May 2010 Portland Appreciation Report
Metro Portland Area Yr to Date Avg Price Avg Mkt Days Avg Appreciation
North Portland $232,400 77 -7.9%
NE Portland $276,200 91 -10.4%
SE Portland $234,200 98 -10.5%
Gresham / Troutdale $218,700 143 -12.5%
Milwaukie / Clackamas $252,200 110 -9.6%
Oregon City / Canby $257,900 116 -11.7%
Lake Oswego / West Linn $461,200 147 -8.1%
West Portland $406900 155 -11.4%
NW Portland / Washington County $358,600 134 -7.6%
Beaverton / Aloha $241,000 127 -10.0%
Tigard / Wilsonville $306,000 161 -8.2%
Hillsboro / Forest Grove $239,000 135 -9.7%
Dave’s Commentary on the Portland Real Estate Market:
- Available inventory is at 7.3 month’s supply, pretty average
- Sales have slowed this month, another 2% drop anticipated before end of summer
- Bank foreclosures still lead the “good deal” market and will be through 2010
Closed sales were up through April significantly reducing the amount of homes for sale around Portland. Our Lake Oswego office in particular saw about the same number of sales this year as last. With about 70 agents in the office it’s a good gauge of what’s happening overall in Portland.
Website traffic remains constant to this site but the number of inquiries generated has dropped which tends to be a forecast of slowdown in sales. This same thing happened in November 2009… Wonder if it’s a pattern but too early to tell just yet.
Lockbox activity according to RMLS has dropped by comparison to last year and over the last 2 months. A reflection of no more first-time buyers going for the tax credit? Not necessarily. The number of buyers pulled into the marketplace because of this tax incentive was not as great as everyone believed. The $6500 credit for current owners to move did nothing as far as I could see. People were either purchasing or not, $6500 didn’t matter to them.
Money is still cheap with interest rates hovering around 5% and FHA remains quite attractive, more so than ever actually. 2010 will continue to be a great year overall for real estate investment.
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Tags: home appreciation report, market, portland
