March 2010 Portland Home Appreciation Report
Friday, March 19th, 2010
Metro Portland Area Yr to Date Avg Price Avg Mkt Days Avg Appreciation
North Portland $239,600 74 -10.8%
NE Portland $274,800 114 -10.7%
SE Portland $226,700 119 -11.7%
Gresham / Troutdale $204,200 162 -14.2%
Milwaukie / Clackamas $252,700 136 -8.2%
Oregon City / Canby $251,300 149 -11.4%
Lake Oswego / West Linn $432,200 153 -9.7%
West Portland $415,200 208 -10.8%
NW Portland / Washington County $361,600 144 -9.8%
Beaverton / Aloha $238,500 168 -12.2%
Tigard / Wilsonville $313,800 184 -8.5%
Hillsboro / Forest Grove $242,900 138 -10.9%
Dave’s Commentary on the Portland Real Estate Market:
- Available inventory is at 12.9 month’s supply, well above average
- Prices have stabilized on entry level pricing for regular resale houses
- Bank foreclosures still lead the “good deal” market and will be through spring
It was mentioned back in December than Portland’s housing market had hit bottom, now numbers are beginning to reflect than. Home buyers willing to make the first-time buyer move will see great return on investment given a few years. While Portland, Beaverton, Hillsboro, and surrounding area homes for sale have seen entry level pricing firm up, luxury home sales are still hurting. Prices around $2ook are in demand as buyers scrimp competitively to get the good deals. Want to sell? Price it right. Buyers are there.
Luxury homes in Lake Oswego, West Linn and other locations where prices lead overall stats are still feeling the pinch. Market times for these properties are around 153 days on average. With economic improvement homes for sale in the $500k+ category will pick up. Summer’s coming and so are the movers. Expect increased sale volume but also increased home listings. New construction will not play a big part in 2010. Inventory needs to be bought up. Now is the time for purchasing!
Multi-family sales around the Portland metro area also finally seening some activity. 2009 was not the year to unload property for financial gain, that’s for sure. Sales were very stagnant. In the last month or two plex sales have began to show signs of improvement. Investors are gaining confidence in real estate again and rents have stabilized. Portland’s rent rates followed real estate sales as tenants buckled down and did more conservative moves to save money. Vacancies are back around 6% again now. Don’t try and gain top rental dollar for an investment unit, vacancy is not worth the lost income!
Go buy real estate in Portland, that’s the bottom line. Does anyone honestly think this is a bad time to purchase? Look at prices and interest rates. You tell me…
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 in anywhere in the Metro Portland area, use our FREE Exclusive 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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