Portland Metro Real Estate News » Portland Real estate news

Portland OR Market Report

kellyton — Mon, 18 May 2009 18:10:23 +0000

April Residential Highlights

While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April. Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v.1,184). New listings increased 3.3% (3,808 v. 3,685). Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007). Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 – up from 14,158 in March.

Sale Prices

The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).

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14874 SW Cochran St, Sherwood OR 97140

kellyton — Fri, 24 Apr 2009 15:40:47 +0000

LEASE OPTION & SELLER FINANCING AVAILABLE. Striking Sherwood Remodel! Beautifully renovated one level featuring a large great room, stunning gourmet kitchen w/SS appls, modern interior colors & light fixtures, elegant tile flooring,cent.air, & light filled floorplan w/tons of windows. Master suite bath w/granite dbl sinks & tile shower, and views of Mt. Hood & Mt. St. Helens.

1410 NW Kearney St, Portland OR

kellyton — Fri, 24 Apr 2009 15:28:46 +0000

Fantastic corner unit in the excitingly modern Edge Lofts. This Spacious Pearl District gem features abundant upgrades including gourmet kitchen w/custom back splash, high-end stainless appliances, gorgeous hardwood flooring, custom partition forming extra bedroom or office & extra storage unit. Floor to ceiling windows bath living area w/natural light. Dining, shopping & fun.

Homes In Portland Seem To Be Selling Faster

kellyton — Wed, 22 Apr 2009 16:17:16 +0000

Historic Interest Rates & National Portland Exposure

kellyton — Fri, 10 Apr 2009 15:24:35 +0000

This is a great story about how a bank passed on some of the federal bank bailout money to clients in the form of lower interest rates for home purchases. The Great Northwest Home Rush was sponsored by Community Financial Corp. and Banner Bank. The homes included, in what turned out to be one the biggest home shows in the area, were offered a 30 year fixed interest rate of 3.875% by Banner. The show ran for most of March. Half of this National CBS story was filmed in Portland.

Real Time Portland Metro Real Estate News

kellyton — Mon, 16 Mar 2009 21:14:15 +0000

The PORTLAND market is currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

February Market Report

kellyton — Fri, 13 Mar 2009 18:49:05 +0000

February Residential Highlights

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008. Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%. On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196). At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices

The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%. Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date

Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

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Beware

kellyton — Tue, 10 Mar 2009 23:00:35 +0000

I was reading a blog by a RE/Max agent in New Jersey, Mr. John Nyiszter who made me aware of some very important information.
Apparently there are identity thieves out there who will borrow an address and pictures from your listing website and post an ad on craigslist posing as a renter.
Then when this person finds a renter via craigslist they will request payment for the home they are going to rent you.
The potential renter in this scenario figured it out when the person who posted the craigslist ad asked for a wire transfer to Nigeria.
Especially nowadays, there are a lot of shady people out there and I want you all to be careful.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Portland Home Prices

kellyton — Tue, 10 Mar 2009 16:54:37 +0000

Here is a look at the current home prices in Portland Oregon.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Choosing Foreclosure

kellyton — Fri, 06 Mar 2009 23:55:34 +0000

It is said that 20% of home owners are “underwater” on their mortgages and more and more homes are going into foreclosure every day. For many the best financial option is to let their home go into foreclosure instead of throw away thousands of dollars that the home has lost in value.

The prediction is that most of these home owners will do just that but some think that people aren’t always so rational.

One reason is that people tend to over value their own home. That makes it to valuable for them to just walk away from.

Secondly, people tend to place greater importance on immediate consequences than they do the long term ones. Walking away might help you out down the road but is a lot of pain and effort right now.

Then there is the morality of it. Some feel it is just plain wrong to walk away because if you borrowed the money, then you need to pay it back, it’s that simple. Check out this article with great real-life examples of home owners situations and what they intend to do about it.

http://money.cnn.com/galleries/2009/real_estate/0903/gallery.walking_away/index.html

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com