Here are the average and median sales prices for Portland homes year-to-date (January thru November):Average & Median = Area$543,300 & $450,000 = Lake Oswego, West Linn$480,700 & $395,000 = West Portland$404,900 & $376,000 = Northwest Washington County$354,200 & $324,900 = Tigard, Tualatin, Sherwood, Wilsonville$322,200 & $287,900 = Milwaukie, Happy Valley, Clackamas$322,000 & $287,000 = Northeast
Thru October of this year, home sales are down about 31% in the Portland area. Sales are down, but so are sales prices. Here are the average and median sales prices for the city of Portland and the suburbs, year-to-date:Average & Median = Area$550,500 & $453,700 = Lake Oswego, West Linn$482,900 & $395,000 = West Portland$405,500 & $376,500 = Northwest Washington County$356,300 & $325,000 = Tigar
This morning’s Case-Shiller report revealed no big surprises - record price declines nationwide continue and Portland is not faring as badly as most - but Portland is slowly sliding in the rankings, now only 7th best for depreciation.According to Case Shiller, Portland home prices declined 7.6% from August 2007 to August 2008. The national average was a record tumble of 16.6%.Here are the top 2
Your home is worth less, but you’ll be paying more in taxes this year.With tax bills being issued in a couple of weeks, I was looking for a silver lining to the housing crisis- one that would benefit most people, not just homebuyers looking for a deal. So I emailed the tax assessors for Multnomah, Washington, and Clackamas counties with this thought:If home prices are down, shouldn’t property
So how many times does the doctor have to tell you you’re sick? As expected, the latest Case-Shiller report, released this morning, shows that Portland home prices are down- 6.6% from July 2007 to July 2008 to be exact.This ranks Portland 5th best (if you can say that about depreciation) in the country. Nationally, home prices experienced a record annual decline of 16.3%.Here are the depreciat
How much do homes cost in Portland? Here are the year-to-date average and median sales prices for Portland and the suburbs:Average & Median = Area $560,000 & $455,000 = Lake Owego, West Linn$486,400 & $400,000 = West Portland$403,800 & $375,000 = Northwest Washington County$357,900 & $325,000 = Tigard, Tualatin, Sherwood, Wilsonville$327,700 & $290,000 = Milwaukie, Clackamas, Happy Valley$325,000
Readers of this blog have mentioned more than once that the average market time given by the RMLS didn't match-up with their own personal experiences. That was true. The average market time until last month was about 70 days for Portland metro, but this didn't account for properties that had sat stale on the market, been re-listed with a new MLS number and a reduced price, and ultimately sold qui
Since I first posted this 10% price decline report to my blog, the RMLS has made a correction. The RMLS now reports that the average sales price year-to-year has fallen 6.7% and not 9.7% as stated earlier today.The RMLS earlier issued an incorrect average sales price for August 2007. In August 2007, the average sales price was in fact $355,000 and not the $366,900 as first reported.The median pr
Portland ranks high, 4th in the nation, for cities where home prices are expected to rise the most in the next couple of years.The rankings were created by Forbes Magazine which “identified cities that are likely to be vibrant markets because jobs are increasing and the housing market wasn’t overbuilt during the boom.” Forbes examined projections for housing starts from the National Associa
Today’s Case-Shiller report shows Portland home prices down 5.8% from June 2007 to June 2008, while national prices fell almost 16%.The depreciation Portland is experiencing ranks it 5th best in the U.S. with only four cities faring better year-to-year.U.S. prices fell 15.9%, which is a record fall, but that was actually lower than what some economists had forecast. June also represented the fo
The other day I wrote that your dog should not be at your home during showings. I neglected to say that you too should not be at your home when buyers visit. But I showed a house in SE Portland this weekend and guess what- the homeowners not only stayed, but sat comfortably in their recliners reading the newspaper and drinking coffee the whole time we were there.This is not the norm and not a bi
No big changes. May of 2008 was fairly similar to April 2008, according to the RMLS.The median price of a Portland area home was down 3.2% compared to a year ago. In May 2008, the median price was $287,500. In May 2007, the median price was $297,000. This is actually a very slight improvement over April’s data which showed a year-to-year decline of 3.5%.The average sales price of a Portland
GAT Mac asked to see a breakdown of price movement by neighborhood and I'm happy to throw that graph together. The prices are a three-month moving average and you can see how the city is split up with the first picture.
Portland home prices are down 4% while U.S. home prices are down more than 14%, according to latest Case-Shiller report.The report, released today, reflects a year’s activity- from March 2007 to March 2008. Only Charlotte (.8+) and Dallas (-3.3%) showed more strength in retaining value than Portland with Charlotte being the only major city to still experience appreciation.The national price dro
For the first time in almost six years, the RMLS is reporting a decline in the average home price for Portland.April 2008 figures show the average sales price of a Portland area home was $325,000. In April of 2007, the average sales price was $338,200. This is a 3.9% drop.It’s been seven years since a decline in the median home price, but that’s happened too. April 2008 sales show a median
Portland home prices are down 2%, according to the S&P Case-Shiller Home Price Index. The report covers a year’s activity, from February 2007 to February 2008.The report covers the 20 largest housing markets in the U.S. and despite the drop Portland actually ranks 2nd best in the country with Charlotte, North Carolina, posting the only year-to-year gain (1.5%).According to S&P, the composite of all the markets accounted for a 12.7% decrease- the biggest fall since it began tracking prices in 2000. Some markets, such as Phoenix and Las Vegas, experienced drops of more than 20%.As I mentioned last week, there are different ways to measure appreciation or in this case depreciation. Scroll down a few stories and you’ll see the RMLS appreciation rates for the Portland metro area (from Ma
Year-to-date, there is only area in Portland metro that actually has more pending sales than at this time in 2006. That area is Northwest Washington County (which by the way currently has one of the area's lowest appreciation rates during this same time span).Here is how pending sales compare right now in 2007 year-to-date, compared to 2006:Increase = Area+2.4% = Northwest Washington CountyDecrease = Area-5.6% = Northeast Portland-10.2% = Oregon City, Canby-11.3% = Lake Oswego, West Linn-12.0% = Southeast Portland-12.2% = Hillsboro, Forest Grove-14.4% = Milwaukie, Clackamas, Happy Valley, Damascus-14.7% = Gresham, Troutdale-15.4% = Beaverton, Aloha-17.2% = West Portland-17.5% = Tigard, Tualatin, Sherwood, Wilsonville-17.7% = North Portland
On the most basic levels, it’s easy to understand that Lake Oswego and West Linn are Portland’s most expensive areas, while North Portland and Southeast Portland are the least expensive.But how much more expensive are Lake O and West Linn? And just how affordable is North Portland really?The Portland State University Center for Real Estate recently issued its’ quarterly report for 2007. One of the many things reported on is this difference- in the form of a median price index.For example, the median price of a home in the Portland metro is given a value of 100. In 2006, Lake Oswego & West Linn scored 173, which means that the typical home in these areas is 73% more expensive that the metro average.On the opposite end, Southeast Portland scored an 81. In this case, real estate in SE PDX is 19% cheaper than the median sales price of a home throughout Portland metro.Here are the scores for Portland and the suburbs:Score - Area173 – Lake Oswego, West Linn149 – West Portland13
At a time of the year when both the heat and home sales tend to heat up, the Portland real estate market has lost its’ sizzle.Housing inventory has now reached 5.0 months, which according to the National Association of Realtors, is the perfect balance between buyers and sellers. This means that if no other properties were listed for sale, the supply of homes in Portland metro would dry up in 5.0 months.The trend, however, favors homebuyers. The current inventory rate is an increase from the previous month’s supply of 4.5 months. Furthermore, the increase is taking place during the Portland’s summertime when inventory is historically at its’ lowest point of the year.For comparison purposes, inventory at this time in 2006 was only 2.6 months. And in 2005, during Portland’s record breaking year, inventory was at an all time low of 1.5 months. In other words, the number of homes for sale in Portland and the suburbs has doubled and tripled in the last couple of years.Home sales ar
Year-to-date in 2007, home sales are down 5% for the Portland metro area. Yet, homes are still selling.Here are the number of closed sales in the Portland real estate market:Sales - Area1589 – Southeast Portland1409 – West Portland1326 – Northeast Portland1209 – Beaverton, Aloha940 – Tigard, Tualatin, Sherwood, Wilsonville915 – Hillsboro, Forest Grove799 – Milwaukie, Clackamas763 – Gresham, Troutdale613 – Lake Oswego, West Linn585 – North Portland532 – Oregon City, Canby513 – Northwest Washington County
People who are not from the west coast (or east coast for that matter) often get sticker shock when they see what real estate in Portland sells for. It’s not cheap, but for west coast living, it’s more affordable than not.Here are the current average and median sales prices of homes in Portland:Average - Median = Area$540,100 - $455,500 = Lake Oswego, West Linn$445,900 - $365,000 = West Portland$390,600 - $351,500 = Northwest Washington County$374,900 - $336,000 = Tigard, Tualatin, Sherwood, Wilsonville$341,300 - $307,500 = Milwaukie, Clackamas, Happy Valley, Damascus$313,800 - $294,200 = Oregon City, Canby$307,400 - $270,000 = Northeast Portland$298,400 - $269,000 = Hillsboro, Forest Grove$293,700 - $259,500 = Beaverton, Aloha$281,900 - $257,000 = Gresham, Troutdale$278,900 - $245,200 = Southeast Portland$263,000 - $245,000 = North Portland
As mentioned previously, it is taking longer to sell homes in metro Portland. The average for the entire area is 65 days. That’s three full weeks longer than this time a year ago.This means sellers should give good consideration to when they list their home for sale or put the “For Sale” sign in the yard themselves if they’re going FSBO.For homebuyers, this housing trend means more leverage in every sense, including more homes to choose from.Of course, 65 days is the average. Many real estate properties, such as new homes in the suburbs, take longer than two months. And some still sell the first day they hit the RMLS.It just depends on the property and neighborhood. But since I can’t list the market times for the thousands of home for sale in Portland, these averages will have to do.Here they are:DOM – Metro Portland Area56 – Southeast (SE) Portland58 – Beaverton, Aloha58 – Oregon City, Canby59 – Northeast (NE) Portland60 – North (N) Portland61 – West Portl
