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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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A Visual History of the Garage
Happy Sunday to you. And given the amount of time we spend in our garages on weekends, today seems to be an appropriate day to share this interesting infographic about the history and evolution of the humble garage in the U.S.
Original content by IFA Insurance. Click on the image to enlargen.
Portland Real Estate Market Activity – March 2013
As the Portland real estate markets revs into its busy season, the increased pace of sales along with the relatively flat supply of new homes listed on the market is making for continued slim pickings for buyers.
March 2013′s statistics show it to be the busiest March since 2007 with 2,600+ contracts pending and 2,200 transactions closed. The 6,200+ unit remaining inventory leaves just 3.2 months of available supply, the lowest level since June 2006.
The average and median sales price across the Portland metro area jumped 6 and 3.3 percent respectively over last month, and 18 and 16 percent over last year’s result. Average pricing is about to eclipse $300,000 and media is cresting the $250,000 mark.
The breakdown by market area for March is below. Average and median pricing is year-to-date for 2013, and the percentage change is the last 12 months measured against the previous 12 months. SE Portland and Yamhill County are into double digits appreciation, with NE Portland right behind.
Market Summary
| March 2013 | February 2013 | Last Year - March 2012 |
|
| Median Sale Price | $250,000 | $242,000 | $215,700 |
| Average Sale Price | $299,000 | $282,000 | $252,600 |
| Closed Sales | 1,935 | 1,376 | 1,694 |
| Pending Sales | 2,628 | 2,130 | 2,272 |
| New Listings | 3,002 | 2,453 | 2,886 |
| Active Listings | 6,207 | 6,256 | 8,391 |
| Total Market Time * | 112 days | 116 days | 135 days |
| Inventory (in months) | 3.2 | 4.5 | 5.0 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $478,600 | $410,000 | 5.8% | 120 |
| West Portland & Downtown | $414,300 | $347,300 | 8.9% | 119 |
| NW Washington County | $371,300 | $350,200 | -0.5% | 117 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,600 | $276,000 | 6.8% | 118 |
| Northeast Portland | $313,600 | $268,700 | 9.7% | 78 |
| Milwaukie / Clackamas | $259,000 | $242,200 | 5.9% | 105 |
| Oregon City / Canby | $248,700 | $235,500 | 2.8% | 110 |
| North Portland | $242,600 | $233,500 | 5.5% | 77 |
| Southeast Portland | $237,700 | $205,000 | 10.0% | 89 |
| Beaverton / Aloha | $243,400 | $222,000 | 7.5% | 83 |
| Gresham / Troutdale | $217,300 | $202,500 | 4.7% | 151 |
| Hillsboro / Forest Grove | $228,900 | $209,500 | 7.4% | 137 |
| Yamhill County | $238,700 | $187,500 | 10.3% | 191 |
| Columbia County | $153,200 | $154,900 | 2.5% | 122 |
Portland Real Estate Market Activity – February 2013 Results
The pace of sales in the Portland metro real estate market is returning to ‘normal’ levels, with closed and pending home sales in February at the highest levels since the peak periods of 2007-2008. This steady recovery comes in the face of near record low inventory — only four and a half months of available housing inventory was available at the end of February, a little over 6,200 units.
Average and median sale prices across the Portland metro area registered $282,000 and $242,000 respectively — down from January totals, but on a rolling 12-month basis are up 5.8% and 8.5% over the previous 12 month period.
February 2013 results below:
Market Summary
| February 2013 | January 2013 | Last Year - February 2012 |
|
| Median Sale Price | $242,000 | $248,000 | $211,000 |
| Average Sale Price | $282,000 | $287,700 | $255,100 |
| Closed Sales | 1,376 | 1,344 | 1,262 |
| Pending Sales | 2,130 | 1,906 | 2,109 |
| New Listings | 2,453 | 2,438 | 2,492 |
| Active Listings | 6,256 | 6,366 | 8,203 |
| Total Market Time * | 116 days | 114 days | 138 days |
| Inventory (in months) | 4.5 | 4.7 | 6.5 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $466,700 | $380,000 | 3.1% | 157 |
| West Portland & Downtown | $409,100 | $331,300 | 7.4% | 138 |
| NW Washington County | $372,300 | $354,300 | -0.6% | 59 |
| Tigard / Tualatin / Sherwood / Wilsonville | $303,000 | $272,500 | 5.7% | 113 |
| Northeast Portland | $313,000 | $266,000 | 9.6% | 86 |
| Milwaukie / Clackamas | $253,900 | $240,000 | 5.6% | 155 |
| Oregon City / Canby | $246,000 | $230,000 | 3.3% | 117 |
| North Portland | $237,900 | $232,000 | 5.2% | 91 |
| Southeast Portland | $229,100 | $197,500 | 7.7% | 85 |
| Beaverton / Aloha | $231,900 | $210,600 | 4.9% | 92 |
| Gresham / Troutdale | $221,000 | $205,000 | 0.4% | 123 |
| Hillsboro / Forest Grove | $224,700 | $204,400 | 6.5% | 80 |
| Yamhill County | $217,000 | $183,800 | 7.4% | 212 |
| Columbia County | $159,000 | $160,000 | 4.6% | 149 |
Portland Real Estate Market Activity – January 2013 Results
Inventory levels continue to plague the Portland real estate market in January, with just 6,366 homes and condos available for sale. Pending and closed sales are up from a year ago, but new listings lag behind January 2012 levels.
Low interest rates and low inventories are fueling average and median sale hikes, now 5.4% and 7.3% higher respectively than the previous 12-month rolling average. The average 12-month selling price is now $277,000 with the 12-month median coming in at $236,000 across the Portland metropolitan area. You can view individual 12-month market area average growth percentages in the second table below.
Here are the stats for January 2013:
Market Summary
| January 2013 | December 2012 | Last Year - January 2012 |
|
| Median Sale Price | $248,000 | $247,000 | $207,500 |
| Average Sale Price | $287,700 | $290,200 | $249,100 |
| Closed Sales | 1,344 | 1,760 | 1,224 |
| Pending Sales | 1,906 | 1,384 | 1,823 |
| New Listings | 2,438 | 1,286 | 2,613 |
| Active Listings | 6,366 | 6,352 | 8,514 |
| Total Market Time * | 114 days | 111 days | 136 days |
| Inventory (in months) | 4.7 | 3.6 | 7.0 |
Below is activity by market area. Please note that year-to-date figures will likely be a little high due to being a one month sample and relatively low volume. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $480,600 | $385,000 | 3.3% | 138 |
| West Portland & Downtown | $429,800 | $335,000 | 8.3% | 111 |
| NW Washington County | $366,800 | $357,000 | -0.2% | 152 |
| Tigard / Tualatin / Sherwood / Wilsonville | $315,000 | $282,000 | 4.3% | 114 |
| Northeast Portland | $305,000 | $251,700 | 9.0% | 75 |
| Milwaukie / Clackamas | $245,200 | $230,000 | 4.8% | 112 |
| Oregon City / Canby | $242,600 | $235,000 | 2.5% | 144 |
| North Portland | $238,400 | $238,000 | 4.3% | 69 |
| Southeast Portland | $235,900 | $204,900 | 7.0% | 83 |
| Beaverton / Aloha | $230,800 | $209,900 | 3.8% | 98 |
| Gresham / Troutdale | $230,000 | $200,000 | -0.2% | 130 |
| Hillsboro / Forest Grove | $217,500 | $194,900 | 6.6% | 134 |
| Yamhill County | $207,700 | $169,000 | 10.6% | 155 |
| Columbia County | $169,400 | $164,500 | 4.9% | 210 |
Portland Real Estate Market Activity – December 2012
A little late to the statistics review party this month, but finally here to close out 2012.
The year ended with mixed trends: more sales, fewer listings, and higher prices. The total sales volume in 2012 across the Portland metro area reached $6.45 billion, compared to $5.2 and $5.3 billion in 2011 and 2010 respectively. Closed sale units were up nearly 20% over last year, yet properties listed for sale were down 5%. With these dynamics, plus low mortgage interest rates, buyer demand drove 12-month prices 4.4% and 6.3% higher than 2011 for average and median sales in 2011.
The year ended with just 6,352 homes available on the market, equal to 3.6 months inventory at current sales levels. This is the fewest number of homes listed for sale since April 2006.
January 2013 results will be out in a couple weeks, so stay tuned to see how the market is shaping up for the early buying season.
Here are the figures for December:
Market Summary
| December 2012 | November 2012 | Last Year - December 2011 |
|
| Median Sale Price | $247,000 | $241,000 | $216,600 |
| Average Sale Price | $290,200 | $279.400 | $260,800 |
| Closed Sales | 1,760 | 1,733 | 1,612 |
| Pending Sales | 1,384 | 1,730 | 1,443 |
| New Listings | 1,286 | 1,675 | 1,700 |
| Active Listings | 6,352 | 7,216 | 8,612 |
| Total Market Time * | 111 days | 101 days | 142 days |
| Inventory (in months) | 3.6 | 4.2 | 5.3 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $434,800 | $375,000 | 1.5% | 157 |
| West Portland & Downtown | $412,300 | $347,300 | 7.2% | 110 |
| NW Washington County | $356,200 | $340,000 | -0.4% | 75 |
| Northeast Portland | $288,000 | $250,000 | 8.0% | 74 |
| Tigard / Tualatin / Sherwood / Wilsonville | $285,400 | $260,000 | 2.8% | 126 |
| Milwaukie / Clackamas | $249,400 | $230,000 | 4.0% | 114 |
| Oregon City / Canby | $239,000 | $225,700 | 2.3% | 115 |
| Southeast Portland | $230,800 | $196,000 | 7.4% | 109 |
| North Portland | $229,900 | $220,000 | 3.4% | 43 |
| Beaverton / Aloha | $219,500 | $200,000 | 3.1% | 92 |
| Hillsboro / Forest Grove | $216,500 | $199,300 | 4.9% | 109 |
| Yamhill County | $214,800 | $180,000 | 8.3% | 207 |
| Gresham / Troutdale | $194,800 | $180,000 | -0.4% | 118 |
| Columbia County | $164,000 | $156,900 | 2.6% | 130 |
Portland Real Estate Market Activity – November 2012
The real estate market in the Portland metro area began its seasonal wind-down in November, with closed sales and new listings shrinking from the stronger-than-usual fall volumes.
The month ended with just 7,200 units active on the market — the lowest number of active listings going back to May 2006. At just around 4 months of available inventory, buyers are encountering slim pickings. Average and median sale prices are bouncing between +/- 1 to 2% from month to month, which is a sign of pricing stability.
All but one MLS market area has shown sale price appreciation (primarily earned in the summer months) on a 12-month rolling basis over the previous 12 months, with NE and SE Portland leading the way at +6%.
The lower sale pending figures would forecast for a slower December as the year closes out, but 2012 had already eclipsed 2011 in total sale volume by the fall. Low interest rates and low inventories should keep sellers happy for the next few months or so.
Here are the figures for November:
Market Summary
| November 2012 | October 2012 | Last Year - November 2011 |
|
| Median Sale Price | $241,000 | $243,300 | $225,000 |
| Average Sale Price | $279.400 | $284,600 | $259,400 |
| Closed Sales | 1,733 | 2,103 | 1,521 |
| Pending Sales | 1,730 | 2,177 | 1,685 |
| New Listings | 1,675 | 2,414 | 2,026 |
| Active Listings | 7,216 | 7,981 | 9,451 |
| Total Market Time * | 101 days | 102 days | 135 days |
| Inventory (in months) | 4.2 | 3.8 | 6.2 |
Below is activity by market area. The appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $428,200 | $371,000 | 0.6% | 128 |
| West Portland & Downtown | $409,600 | $347,000 | 4.2% | 117 |
| NW Washington County | $354,900 | $339,900 | 0.7% | 70 |
| Northeast Portland | $288,100 | $251,000 | 6.1% | 73 |
| Tigard / Tualatin / Sherwood / Wilsonville | $284,000 | $260,000 | 0.4% | 101 |
| Milwaukie / Clackamas | $248,200 | $230,000 | 3.1% | 113 |
| Oregon City / Canby | $236,600 | $223,600 | 2.6% | 138 |
| Southeast Portland | $230,700 | $198,500 | 5.9% | 71 |
| North Portland | $228,900 | $220,000 | 3.3% | 58 |
| Beaverton / Aloha | $218,900 | $199,900 | 3.1% | 78 |
| Hillsboro / Forest Grove | $216,000 | $198,000 | 3.7% | 166 |
| Yamhill County | $210,300 | $178,500 | 3.1% | 124 |
| Gresham / Troutdale | $195,500 | $180,000 | -1.4% | 100 |
| Columbia County | $163,100 | $156,700 | 0.7% | 141 |
Friday Fun – Even More Portland Time-Lapse Video
Another delicious Portland time-lapse video for your Friday enjoyment. We live in a gorgeous city.
Portland, Oregon HD Timelapse from 5dNEP on Vimeo.
Friday Fun – Dumb Ways to Die
Happy Thanksgiving weekend! A little Black Friday humor for ya’….
Given all of Portland’s rail transportation options, here’s a public service reminder when crossing or approaching rail areas. It’s a dumb way to die.
Here are some close calls captured on Tri-Met’s Westside Express Service (WES) cameras. ‘Nuff said.
Let’s be careful out there.
The Importance of Staging
Does staging my home really pay off?
If you were selling a car, would you get more money if you washed and waxed it? Probably…
Or reverse this question….
If I tried to sell a dirty car, would I get less money for it? Absolutely!
Here is a home that clearly shows the benefits of staging.
All pictures were taken by professional photographers.
The only difference is the staging.
Prior to staging, this home had 27 showings and no offers.
After staging, there were 24 showings in 10 days, three offers, and sold for full asking price.
Interpretation: Without staging, the marketing was sufficient to attract plenty of buyers to view the home. Yet when actually at the home, all 27 buyers rejected the home purchase. After staging, buyers could focus on the potential in the home, rather than the distractions.
Result: With staging, the seller made the most money possible.
Formal Living Room
Formal Dining Room
Family Room
Master Bedroom
Selling in December
During the winter holidays, many sellers withdraw their homes from the market or wait until after the first of the year to sell. Most often, it’s because of family visits and holiday celebrations. However in today’s market, having your home up for sale during the winter holidays can give you a competitive edge.
Serious Buyers. Only serious buyers are looking for homes during the holidays. Think about it. Would you rather be attending holiday events and getting your shopping done, or driving around in the rain and cold looking at homes? For buyers, their dedication and commitment to the home buying process during this time makes them perhaps more serious buyers than the summer tire-kickers. Most buyers start their search on the internet and will spend their holiday break surfing the web looking for homes. With more free time, buyers and their families will spend more time dreaming about what they will do in 2013. Why not give them a great home website created by M Realty to fall in love with?
Less competition. As other sellers take their homes off the market, this creates less competition for those committed buyers. With fewer homes to consider, buyers will be more likely to spend time looking at your home. This will shift in January as more sellers trickle back into the market, slowly increasing back up to normal levels by the beginning of March.
Moving up before prices increase. The market appears to have hit bottom in 2012. From here, the market will likely begin to move back up as foreclosures decrease and normal houses return to the market. Ask yourself, “what is the cost of waiting until I know for sure?” Given a 3% annual increase in the market, a $250,000 house will gain $7,500 in value, while a $500,000 house will gain $15,000 in value. Your leverage in buying up to the next level house is much higher in actual dollars.
Holiday decorations. If you are already moving furniture and personal times to put up holiday decorations, it’s also a great time to clean behind the couch or sideboard. And the temporary storage for your personal items is the same as it is when having your home professionally staged. Give me a call to have my professional stager help you with both your holiday decorations and staging your home for sale at the same time. Buyers are emotional during the holidays. Capitalize on their emotions by using high quality holiday decorations to showcase what your home has to offer—in turn letting buyers experience the dream of living in your home.
Higher appraisal values. Recent strong sales support the rising appraisal values of homes. With the market increase in sales of normal homes, now is the best time to sell. The percentage of bank-owned and foreclosure homes has shrunk, giving appraisers more information on the sale of regular homes as they begin to increase in value for the first time in over five years.
