Portland Metro Area Market Snapshot – 1st Qtr. 2009

Here is a look at the real estate market in the Portland Metro Area for the first Quarter of 2009. Though too early to tell how this year will stack up to previous years, some positive signs pointing towards a progression to a more balanced market have emerged. Record low interest rates, large inventory of homes, first time home buyer incentives and good pricing seems to have motivated a lot of buyers to get into the market and make decisions. This decreased inventory levels, kept average sales prices consistent and increased closed and pending sales volume for the first quarter this year.

 

Please keep in mind that these numbers are combined for all of the Portland Metro Areas. Though this will provide an idea of the condition of the market as a whole, real estate is always localized to individual cities and neighborhoods. Therefore statistics and trends will vary broadly between different areas.

 

Available Months Of Inventory

This is calculated by dividing the number of homes currently for sale by the number of closed sales in the previous month. What this means is that at the current sales rate with no new homes coming on the market all of the available homes for sale would be absorbed in that particular amount of months. For a balanced market the inventory levels should be somewhere around 6 months. The year started off with 19.2 months in January dropped to 16.6 months in February and in March decreased to 12 months. The higher this number is the more the market is skewed in the buyer’s favor and vise versa for the sellers. With higher inventory buyers have more options therefore putting pressure on the sellers’ prices. With lower available inventory prices tend to stabilize giving seller’s more control.

 

Closed Sales

There’s been a dramatic increase in closed sales in March vs. February. It’s normal for the numbers to increase as spring approaches however March over February increased at a rate of 38.2%. In January there were 732 closed sales, February 857 sales and in March a total of 1,184 closed sales.

 

Pending Sales

These are homes that have offers but have not closed escrow. The increase in volume month over months is a sign of a health progression towards the busy seasons of spring and summer. Pending sales in January were 1235, February 1276 and March increased to 1637. The percentage increase in pending sales in March vs. February is higher than the same time last year and as the same time in 2007.

 

Average Sales Price

Average sales prices have remained steady this year but are still down compared to the same time last year as well as 2007. Average sales prices were as follows: January $297,200, February $298,500 and March $297,000. Two of the biggest contributing factors to lower average sales prices versus the previous years are the mortgage market and first time home buyers. As financing has tightened over the last year and it became more expensive and difficult to obtain larger mortgages it has forced many buyers to look at homes in lower in price ranges. This in turn will put down pressure on average sales prices. First time home buyers getting into the market are also contributing to lower sales prices as a majority first time home buyers tend to buy in the lower price ranges.

 

If you’d like market data for your neighborhood or have questions please contact me. You may also see the full RMLS Market Snapshot Report by Clicking HERE.

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February 2009 – Real Estate Market Stats – Portland Oregon

February 2009 – Residential Home Snapshots

 

 

 

Portland Neighborhood

Average Sales Price This Month

YTD Average Sales Price

Total Days on Market

% Change in Value *

North Portland

$257,200

$248,300

88

-1.20%

NE Portland

$296,000

$299,800

129

-1.20%

SE Portland

$253,600

$238,800

142

-5.90%

West Portland

$402,800

$428,200

208

-1.30%

* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

Portland Metro Area total months of inventory 14.46

City Of Portland total months of inventory 16.6

All Stats Provided by RMLS (Market Action Report – February 2009)

To view the complete report available please click on the link below.

Click Here To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

Hot Price Ranges In Portland Oregon – What Homes Are Selling

At them moment it’s hard to determine if what is reported in the media is fact, speculation or just plain theory. I hope these numbers shed some light on the ultimate question most people have right now – is anything selling out there?

If you are a buyer or seller in today’s market its crucial to look at factual information and base your decisions on good data as well as your goals – not any other “general” news reports.

 

Whatever side of the fence you are on, looking at what’s selling will identify trends and help forecast what you might encounter while in the real estate market.

 

SELLERS – If you have a marketable home in the “Hot Price Ranges” then your odds of finding a buyer with minimum time on the market are good.

 

BUYERS   If are searching for homes in the “Hot Price Ranges” then chances are that that you will most likely find a at market value but with increased competition for the great homes from other buyers.

 

Here is how sales for the month of January 2009 stack up along with the “Hot Price Ranges” for each area.

A note about the source of data - I am only taking into consideration residential family homes that have sold in the City of Portland only. All data used reflects property that has sold through a Realtor and comes directly from the Portland Association of Realtors. Though increasingly rare in this market these numbers do not reflect any homes that might have sold without a Realtor.
 

Total Homes Sold in City of Portland in January – 299

 

Southeast Portland – 121 homes

Hot Price Ranges

            $100,000-$200,000 – 51 homes

            $200,000-$300,000 – 46 homes

            $300,000-$400,000 – 17 homes

 

Northeast Portland – 85 homes

Hot Price Ranges

            $200,000-$300,000 – 30 sales

            $300,000-$400,000 – 16 sales

 

West Portland – 71 homes

Hot Price Ranges

            $200,000-$300,000 – 20 homes

            $300,000-$400,000 – 17 homes

            $500,000-Above    – 23 homes

 

North Portland   – 22 sold homes

Hot Price Ranges

            $100,000-$200,000 – 8 sales

            $200,000-$300,000 – 9 sales

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

 

 

 

 

January 2009 -Real Estate Market Stats – Portland Oregon

January 2009 – Residential Home Snapshots

 

 

 

Portland Neighborhood

Average Sales Price This Month

YTD Average Sales Price

Total Days on Market

% Change in Value *

 

North Portland

$232,100

$232,100

132

-0.07%

 

NE Portland

$303,900

$303,900

126

-1.80%

 

SE Portland

$220,800

$220,800

131

-4.70%

 

West Portland

$458,500

$458,500

169

0.03%

 

* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

Portland Metro Area total months of inventory 16.10

City Of Portland total months of inventory 19.2 

All Stats Provided by RMLS (Market Action Report – January 2009)

To view the complete report available please click on the link below.

Click Here To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

A look at 2008 inventory levels – Portland Oregon Metro Area

City Of Portland vs. Portland Metro Area – Supply of Housing Available

Inventory levels started the year off at 12.8 months for the Portland Metro Area then leveled off in the middle of the year towards the 10 month range then climbed to a high of 14.1 months in December 2008. The inventory levels in the City of Portland faired well compared to the overall Portland Metro Area. They were on average 2 months lower throughout the year and dipping as low as 7 months in May 2008.

 

What this means is that at the end of December 2008 at the current rate of sales if no other homes were to come on the market for sale it would take 14.1 months to sell all the homes currently for sale in the Portland Metro Area and 12.17 months to sell all the homes available for sale in the City of Portland.

 

For a balanced market the inventory of available housing needs to be around 5-6 months. Anything above 6 months starts to create a buyers market while anything under 6 months leads towards a seller’s market.

 

In the Portland Metro Area it’s a Buyer’s market overall. However, this varies vastly depending on the price range, area and neighborhood. When considering buying or selling it’s important to look at supply levels of the whole Portland market as well as in the specific area you are considering buying or selling.  

 

  2008 Months Of Inventory PDX vs. Metro Area

If you are considering buying or selling a home in the Portland area or have questions about the market please feel free to contact me at pricer@hasson.com or 503.477.0759

December 2008 – Real Estate Market Stats – Portland Oregon

December 2008 – Residential Homes Snapshots

 

Portland Neighborhood

Average Sales Price This Month

YTD Average Sales Price

Total Days on Market

% Change in Value *

North Portland

$267,100

$266,100

104

-0.10%

NE Portland

$290,400

$320,000

109

-0.40%

SE Portland

$263,900

$276,100

108

-3.30%

West Portland

$442,500

$478,500

172

1.90%

* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

           

Portland Metro Area total months of inventory 14.10

City Of Portland total months of inventory 12.17 

All Stats Provided by RMLS (Market Action Report – December 2009)

To view the complete report available please click on the link below.

Click Here To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

November 2009 Real Estate Market Stats – Portland Oregon

November 2008 – Residential Homes Snapshots  
Portland Neighborhood Average Sales Price This Month YTD Average Sales Price Total Days on Market % Change in Value
North Portland $229,800 $266,100 120 0.10%
NE Portland $286,200 $32,200 98 0.50%
SE Portland $256,300 $276,800 109 -3.10%
West Portland $447,000 $480,700 145 4.20%
* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before

Portland Metro Area total months of inventory 15.00

City Of Portland total months of inventory 12.5 

All Stats Provided by RMLS (Market Action Report – November 2008)

To view the complete report available please click on the link below.

Click To View Full Report

 

Contact Ruth Price – broker with the Hasson Co. Realtors – for more information about the market, to find out your home’s value or with questions.

503.802.8845 or pricer@hasson.com

 

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