December 2008 Portland Home Appreciation Report
Metro Portland Area |
Yr to date
Avg Price |
Avg Mkt Days | Avg Appreciation |
| North Portland | $232100 | 132 | -0.7% |
| NE Portland | $320000 | 109 | -0.4% |
| SE Portland | $276100 | 108 | -3.3% |
| Gresham / Troutdale | $258700 | 145 | -8.2% |
| Milwaukie / Clackamas | $318400 | 125 | -4.6% |
| Oregon City / Canby | $313500 | 169 | -5.0% |
| Lake Oswego / West Linn | $541600 | 209 | -4.5% |
| West Portland | $478500 | 172 | 1.9% |
| NW Portland / Washington County | $404800 | 117 | -3.4% |
| Beaverton / Aloha | $273800 | 121 | -4.4% |
| Tigard / Wilsonville | $323000 | 162 | -5.9% |
| Hillsboro / Forest Grove | $255000 | 127 | -6.7% |
Data: January 21, 2009
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
Portland is still lagging behind on foreclosure rates and market decline based upon national numbers. Keep in mind that current published rates of sale and prices are a reflection of 3 months earlier. As the season pushes towards spring buyers are emerging and will continue to do so, absorbing inventory. Good news for anxious sellers.
First-time home buyers are seeing the advantage of owning over renting with rates so low. It’s quite possible to get a house now with payments very close to rents. The $7500 tax credit stimulous seems to be brought up on a regular basis with buyers.
The metro area rental market is softening with rents plateauing after several quarters of dramatic increase. As unemployment numbers continue to grow we’ll see vacancies potentially increase slightly due to people doubling up and wallets tightening. Rents will not go down any time soon however.
Interest rates are bouncing around 5%, dipping into the 4′s. Some forecasts predict low 4′s within the next 60 days. As the feds buy mortgage backed securities on a steady basis rates potentially lower.
Get out there and look for that fantastic deal on a bank owned property while the opportunity is good. From an investor’s standpoint this is a dream market. With a bit of searching you’ll come up with a winning combination of finance and purchase price to beat any deal in recent history!
Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.
To search for your home anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.
Learn about our Exclusive VIP Portland Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.
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