Fall 2017: Portland Real Estate Market

Portland Real Estate Market
[caption id="attachment_8314" align="alignleft" width="300"] Median List Price of Portland Homes For Sale[/caption] Summer is over and Fall is here with plenty of cold, rainy wind... and of course, the ubiquitous comparatively sluggish real estate market. I say "comparatively sluggish" because housing in our city is still selling quickly and inventory remains very low by the measures of conventional wisdom. Nonetheless, average days on market for residential homes for sale is increasing while market action is waning. Current median asking price for properties in Portland is $518,000 and the average list price is $635,476. Following the waning market action, prices have been settling down a bit from their all time high in the spring/summer but even still, ever since the Great Recession, Portland's real estate market is continually defined by (lack…
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Oregon City, Milwaukie Housing Update 10-04/2014

Portland Home Values
Home values in Oregon City and Milwaukie seem to have plateaued in recent weeks with, buyer activity slowly tapering off as we move from the busy summer real estate season into the cooling off period typical of autumn. For these Portland suburbs, average days on market has been trending upwards dramatically while at the same time the inventory of available residential listings in Oregon City have been sharply declining, while available listings in Milwaukie have only been mildly declining. At first, it seems like reduced inventory would stimulate the market and the truth is it may be, but only to an extent. However, if the supply of available homes for sale is declining somewhat and demand is dropping more dramatically then the balance may begin to shift in favor of…
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Should I Buy A House This Year? Q & A with a Realtor

Buying Real Estate
As a professional Realtor in Portland, Oregon people ask me whether or not they should buy a house this year quite often. My answer is that there are many factors to consider and ultimately YOU are the one who has to live with the outcome, not your real estate agent, not your friends or relatives. Is it time to buy real estate? Nobody can make this decision for you. This article is written by an Oregon Real Estate Licensee IS NOT legal counsel and IS NOT tax or financial advice. Realtors cannot predict or promise future profits or losses and this article is solely the opinion of Richard Lockwood as of the date of publication (I reserve the right to change my mind and at some point in the future…
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Response to 05-08-2014 Housing Article

economy
My sister, Dr. Julie Lockwood Pechacek (PHD, Economics) wrote the following response to my May 8th article on real estate and the economy. Response To May 8th Real Estate Crash Article: I read your article on the economy and the Portland housing market. Here are some thoughts. Let's talk more often! Love you, -Julie -While I agree that timing is important, you appear to rely heavily on the fact the recession in pdx occurred after the main wave. I say "appear" because I don't think this idea is required for your argument. Recession timing is more related to the geographic dynamics of contagion, and how a financial contagion spreads, than any specific features of Portland's (moderately diverse) economy. -Your essay leads me to wonder if all sectors of the housing…
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Case Shiller & Another Portland Real Estate Crash

economy
This is an editorial opinion article written by Richard Lockwood, a real estate agent active in the Portland Metro area. This article makes no effort to assure anyone of future capital gains or losses. For further inquiries please see disclaimer at bottom of page. Fewer Homes For Sale Vs. Low Wages, Slow Recovery With first quarter housing market data in for the year 2014, one of the prime factors having a stark impact on the housing sector for Portland is the lack of available residential real estate inventory. RMLS data (graph on the left ) shows lower inventory in the year 2014 (marked in red) as compared to the two years prior. The simple law of supply and demand points out that reduced inventory of available homes for sale will…
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February 2014 Market Update

Portland Real Estate Market
Happy New Year to the Portland residential real estate market. And, now that February is coming to a close we're able to process the numbers for January of 2014 and the numbers look encouraging. Pending sales in January were up a whopping 36% compared to December. Similarly, average price for residential listings in Portland improved in January 2014 ($317,200) when compared to January 2013 ($287,700). Portland Real Estate: Sold Home Prices Improve Dramatically Year on Year average sold prices have improved 12.6% across the residential market whereas the median sold price increased by 13.6%. time on market has also decreased somewhat, which may indicate more buyers but may also be influenced by fewer short sales which can increase closing times dramatically. One of the most notable factors is the extremely…
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January 2014 Portland Residential Property Market

Real Estate
January, 2014 Housing Market For Portland, Oregon. Low Inventory of Residential Single Family Homes Pushing Portland Housing Higher, Realtor's Data Shows RMLS Residential Property Data released in January 2014 show sustained low inventory throughout 2013. Realtors in Portland, OR note that buyers seem anxious to put a deal together out of fear that market pressure will price them out of the market and as experience has shown, those buyers may be right. Increased buyer activity and decreased homes available for sale (despite the fact that more homes are coming on the market) lead many real estate agents and many property speculators feel very bullish about the local market. Marked Increases in Closed Deals, Sale Prices The year in review for 2013 shows 26,782 completed transactions as compared to the 23,438…
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Portland Housing Market

Buying Real Estate, Portland Home Values
Portland Real Estate Market Trends Median asking price for MLS Listings has dropped to $274,900 corresponding with the noticeable drop in activity from well-qualified buyers. Often, the start of the school year tends to go hand in hand with home buyers and sellers settling in to the routines of school and work and this decrease in moving, buying and selling of real estate has a seasonal effect on the Portland housing market. [caption id="attachment_3449" align="alignright" width="300" caption="Realtors Chart of Market Conditions"][/caption] Housing Supply And Demand Spring buyers came out in force earlier this year. Possibly due to relieved financial stress and an increase in financing options but also because the tide of foreclosures and short sales has put many former home owners back in to the increasingly competitive rental market.…
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Metro Area Housing

economy, Portland Home Values
The Metro Area Housing Market appears to be in a state of flux; with outlying areas still seeing price declines while more centrally located neighborhoods are seeing less declines, or even flat or increasing price trends. The question on many minds is whether pricing pressure from the suburbs will exert downward pricing pressure on centrally located neighborhoods and if so how much will this affect prices and overall market stability? sadly, we won't really know for sure until it's history but many speculate that certain neighborhoods may still be overpriced. Also adding convolution is the dynamic nature of housing. While some real estate agents in Portland proclaim that prices are increasing (Average Sale Price) other Brokers are quick to point out that the houses that are being sold now are…
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Portland Real Estate Update

Portland Home Values, Real Estate
For this 4th week in August the median asking price for Portland Real Estate Listings was $289,900. And, while median asking price has been rising the average price per square foot has remained steady at $146. This means that median list price is increasing due larger homes for sale being put on the market. Market action from well-qualified buyers has been on the rise as the summer buying season continues. Portland Residential Realtors Also on the rise, average day's on market for residential property listings has increased to an average of 158 days on market. Other positive factors include the lowering levels of unsold properties; although delays in the processing of homes moving toward foreclosure may be skewing those numbers. When taken all together, the outlook of many Realtors working…
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