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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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An Ode to Portland
Over the years, I’ve posted links to many reviews of the Portland lifestyle…most penned by a fawning NY Times writer wandering about town for a long weekend or so.
This gem, Twice Charmed by Portland Oregon, however, was written by local author Katherine Dunn (Geek Love) for the Smithsonian Magazine. Dunn moved here as a teen and re-emigrated to Portland later in her life.
Yes, it’s a little sentimental, but saccharine-free.
Portland’s population has mushroomed since I was a kid. The perpetual tug of war between preserving and modernizing saws back and forth. Urban renewal ripped out communities and poured in glass, steel and concrete, but some of the replacements are wonderful. The town is better-humored now, more easygoing. That feel of the old hobnobbing with the new is more amiable. Of course the blood and bones of the place never change—the river, the hills, the trees and the rain.
Portland Real Estate Market Activity — September 2010
With September and October typically being the last months of the year with any serious sales volume, Portland’s real estate market may be heading for an early hibernation.
September 2010 saw just 1,399 homes change hands, off 36% of the typical September average (measured between 2000 and 2010). Nearly 1,600 homes are on the books as sale pending, meaning that October’s closed sales total will be historically low, too.
After sustaining improbable tax-incentive fueled sale prices through the summer, September saw marked price declines: -6.5% compared to August average prices, and -4.0% at the median. Average and median sale prices throughout the metro area were $279,900 and $240,000 respectively. Measured against the peak of the market in the summer of 2008, prices are down over 20% once again.
Fortunately, the market is not flooded with properties. At the current pace of sales, the existing inventory of 14,714 homes would be depleted in 10.5 months. Five to six months inventory is viewed as balanced between buyers and sellers, so things are still tipped in favor of bargain hunters. On average, it is taking over 4 months to market and sell a property in the Portland area.
Below are summaries of the Portland housing market, including year-to-date figures for the metro areas.
Market Summary
| September 2010 | August 2010 | Last Year
September 2009 |
|
| Median Sale Price | $240,000 | $250,000 | $241,400 |
| Average Sale Price | $279,900 | $299,300 | $290,300 |
| Closed Sales | 1,399 | 1,381 | 1,800 |
| Pending Sales | 1,584 | 1,688 | 2,286 |
| New Listings | 3,549 | 3,829 | 3,599 |
| Active Listings | 14,714 | 15,000 | 13,667 |
| Total Market Time * | 131 days | 126 days | 131 days |
| Inventory (in months) | 10.5 | 11.0 | 7.6 |
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. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $440,200 | $387,900 | -9.3% | 186 |
| West Portland & Downtown | $410,300 | $342,800 | -6.5% | 178 |
| NW Washington County | $367,800 | $335,000 | -4.7% | 86 |
| Tigard / Tualatin / Sherwood / Wilsonville | $305,000 | $279,900 | -5.7% | 158 |
| Northeast Portland | $285,000 | $249,000 | -1.6% | 104 |
| Milwaukie / Clackamas | $263,000 | $242,000 | -6.8% | 160 |
| Oregon City / Canby | $257,800 | $230,000 | -8.4% | 124 |
| Beaverton / Aloha | $243,700 | $219,900 | -1.7% | 107 |
| Southeast Portland | $239,100 | $210,000 | -4.6% | 106 |
| Hillsboro / Forest Grove | $228,400 | $209,300 | -7.8% | 112 |
| North Portland | $230,600 | $225,000 | -1.9% | 92 |
| Yamhill County | $218,000 | $191,700 | -7.3% | 172 |
| Gresham / Troutdale | $214,000 | $202,500 | -5.0% | 116 |
| Columbia County | $185,400 | $180,000 | -11.1% | 146 |
Market data courtesy of RMLS, September 2010.
It would be more funny if it weren’t so painful
Jon Stewart has a knack for putting a fine point on it. Actually, a serrated edge:
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
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Foreclosure Crisis |
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And there’s more:
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
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Mortgage Bankers Association Strategic Default |
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Sigh.
