No Real Fireworks in Portland June Real Estate Activity

FireworksWe’re off for a few days at the coast (after a few more showings this morning), but I thought I’d pass along some early June sales numbers.

In what’s starting to sound like a broken record, it appears total sold units will again be down again in the 30 to 33% range compared to 1 year ago. To date, 1,833 homes show a status of SOLD, compared to 2,731 in June 2007.

How that will affect standing inventory and sale prices will require heavier lifting (which I will do early next week), but Jeff Kempe has highlighted some extrapolations at his site.

Until then, unplug and enjoy family, friends, and our fair city this holiday weekend!

Photo by ShutterSparks, used under Creative Commons license.

July 4, 2008 · Filed Under Market Activity

Comments

5 Responses to “No Real Fireworks in Portland June Real Estate Activity”

  1. Uncle_Git on July 8th, 2008 8:21 am

    http://realestate.msn.com/rentals/Article2.aspx?cp-documentid=8377648&GT1=35000

    Portland made another “top 10″ list.

  2. Ron Ares on July 8th, 2008 3:54 pm

    UG,

    Thanks for brightening a real estate SALESperson’s day. :)

  3. Uncle_Git on July 9th, 2008 8:31 am

    Sorry man ;)

    I think it’s definitely worth getting on the ball on the foreclosure / short sale gig.

    It’s not a big part of the market here yet – but I think it will be increasing next year once people notice they are in fact underwater on the mortgage they are struggling to pay.

    In every market no matter how bad houses are bought and sold – it’s all about having the right skills for the current market – I suspect you’ll do just fine.

  4. DK on July 9th, 2008 10:28 am

    Git,
    The article is basing it’s findings on renting a two bedroom home in Portland for $757. In my experience (North Portland) rents have risen 20% in the past year to $1100 (single family homes not apartments.) We’re a lot closer to price parity for rent vs buy than the article presents, given the 15 times annual rent. By my calculations we’re 17 times annual rent. Warranted due to land use planning and projected population growth. Not to mention quality of life.

  5. Uncle_Git on July 10th, 2008 9:19 am

    The point where a home makes sense historically is about 120 X Monthly rent for investment purposes – say 150X allowing for a margin for pride of ownership and all that nonsense.

    15 X annual (180X monthly) sounds high to be to be honest – but we can go with that…

    A house just sold on my street – more or less the same place as I rent – just with one extra bedroom and a single instead of a double garage. My rent vs buy penciled out to 402 X monthly rent….

    Given we are at all time high inventory levels of unsold property I don’t buy the “restricted growth” thing at all.

    And everywhere offers “quality of life” depending on what you are looking for – it depends on your own personal compass. If you are a beach going surfer, being trapped in rain 8 months of the year is hell on earth. If you are a translucent skinned Irishman like myself year round 80+ degree sunshine is hell on earth ;)

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