Does this surprise you? It’s always cold in December both in the weather and the Real Estate Market. Nothing is different this year, although the weather forecasters would like to make you think so. Same storm, different terrifying name. We have a smaller inventory again this month, according to RMLS, but barely. At November’s rate of sales, the inventory of 14,435 residential properties would all sell out in 8.3 months. This measure of inventory is up from November of 2006, when we measured 5.1 months of inventory. Comparing the average sales price from November of 2006 until November of 2007 we have an appreciation rate of 6.9% throughout the city. The average number of days on the market has jumped to 67 compared to 58 last month and 51 days at the end of November 2006. Again, this most likely a reflection of the normal Holiday slow down. Most people are out of town or visiting with family instead of buying or selling their home. It will be interesting to see how we start the New Year. My thought is that sales will stay level until we see a slight improvement come February and March. SE Portland (8.3%) and N Portland (9%) are still seeing the highest appreciation rates with areas such as Hillsboro (7.5%) and Gresham (7.7%) close behind. It seems as if many other areas of the city have mostly leveled out for a bit. Areas of the city with a higher median home prices seem to cooling the most as far as appreciation is concerned. This is the old chicken and egg scenario. People looking to purchase a more expensive home in higher-priced areas are having to take a little bit longer to sell their previous home, and so the cycle perpetuates.
Be Prepared by looking for the opportunities that are still out there…and wear a warm jacket.
I was recently interviewed for an article that appeared in the Portland Tribune entitled “Niche Market has Agents Seeing Green“. My interest in Green Real Estate and homes in Portland, OR is well-known and documented here on this blog and Read more
Happy New Year! Here are a few events around town for those of you looking for something different to do. Read more
I recently finished working on a transaction for one of the first Vargas Greenan homes in Portland, OR. Why is this so special? Well, sustainability is a big buzzword in home construction these days. Read more
To be helpful to my clients, I have decided to make this list because I am often asked what is needed to bring to a loan application. Most Read more
This 2007 Remodeling Cost Vs. Value report was listed recently on Inman News. I am asked this question a lot as a Realtor, and it is important that home owners understand that they may not immediately recoup the value of their remodeling if they were to then try and sell their home. Many times upgrades or remodeling should by done only if it will add to your enjoyment of your home. This is not to say that remodeling hurts the ability to sell a home. In the Portland Market as highlighted by the Pacific Coast section of the report, it seems as if exterior projects such as replacing siding help homeowners recoup most of their costs. Adding a deck (108%) is a good project, as is a minor kitchen remodel (103.5%) according to the report. Window replacements also add value to the home in our region, and remodeling an attic bedroom or basement comes close at 98% and 96.8% respectively. It is a great idea to take a look at this information before making a decision to do these projects if recouping your money is your immediate concern. If you are just looking for a way to enjoy your home more, then it doesn’t really matter what you do!
Here is another piece of good news regarding the Real Estate Market in Portland, OR from CNN Money. This was brought to my attention recently and it helps in the battle against the bad news. Every market has an opportunity, you just need to be knowledgeable about the conditions and know where to look. Home prices are still rising. According to RMLS market stats we are at 8.6 months of inventory with over 16,000 listings on the market! Pending sales are at a low of just under 2000, yet the annual appreciation of home values is still at 6.7%. There is still opportunity!
Enjoy this list of Holiday events in Portland!
The Holidays at Pittock Mansion @ 3229 NW Pittock Drive, Portland
Tour this Portland landmark during the holiday season–12-4 daily –11/19/07-12/31/07 call: 503-823-3623 Read more