March 2009 Portland Home Appreciation Report
Metro Portland Area |
Yr to date
Avg Price |
Avg Mkt Days | Avg Appreciation |
| North Portland | $232000 | 114 | -2.0% |
| NE Portland | $296000 | 130 | -2.0% |
| SE Portland | $239000 | 149 | -5.1% |
| Gresham / Troutdale | $225000 | 144 | -8.0% |
| Milwaukie / Clackamas | $292200 | 137 | -7.3% |
| Oregon City / Canby | $287000 | 171 | -5.5% |
| Lake Oswego / West Linn | $491500 | 141 | -7.9% |
| West Portland | $522900 | 179 | -1.7% |
| NW Portland / Washington County | $383000 | 163 | -4.1% |
| Beaverton / Aloha | $255000 | 145 | -5.0% |
| Tigard / Wilsonville | $322300 | 226 | -6.9% |
| Hillsboro / Forest Grove | $246700 | 162 | -8.2% |
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 from January’s record number to 16.6 month’s worth of supply. At the current rate of purchase it’ll take this long to buy up all homes for sale, if no others houses were to list in RMLS. This number is important because it’s a gage on our housing market.
If playing field was level between buyers and sellers there’d be a 6 month supply. Scales are heavily favoring buyers currently. Projections for growth in the Portland metro area are still optimistic. New industry has capitalized on Hillsboro’s industrial locations. The South Waterfront is still projected to grow immensely in coming years and condos for sale in the area are plentiful. Also, 3 luxury apartment buildings are being constructed at the moment.
Interest rates today are pushing 4.5%. Wow! Investors need to look at this opportunity as rare in the overall picture of real estate. Cash flow on investment properties has not been this good for the last 10yrs at least! While the rental market has softened a bit there’s money to be made. Hold out for a couple of years and watch what happens with house prices. People will look back at the summer of 2009 as an excellent time to get into real estate.
Sales picked up in February and the number of new listings decreased by comparison to 2008. This is good for market correction. Activity picks up as we head towards spring and number of days on market will improve historically. Look for opportunities to capitalize on Portland’s real estate situation. This is the year of the BUYER!!
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.
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Tags: home appreciation report, market, portland