-
Your Host
re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
Follow Along
Subscribe in a reader
Lights. Audio. A Camera Crew. What Could Possibly Go Wrong?
Last summer, the HGTV show “My First Place” came to Portland and selected a couple of my clients to follow and film as they purchased their first home together.
As their agent, I was sorta obligated to go along with the deal. I mean, who would turn down free publicity, right?
Well, the episode finally airs this Thursday, May 27 on HGTV. Check your local cable provider for the time, but you’re looking for the episode titled, “Living the Rock ‘n Roll Lifestyle“. (My client, Zaven, is an accomplished multi-instrumentalist and frontman for the band, Abort! Abort! The music thing is kinda key to the episode.
Without giving anything away, the house hunt did not go as planned. Hilarity ensured and it was all caught on film. Nine months later, I’m petrified at what might end up on screen, but it’s too late for that now.
I have not seen any of the footage, and have no idea how it all turned out. It must not be too bad because it is just the 2nd or 3rd episode of the new season. The production is formulaic, but less contrived than you think. We were encouraged, even implored, to share our true thoughts out loud.
We met with the crew at least a half-dozen times: the house hunt, a follow-up showing, the contract writing, the contract response, the home inspection, a meeting or two, etc. Despite working with the relaxed video, audio, and production staff, it was still a grind. Each filming stretched our visits to 3 or 4 times longer than normal, and there were moments when I felt I had to oversimplify things for the camera. Nevertheless, I’ve been on the local news a few times, and this was a much more natural and relaxed process for me.
The transaction got a little complicated at the end due to the recent restrictive lending environment, but it all worked out. Working with Zaven and his wife Amber was the best part of the whole thing, and I was delighted that we found a really cool place for them along the Williams corridor in the Boise neighborhood.
Here’s to hoping that post-production takes off a few pounds, puts a little hair back on the dome, and mostly that I didn’t say anything horrifically unprofessional.
Portland Real Estate Market Activity – April 2010 Results
Portland’s strong, springtime home-buying activity continued through April, with nearly 2,000 homes selling and another ~3,000 entering into contract. The sale pending number is the highest since May 2007 and is comparable to figure we saw during the bubble-buying period between 2004 and 2007.
Sale prices bounced up a tick from last month, but are still 3 to 4% down from a year ago. The average home in the Portland metro area sold for $282,100 and the median value is now at $240,000.
On average, it’s taking at least 4 months for a new listing to eventually sell. April’s absorption rate of sales vs. available listings is now down to 7.3 months of supply, however, it’s unlikely that that buyers will continue their torrid purchasing pace with the tax credit now expired.
The closed sale numbers should be strong through May and June, but we’ll keep an eye on the pending sale numbers as the canary in the coal mine that will determine if the buying binge continues.
Market Summary
| April 2010 |
March 2010 |
Last Year April 2009 |
|
| Median Sale Price | $240,000 | $238,900 | $249,600 |
| Average Sale Price | $282,100 | $280,300 | $291,100 |
| Closed Sales | 1,941 | 1,799 | 1,302 |
| Pending Sales | 2,991 | 2,402 | 1,860 |
| New Listings | 4,713 | 4,897 | 3,808 |
| Active Listings | 14,182 | 14,042 | 14,328 |
| Total Market Time * | 127 days | 142 days | 148 days |
| Inventory (in months) | 7.3 | 7.8 | 11.0 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and 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. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $461,200 | $383,000 | -8.1% | 147 |
| West Portland & Downtown | $406,900 | $335,000 | -11.4% | 155 |
| NW Washington County | $358,600 | $343,000 | -7.6% | 134 |
| Tigard / Tualatin / Sherwood / Wilsonville | $306,000 | $281,300 | -8.2% | 161 |
| Northeast Portland | $276,200 | $244,300 | -10.4% | 91 |
| Oregon City / Canby | $257,900 | $222,500 | -11.7% | 116 |
| Milwaukie / Clackamas | $252,500 | $236,900 | -9.6% | 110 |
| Beaverton / Aloha | $241,000 | $220,000 | -10.0% | 127 |
| Hillsboro / Forest Grove | $239,000 | $215,500 | -9.7% | 135 |
| Southeast Portland | $234,200 | $210,000 | -10.5% | 98 |
| North Portland | $232,400 | $229,000 | -7.9% | 77 |
| Gresham / Troutdale | $218,700 | $202,800 | -12.5% | 143 |
| Yamhill County | $217,300 | $193,000 | -13.6% | 193 |
| Columbia County | $185,500 | $185,000 | -12.5% | 101 |
Market data courtesy of RMLS, April 2010.
Portland Real Estate Market Activity – March 2010 Results
Reporting this a little late this month, but March results for Portland’s real estate market were a little eye-opening.
First off, 1,800 homes closed escrow in March. That’s ok, but not historically all that strong for March.
However, 2,400+ homes went sale pending in the month. That’s the highest number of homes under contract going back 31 months…back to the peak days of the real estate frenzy in summer of 2007. Astounding. (And it means April and May closings will be strong.)
Is this the beginning of a rebound or just a paroxysmal response to the expiring tax credit? I suspect it is the latter and as we settle into the peak real estate season, the subsidized home-buying process will wane and the true market will emerge. April’s numbers should be out around the 15th.
Market Summary
| March 2010 |
February 2010 |
Last Year March 2009 |
|
| Median Sale Price | $238,900 | $235,000 | $246,400 |
| Average Sale Price | $280,300 | $273,100 | $297,000 |
| Closed Sales | 1,799 | 1,015 | 1,184 |
| Pending Sales | 2,402 | 1,850 | 1,637 |
| New Listings | 4,897 | 3,902 | 3,684 |
| Active Listings | 14,042 | 13,101 | 14,188 |
| Total Market Time * | 142 days | 150 days | 156 days |
| Inventory (in months) | 7.8 | 12.9 | 12.0 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and 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. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $441,800 | $377,000 | -9.6% | 241 |
| West Portland & Downtown | $418,000 | $336,000 | -11.6% | 184 |
| NW Washington County | $360,600 | $344,000 | -9.2% | 129 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,500 | $287,000 | -8.6% | 176 |
| Northeast Portland | $271,400 | $229,800 | -10.2% | 120 |
| Oregon City / Canby | $253,400 | $220,000 | -11.8% | 127 |
| Milwaukie / Clackamas | $253,200 | $240,000 | -8.2% | 131 |
| Hillsboro / Forest Grove | $248,100 | $223,900 | -9.5% | 178 |
| North Portland | $233,700 | $230,000 | -8.7% | 89 |
| Beaverton / Aloha | $233,500 | $216,500 | -11.5% | 106 |
| Southeast Portland | $230,300 | $202,500 | -11.2% | 101 |
| Gresham / Troutdale | $218,800 | $202,000 | -12.6% | 141 |
| Yamhill County | $203,800 | $190,000 | -15.6% | 161 |
| Columbia County | $187,300 | $184,900 | -12.2% | 175 |
Market data courtesy of RMLS, March 2010.
