Portland Real Estate Info

What's Up in Portland!

2007-12-21T09:29:00.001-08:00

November Residential Highlights
For the second month in a row there was a slight decrease in inventory in the Portland metro area. At November’s rate of sales, the 14,435 active residential listings at month’s end would last approximately 8.3 months. The number of new listings dropped again, the second time since February 2006, decreasing 3.1% when comparing November 2007 to November 2006. However, the number of transactions also continues to drop.

When comparing November 2007 to November 2006 closed sales decreased 19.9% and the number of accepted offers fell 27.8%. Despite it all, sale prices appear to remain strong. Average sale price increased 6.9% comparing November 2007 with November 2006 and median sale price increased 2.5%.

Appreciation
Using the average sale prices for the twelve months that ended with
November 2007 compared to the twelve months ending in November 2006, the average sale price appreciated 6.5% ($340,900 v. $320,100). Using the same formula, the median sale price also appreciated 7.0% ($288,900 v.$270,000).

A Little More About Us!

2007-12-20T22:15:00.001-08:00

The Oregonian Said What?

2007-05-18T08:54:00.001-07:00

Well it official, prices slip, supply is up! That is according to the Oregonian's Dylan Rivera who just published these findings today in the Business Section. The average droped $1,200 or 0.5% from $286,200 to $285,000. In real estate terms that is nothing. Wow! We also heard the sky is falling! Is there more inventory out there than a year ago? Yes! Is that inventory taking a lot longer to sell than a year ago? Yes! Is the overall housing market in Portland still strong? In our opinion Yes! How do we know this, because we are selling a lot of homes for buyer and sellers?

Here are the simple fact campers- we are back to a more normalized sales cycle with regards to real estate. This is how it should be. Real Estate Agents are the first ones to cheer for the quick sale of any property (i.e. it's how we get paid.) This does not mean this is the way the housing marketplace should operate for a healthy long term play.

Now more than ever it becomes increasingly clear that you must price your property correctly. No more 10-20% "fluff." All home sellers and agents alike must do what is right if they truly want to sell a home. With the overwhelming amount of choice out there a buyer can take his or her time, and really look with a critical eye. They don't have to buy the first thing they see. In fact most of our buyer are taking there time and eating up our gas- just kidding. At $4 a gallon showing homes can get expensive in an SUV.

Furthermore, you property must be 110% ready to go. Clean walls, clean garages, manicured yards, no clutter, clean carpets, and the list goes on and on! These are the basic things a buyer expects when they make a home purchase. You don't want to inherit someone else’s filth or pet hair, or worse. Why should you expect to have someone want to do the same with your home? Like it or not they are buying a product. Your home is a product- plane and simple! It needs to be in excellent shape or they just move on and buy one that is.

So, is the Oregonian correct? Yes and no.... It's all a matter of perspective and perception.

Residential Highlights For March

2007-05-14T10:39:00.000-07:00

Market Activity in the Portland Metro Area seems to have slowed down when comparing March 2007 with March 2006. New listings increased nearly 24% in the past month, while accepted and closed sales dropped by 9.7% and .8% respectively. The 10,557 active residential listings at the end of March would last approximately 3.8 months at the month’s rate of sales.

First Quarter/Year-to-Date
When comparing market activity through March 2007 to the same time in 2006, the first quarter appears to be off to a slow start. The number of closed sales decreased 6.2%. Pending sales also dropped 4.8%. However, new listings have jumped 20.3%.

Appreciation
To c a l c u l a t e s a l e p r i c e appreciation, the average and median sale prices for the twelve months that ended with March 2007 are compared to the prices for the twelve months ending in March 2006. Using those time periods, the average sale price appreciated 12.2% ($327,800 v. $292,100). Using the same date range to compare median sale price we see a 12.4% appreciation rate ($275,500 v. $245,000).

Now Is The Time To Sell!

2006-05-29T08:05:00.000-07:00

As we kick-off summer things start to heat up. Already we are seeing a huge increase in phone calls and interest from the home buying community. Now is the time to list your home if you want to sell it. 75% of our transactions will occur between June 1st & September 1st.

Don't delay try and figure a good selling or buying strategy with a licensed qualified Realtor as soon as possible. The sooner you plan, stage & list your home the sooner it will sell. Average market time right now in the Portland metro area is 49 days. That means if you list on June 1st statistically speaking you will sell something around Mid to late July.

If we can be of assistance please feel free to contact at your convinces. - Chris Larsson & Tim Larsson (LarssonProperties / Coldwell Banker Barbara Sue Seal Properties)

Prices are expected to keep climbing in 2006

2006-05-10T15:46:00.000-07:00

The Portland area’s diverse work force and proximity to “world class” outdoor recreational opportunities influenced Jim Clark’s decision to move his company here from California. So did local home prices, which are 15 percent to 20 percent below those in the Eureka area, where the company was located. “That was an added benefit to our employees,” said Clark, chief executive officer of Yakima Products, which makes car racks and accessories. The company relocated to Beaverton earlier this year.
Although many longtime Portland-area residents are shocked by current home prices, they actually are among the lowest on the West Coast. In November, the median home price in the metropolitan area was $252,500, compared to $389,000 in the Seattle area and $656,000 in the San Francisco area. “Portland is the most affordable major city on the West Coast,” said Brian Allen, co-owner of Windermere Cronin & Caplan Realty Group and chairman of the Portland-area Regional Multiple Listing Service. According to Allen and other local real estate experts, this difference is one reason why Portland home prices will continue increasing next year. Many people in California and Washington are selling their homes, paying premium prices for new homes in the Portland area and still making a sizable profit. They are some of the 1 million more people expected to be living in the region by 2025. “People are able to buy a larger home in a better neighborhood and still put $200,000 to $300,000 in their pockets,” Allen said. Local Windermere broker Suzanne Goddyn saw this happen when she helped several of Clark’s employees buy homes in the Portland area earlier this year. “They bought in Hillsboro, the Pearl District, Northeast, every part of the city. Almost all of them commented about how much more home they were able to buy for their money,” Goddyn said.
Portland could be bucking national trends if its home prices keep increasing. Last week the U.S. Commerce Department reported that home sales across the nation fell 11 percent from October to November, and the median home price was little changed from a year ago at $225,200. Government analysts and economists said the figures show the hot housing market is cooling off. But according to the most recent figures released by the local RMLS, regional home sales fell only about 2 percent from October to November — far less than the traditional end-of-year slowdown, Allen said. “We’ve had years where there’s been very little action in the later months, but we’re still seeing a lot of sales right now,” he said. Perhaps more significantly, median home prices in the Portland area are 14 percent higher than last year — $252,500 in November compared to $212,000 in November 2004. “In my personal opinion, the Portland housing market is healthy and will remain robust for the reasonable future,” Allen said. Local real estate experts also point to the most recent unemployment figures, which suggest the Portland area finally is emerging from the recession that began in November 2000. One year ago, the metropolitan area unemployment rate was 6.5 percent, the highest of any major city in the nation. But, according to the Oregon Employment Department, the unemployment rate fell to a pre-recession 5.3 percent last month. “The economy is finally starting to pick up,” Allen said. Jerry Johnson, a principal at the local Johnson Gardner real estate consulting firm, agrees. Speaking at the annual housing forecast sponsored by the Home Builders Association of Metropolitan Portland in October, Johnson said 2006 could be the first full year since the recession began that regional wages increase, fueling more home sales and higher prices. According to Johnson, the only dark cloud on the horizon is interest rates, which are increasing slightly from their record lows. Johnson told the gathering that home sales could slow — but not decline — if rates continue increasing. Allen agrees, but compares the decline to a slight slowing in freeway speeds. “It would be like going from 75 to 65,” he said.
Article: Jim Redden, The Portland Tribune, 12/30/05

2006-04-07T14:40:00.000-07:00

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