April 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: April 21, 2009
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
Inventory has significantly dropped and at a faster pace than over last two years given the same time period. What does this mean? It means that buyers are seeing the light and taking advantage of short sale and foreclosure home deals. As supply of available homes for sale decreases our market improves. Keep in mind that a balanced amount of listed home favors neither the buyer nor seller at 6 months, we’re currently at 12. That number is way down from January’s record 19!
What we’re experiencing is no movement in secondary price levels, those above $250k or so. The reason our market is slow for anything over $250k is that first time buyers are displacing sellers who are in tough times. Normally these folks would move up in price to a new home, pushing the higher end. Entry level home sellers who overextended finances are now renters. Working through this inventory is again, a sign of market recovery.
First time buyers are looking to convert from renters into owners and take advantage of the federal tax credit of $8000. This money is available to most who close a home before December 1st 2009 and who have not owned in the last 3 yrs.
Sellers in the $400k+ price ranges need to be super agressive on pricing. Look at comparable sales within the last 6 months and subtract 10%. I’m not joking… you’ll move your house and make it up on the purchase!!
The bottom line: If your job is secure take advantage of this situation. Correction to our values was required and 2009 is the year for it. Money is made in real estate on the purchase… not the sale.
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