High-End Homes Soar, Low Price Homes Tank

economy
National Housing Market: Luxury Homes Sales Soar, Affordable Homes Falter The volume of homes selling in working and middle-class price ranges is falling dramatically, while at the same time sales of luxury homes are ramping up by very large margins. Mortgage bankers note that new loan applications are on the rise for properties with an asking price of over a half million Dollars whereas the numbers of new loan applications are dropping in every other real estate pricing tier. Nationally, closed transactions of $250,000 or less have sagged by a jawdropping 12 percent when compared to last year, according to Bloomberg.com. United States Economy Grew by 1.9% Last Year, Portland Real Estate Went Up 12.1% Median sale prices of residential real estate in Portland, OR rose by 12.1% ($316,400 versus…
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Housing Recovery, Short Sales & The Economy

economy, Short Sales
The Aftermath: Prices Can't Bounce Back In the wake of the recession many home owners hoped to be able to sell their homes as prices increased and for some this has in fact happened. However, if prices did go back to 2008 levels why would those prices be sustainable in 2014 if they weren't sustainable in 2008? I mean to say: have wages increased 25% in 5 years? No, then why should we believe that houses can increase that amount? And, more importantly, who would be able to buy them? As we move into the fourth month of the year 2014 some have asked if the short sale specialist is still relevant in the Portland Housing Market. To answer this question we're going to borrow a quote from former US…
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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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Beaverton Housing Report

Portland Real Estate Market
This weeks existing home sale report brings good news tempered somewhat by mixed signals. Let’s look at the good news first. It is a sellers market believed to be inspired by low inventory. Limited supply has given Beaverton home sellers advantage over buyers simply because there isn’t much available for buyers to pick through. That does not give sellers unbridled power to jack prices sky high as bank appraisers and valuation guidelines are tempering this rapid run-up of perceived value. Prices can only naturally appreciate so fast and it appears that another real estate bubble may be in its nascent stages. Would-be investors are to praise or blame for the current run-up of prices and run-down of inventory. When selling a Beaverton home the investor driven price structure can be…
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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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Housing Wanes Amid Economic Unrest

economy
Homeownership Lowest in 13 Years The US economy (having never fully recovered from the great recession) is experiencing a waning housing market and Portland Oregon seems to be following this national trend. Economic uncertainty surrounding the Federal Government shutdown, healthcare and future tax liability have made many key industry players including builders and investors a little more than uneasy in recent months. These concerns, combined with normal seasonal slowing off the industry have combined to undermine recent gains in residential home values. According to the National Association of Realtors today’s home ownership is the lowest it has been in the last 13 years. The US Census reports new household formation was 380,000 down from 2 million pre-recession levels. A new household is established when a person rents an apartment or…
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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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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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Listings Throughout Metro Area

Portland Real Estate Market
Days on Market For Single Family Residences Metro Area Market Action News report. Today we will examine graphs of how long houses in Portland Oregon stay on the market. This gives us an idea of the strength of the economy because active listings going fast shows that many buyers are interested in and able to make purchases. Sellers are also very interested in how long it will take for someone to buy their property, trying to balance a quick transaction with getting a good price. As market-savvy Realtors, we take these factors into account when we do a Competitive Market Analysis for homes in and around Portland. [caption id="attachment_506" align="aligncenter" width="577" caption="Graph of the average days that listings in Portland Metro remain active on the market"][/caption] The Economic Recovery and…
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Closed Deals | Economy and Housing Sector

Portland Real Estate Market
Closed Real Estate Deals in Portland Oregon Today we're sharing some of our valuable housing market data with the public. This information is usually only available to industry professionals but we want to make sure our clients are well-informed and up to date on this ever-changing landscape that is the Local Housing Market. This data is derived from the RMLS market report from May, 2010 and shows all sorts of interesting facts about Portland Real Estate Listings and More! [caption id="attachment_494" align="aligncenter" width="581" caption="Closed Deals And the Residential Housing Sector"][/caption] When we compared January-May 2010 with the same period in 2009, we found that closed transactions increased 42.7%. Pending deals also rose by 28.3% and new listings went up 10.4%. See the graphs and visual aids below and don't forget…
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