February 2009 Portland Home Appreciation Report
Metro Portland Area |
Yr to date
Avg Price |
Avg Mkt Days | Avg Appreciation |
| North Portland | $248300 | 88 | -1.2% |
| NE Portland | $299800 | 129 | -1.2% |
| SE Portland | $238800 | 142 | -5.9% |
| Gresham / Troutdale | $218300 | 184 | -8.3% |
| Milwaukie / Clackamas | $293900 | 140 | -7.3% |
| Oregon City / Canby | $284500 | 145 | -5.5% |
| Lake Oswego / West Linn | $499500 | 195 | -7.2% |
| West Portland | $428200 | 208 | -1.3% |
| NW Portland / Washington County | $401400 | 134 | -4.7% |
| Beaverton / Aloha | $264900 | 138 | -5.2% |
| Tigard / Wilsonville | $310400 | 181 | -7.7% |
| Hillsboro / Forest Grove | $246400 | 121 | -7.7% |
Data: March 20, 2009
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
Portland’s housing inventory is down 14% from January. Couple the recipe of incredible selection and low interest rates and you’ve got a mix for historical buying opportunity. Question is, how quickly will buyers take advantage of the situation?
Although the number of homes available for sale is not at record numbers, pace of closings is slower than in years past and that’s what created the 19.2 month number. While this is a record high we need to put it inperspective.
Consider that historically every January inventory levels jump significantly. Last years numbers were up 33% over December 2007. 2009 numbers are up only 27%. Consider also that sales last month hit a new low and this means that it’ll take time to burn through our inventory. Nationally sales were up in December and Portland lags behind on U.S. trends.
First time buyers got a big boost from the $8000 tax credit, a welcome move by most. This should help push first-time buyers out of the rental market and into homes. Rental prices have softened with the economy somewhat but that $1200 rent payment easily translates into a $1400 house payment. Renters with stable jobs are going to see HUGE rewards by taking advantage of the situation.
Recent articles on Forbes.com list Portland in the top ten best long-term housing bets. We were also number 5 for move destinations according to a recent study by Relocation.com. Articles like this are overshadowed by negative news these days but buyers and investors who see through the hype are going to fare well overall!
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.
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Tags: home appreciation report, market, portland
