Portland, Oregon Residential Property Appreciation
Metro Portland Area
|Yr to date
|Avg Mkt Days||Avg Appreciation|
|Gresham / Troutdale||$224000||152||-14.4%|
|Milwaukie / Clackamas||$287600||145||-10.3%|
|Oregon City / Canby||$285600||141||-12.3%|
|Lake Oswego / West Linn||$486600||164||-15.0%|
|NW Portland / Washington County||$376600||126||-5.1%|
|Beaverton / Aloha||$244700||113||-8.8%|
|Tigard / Wilsonville||$325100||196||-8.5%|
|Hillsboro / Forest Grove||$251100||133||-12.7%|
Data: Sept 16, 2009
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave's Commentary on the Portland Real Estate Market:
Portland home sales have tapered off slightly with the end of summer season. This was to be expected as the peak number of house sales is typically in June. Sale volumes in our metro area will continue to decrease as fall approaches. Good news for sellers though is that the number of new listings (competition) has declined significantly compared with previous years.
Sellers of higher end properties are having a difficult time getting their houses shown, let alone sold. Need I say that buyers can take advantage?? Interest rates are still under 5% for a conventional 30yr fixed mortgage. Couple that with fantastic prices on Portland homes for sale and buyers have a winning combination.
Home prices have dropped over 10% compared with the previous 12 months. Procrastination has paid off for buyers but how much longer will it last? First time home purchasers are still looking to take advantage of the $8000 tax credit and most are shooting for that November 30th cutoff. It'll be interesting to see if congress extends the credit deadline. I'm guessing they will.
Impact on Portland home sales is not greatly affected by this credit. Buyers are not telling me that if they didn't receive $8000 they wouldn't be buying a house. That's just one Realtor's opinion and I've asked other brokers what they feel our tax credit is doing to the market. Responses are mixed.
Dave's Prediction for the moment; Price decline seems to have tapered for entry level homes, like those in Beaverton and Hillsboro around $200k. Upper end, $500k or so, still will see more reductions until the bottom is stabilized. More expensive homes are a great value at the moment and will continue to improve from a buyer's standpoint.
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