May is National Moving Month

It is estimated that this year, nearly 40 million Americans will pack their belongings and post “For Sale” signs in their front yards as they prepare to change addresses and communities.  May marks the official beginning of the moving season, and is known as “National Moving Month”.  During the four month moving season which stretches from May to September, more than half of all moves taking place in 2012 will occur.

We want to provide some great links to help you if you are one of the 40 million who are moving this year:

Here is a link to a great moving checklist.

Have a garage sale and list your sale

Use to find great movers.

Find free boxes by searching Craiglist under “For Sale – Free” link or visit this link for used carboard boxes (Think Green!)

Hire a professional and experienced real estate agent to sell your home and find you a new one (like us)!

Foreclosure Starts Decrease

The foreclosure pipeline has 4 Million homes.  These home owners are in foreclosure or are 90 days delinquent or more.

Foreclosure Starts fell below 200,000 which is a 31 percent drop (from March to April).  This is a drop of 14.7 percent from last year.

It’s a good sign that foreclosure starts are on the decline, especially since the foreclosure pipeline is already so very bloated.

Portland Oregon


Portland Oregon Market Report

May Residential Highlights

While closed sales were down in May 2011 compared with May 2010, pending sales greatly increased compared with the same month a year ago, and inventory hit the lowest level since October 2009. Closed sales were down 15% in May 2011 compared to May 2010. Pending sales were up 45.1%, and new listings dropped 4.1%. Comparing April 2011 with May 2011, closed sales increased from 1,611 to 1,742 (8.1%). Pending sales also increased from 2,005 to 2,167 (8.1%). New listings went up from 3,099 to 3,338 (7.7%). At the month’s rate of sales, the 11,825 active residential listings would last about 6.8 months.

Sale Prices

Average sale price for May 2011 declined 4.8% compared to May 2010. Median sale price also fell 7.9%. Month to month, comparing April 2011 to May 2011, sale price activity showed minimal change. Average sale price went down from $267,300 to $262,400 (-1.8%) while median sale price increased from $219,900 to $220,000 (0.1%).


Comparing January-May 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 9.3% (8,069 v. 7,321). Pending sales went down by 9.6% (9,792 v. 8,853), and new listings fell 26.4% (21,583 v. 15,878). Additionally, the average sale price fell 7.3% ($278,500 v. $258,300), and the median sale price dropped 9.1% ($239,900 v. $218,000).


McMenamins has Opened a New Hotel

May 3rd kicked off the grand opening to McMenamins’ newest hotel, the Crystal Hotel.  Downtown on Burnside, right by the Crystal Ballroom, a room at the Crystal Hotel comes with an option to buy two tickets to the show that night.

With the new hotel comes two new places to eat and drink, the Zeus Cafe and Al’s Den.  It is said that the food is a few degrees higher than the normal McMenamins’ pub food.

When you go in you will know it’s a McMenamins.  Each room has it’s own theme, a song that has been performed at the Crystal Ballroom somewhere in it’s history.  Also included is a visit to the soaking pool that can be found in most McMenamins hotels.  I’m really looking forward to checking it out.


Washington County Catching Up to Multnomah County

Resetting the district boundaries is one of the tasks that are to be performed this year.  Using the 2010 census, this call attention to the fact that Washington County’s population grew significantly faster between 2000 and 2010 – 18.94 percent, compared with 11.33 percent for Multnomah County.

While Multnomah still has the greater numbers, Washington is gaining and will be getting more clout with the new boundaries.  If the trend continues on it’s current course, Washington will surpass Multnomah County in 2035.


Zillow Market Report

According to a new report released today from the real estate website, Home values decreased 9.1% year-over-year to a Zillow Home Value Index (ZHVI) of $223,500. Values also fell in the short-term, changing -0.9% from August to September. The ZHVI measures the value of all homes, not just those that sold in a particular period. The online real estate tracker also reported that 14.6% of Portland homes’ values increased in September, while 78.6% decreased. 18.2% of all sales in September were foreclosure re-sales (REO sales). Nationally, foreclosure re-sales made up 20.1% of all sales.

Portland Metro Zillow Home Value Index

Portland Metro Home Values – Interactive chart

See more Portland Real Estate FYI, additional Portland data can be found here:

Portland Real Estate


Portland Ranks Best in the WORLD

Yes… in the WORLD!!!  And not for something lame like “best place to live” or “most responsible”, Portland has the best FOOD CARTS in the whole WORLD!!!

A perfect storm of entrepreneurship, foodie culture and a an accommodating city created an evironment that now has over 500 food carts.  The variety is quite staggering and it’s not just lunchtime.  There are many great late-night options, not to mention breakfast.

Food Carts


Portland Oregon Market Report

May Residential Highlights

When comparing sales activity in the Portland metro area in May 2010 to the same time last year, May 2009, closed sales increased 43.7%. Pending sales and new listings both decreased by 24.1% and 10.2%, respectively. On a month-to-month basis, when comparing May 2010 to April 2010, closed sales grew 5.6% (2,050 v. 1,941) while pending sales fell 50.1% (1,493 v. 2,991). New listings also dropped 26.2% (3,482 v. 4,713). At the month’s rate of sales, the 14,372 active residential listings would last approximately 7 months, the lowest inventory has been since August of 2007.

Sale Prices

The average sale price for May 2010 decreased 5.5% compared to May 2009, while the median sale price also went down 4.4%. When comparing May 2010 to the month prior, April 2010, the average sale price fell 2.3% ($275,500 v. $282,100) and the median sale price decreased slightly by 0.4% ($239,000 v. $240,000).


Comparing January-May 2010 with the same period in 2009, closed sales increased 42.7%. Pending sales also rose by 28.3% and new listings went up 10.4%.

Market Report Portland Oregon

March Residential Highlights

Sales activity in the Portland metropolitan area continues to improve in March 2010 compared to the same month a year ago. When comparing March 2010 with March 2009, closed sales rose 51.9%. Pending sales jumped 46.7% and new listings increased 35.3%. Comparing March 2010 with the previous month, February 2010, closed sales drastically increased 77.2% (1,799 v. 1,015) and pending sales grew 29.8% (2,402 v. 1,850). New listings increased 27.8% (4,987 v. 3,902). At the month’s rate of sales, the 14,042 active residential listings would last approximately 7.8 months, the lowest of the year.

Sale Prices

The average sale price for March 2010 fell 5.6% compared to March 2009. The median sale price dropped 3%. On a month-to-month basis, comparing March 2010 to February 2010, the average price increased 2.6% ($280,300 v. $273,100) and the median price grew a slight 1.6% ($238,900 v. $235,000).

First Quarter Report

Comparing the first quarter of 2010 with that of 2009, increases can be seen across the board. Closed sales grew 37.3% (3,892 v. 2,834). Pending sales also went up 39.2% (5,594 v. 4,018) and new listings rose 13% (13,072 v. 11,566).

Oregon Leading The Way

Oregon has taken some steps to help the loan modification process that could actually help.  Perhaps even start a trend.  And it’s free!

The Oregon State Senate unanimously passed HB 3656 which states that a piggyback second lender has no right to sue in a foreclosure situation.

What does this mean?  Well some people during the height of the real estate market bubble were encouraged to finance a home with a piggyback loan.  So in order to buy a $500,000 home for no money down you would get a $400,000 loan and a simultaneous $100,000 second loan for the down payment.  The lender got double the fees and charges for originating two loans and the home owners got more house then they would have been able to the conventional way.

Things got bad for many of these home owners and they are now looking for loan modifications.  The lender of your first mortgage may agree to a modification but the second may not, forcing the property into foreclosure.  If a bank sells a home it’s taken through foreclosure then it uses the proceeds to payoff as much of the debt as it can.  Leftover money would go to the second lien holder but in today’s market there are no leftovers.

The only reason a second lender would want a foreclosure is so they can sue the home owners for the money they are still owed.  This would cause them to be bankrupt usually but the second lien holder would get to take what ever the home owners had left.

With this new Oregon bill the second PIGGYBACK lien holder can no longer sue making loan modifications and short sales a much more agreeable option.


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    Tony and Libby Kelly, MBA, M.Ed.

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