August 2010 Portland Home Appreciation Report
Metro Portland Area Yr to Date Avg Price Avg Mkt Days Avg Appreciation
North Portland $232100 85 -3.8%
NE Portland $285200 87 -5.8%
SE Portland $238200 82 -6.5%
Gresham / Troutdale $214600 120 -7.6%
Milwaukie / Clackamas $262000 112 -7.2%
Oregon City / Canby $257100 125 -10.2%
Lake Oswego / West Linn $439700 156 -3.6%
West Portland $404600 123 -8.0%
NW Portland / Washington County $366200 131 -6.4%
Beaverton / Aloha $243900 100 -4.7%
Tigard / Wilsonville $304700 148 -6.2%
Hillsboro / Forest Grove $233400 136 -8.9%
Dave’s Commentary on the Portland Real Estate Market:
- Listed home inventory took a jump up to 10.8 month’s supply, balanced market is 6
- Sale volume decreased over June by 29%, slight increase in listings
- Foreclosures are easy to find and continue to be heavy competition for sellers
Overall home sales around Portland this summer are not as hot as you’d expect. Typically we’d see steady volumes throughout the summer but this year May was the big seller and it’s been tapering off ever since. Short sales are popular as ever with sellers but buyers and Realtors would certainly prefer not to deal with them at all. Price has to be very aggressive in order to entice buyers to stick it out.
Can tell you from experience that 90+% of short sale offers I write up do not make it to closing. Buyers get frustrated with lack of seller’s bank response, seller files bankruptcy, seller’s bank forecloses in the middle of the deal, list goes on…
On a positive note, first-time buyer market is absolutely amazing at the moment! Have you looked at FHA rates these days? 4.25% Couple that with a foreclosure and you’ve got a recipe for long-term success. It’s very close to the point where renters should wonder why they’re renting. Mortgage payments are close to rent and long term owners will prosper.
Overall projection is for a continuation of a good buyer market. Sellers, price aggressively. It’ll save money in the long run!
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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