker / Owner
Graduate, REALTOR Institute e-PRO
2012 Member, Million Dollar Club of Lane County
2012 Member, Real Estate Brokers Million Dollar Club
actionagents.net
1715 Linnea Avenue
Eugene, OR 97401-1962
Office: 541-484-0219
Direct: 541-543-9991
Fax: 541-485-8068
Eugene Oregon Homes / Real Estate jim@actionagents.net
All statistical market data is based on information from the RMLS of Oregon for the dates indicated.
© 2012 All Rights Reserved / Licensed in the State of OREGON
