The latest RMLS Market Action Report is out for March 2011, and things are finally looking up! Portland’s residential real estate market truly began its turnaround in March, according to latest report from the Portland-area Regional Multiple Listing Service (RMLS). Winters are traditionally low times in residential real estate, and March numbers may show the long-awaited return to market growth.
The latest RMLS Market Action Report is out for February 2011, and we’re seeing some minor improvement in the overall health of the Portland real estate market, even as prices continue to drop. Portland-area home sales rose in February (closed sales this month were higher than both last February – up 5.8% – and the last monthly report in January 2011 – 3.8% jump), though the average sale price for February dropped 10.5% compared to February 2010 and the median sale price also fell 9.1%. Compared to February 2010, the average sale price dropped from 273,100 to $244,500 – Home prices are now comparable to mid-2004 levels. Inventory dropped 20% from last year (the inventory of unsold homes relative to sales). It’s still very much a buyer’s market, as interest rates are currently extremely low and we have a good inventory of well-priced homes, foreclosures and short sales.
The latest RMLS Market Action Report is out for January 2011, and we’re seeing some pretty interesting trends. Compared to this time last year, it’s obvious we’re still in a slow market. The average sale price for January dropped 11.9% since January 2010, and the median sale price dropped from $230,000 to $215,000 (a change of 6.5%). On the plus side, closed sales in January 2011 began the year at a higher level than in either 2010 or 2009, and inventory dropped 1.3 months in comparison to last year. Winters are notoriously slow in the Portland Real estate market (sales plummeted in the heavy snow of winter 2008/2009) but weather this winter has been pretty mild, and numbers are really better than they could be. In addition, interest rates are currently extremely low and we have a good inventory of well-priced homes, foreclosures and short sales. In fact, compared to December 2010, pending sales grew from 1,210 to 1,489 (a 23.1% increase), and new listings jumped from 1,925 to 3,128 (a whopping 62.5% leap), so it’ll be interesting so see how those transactions play out in the next months.
The more Portland real estate listings we see here at the McDonald Group, the more we realize this is the perfect time for real estate investment in Portland. Houses that were once out of the price range of most buyers are now incredibly accessible, with record-low interest rates and motivated sellers. A report out today from national commercial real estate firm Grubb & Ellis has ranked Portland in the top 10 cities in the U.S. for investment opportunities over the next five years in the office, retail and industrial real estate markets. We agree, there are tons of opportunities for Portland to grow and grow, in both commercial and residential real estate. It’s exciting to see commercial areas thriving in up-and-coming Portland neighborhoods, and we can certainly see that Portland is also ripe for residential real estate investment.
This time of year, many people dream of owning their own piece of land in the mountains to fully enjoy the sights and snows of winter. Mt. Hood real estate is booming, thanks to continuous redevelopment and new construction in the mountain communities. We’ve got the inside scoop on homes for sale in Mt. Hood and other winter wonderlands. Many cabins, winter homes, and ski chalets in the mountain towns are very inexpensive and can provide the perfect getaway in these magical winter months. However, one important thing to remember when considering buying Mt. Hood area homes for sale is new regulations that started in 2007 that changed the way the US Forest Service appraises the value of forest land, which can impact fees on existing cabin and ski properties within forest land. Under the new system, the Forest Service charges fees based on private real estate market value of the land, although the owners of properties on public forest land are not granted all of the privileges of cabin owners on private land. Currently, Congress is being asked to put a moratorium on the fees for 2010, as it did for 2009, to prevent the controversial fees from being implemented for another year. Mt. Hood real estate is still a great investment, but new legislation may impact the annual payments for properties, depending on the status of the land.
Check out the new Wilsonville Real Estate neighborhood guide detailing the city of Wilsonville, the “gateway to Oregon’s wine country” located just south of Portland. Combining the best of urban accessibility and small town atmosphere, Wilsonville is the best of all worlds. Check out some of the charming parks and neighborhoods, grab a delicious lunch at one of the amazing Thai restaurants in town, catch some sun at the farmers’ market, or sit in your sprawling backyard enjoying your view of the natural world around you. If you’re looking for homes, apartments, or other real estate in Wilsonville or other Portland Suburbs, check out the Wilsonville Real Estate neighborhood guide filled with the best restaurants in Wilsonville, the top shopping, and neighborhood resources. Relocating to a new area can be hard, but it’s a lot easier when you’ve got the best real estate agents in Portland on your side.
Last week, Oregon received an additional $82.7 million from the federal TARP fund, adding to the previous allotments of $137.3 million, bringing the state total relief fund for homeowners threatened by foreclosure to around $220 million. The state is working to find the best use of this federal relief money in order to help the over 8,400 homeowners facing pre-foreclosure process. Relief for many homeowners could come as soon as December, though the means of this assistance is still unclear – state officials are working with several models of relief programs designed by Oregon Housing and Community Services.
Want to see what your neighbor’s homes are listed at? Selling for? Input your email and home address of the neighborhood you are interested in and get an at a glance report of what homes are listed for sale, what’s sold, etc. You also receive a Market Snapshot Report every month ongoing! (Click on the link you just passed up). It’s quick and easy! When you are ready to sell your home give me a call! -Kristie McDonald, Your Realtor
The latest market report for the Portland Real Estate market shows a steady level of continued price reductions on homes for sale around the Portland Metro area. Back in August we talked here on the McDonald Group Real Estate blog about the Portland Business Journal article stating that thirty-two percent of Portland homes for sale in early summer experienced at least one price reduction, ranking Portland No. 16 on Trulia’s list of price reductions in America’s 50 largest cities. Those numbers are sticking around.
If you think Green homes are still a fringe phenomena in the Portland Real Estate market, get ready for a statistical shocker. Homes with green certification, such as the Portland-based Earth Advantage Institute U.S. Green Building Council’s LEED for Homes, the federal Department of Energy’s Energy Star program, and the National Association of Home Builders’ Green Building Standard, now make up one out of every four new homes for sale in Portland area real estate. 25% of the new home market? It’s obvious that sustainable home renovations and construction are not a passing fad – and can make the difference if you’re trying to sell a home in Portland.
Check out the new neighborhood profile detailing the Brentwood Darlington area of Southeast Portland, filled with gorgeous parks and nature trails, authentic restaurants, classic – and affordable! – Old Portland homes, and some of the best neighborhood pride in town. The Brentwood Darlington neighborhood is full of charm and community, featuring the fantastic Brentwood Community Garden.Brentwood Darlington is close to the I-205 freeway, providing easy access for commuters. Combining the best of urban accessibility and comfortable, small-neighborhood, rural atmosphere, the Brentwood Darlington neighborhood is quintessential Southeast Portland.
It’s not a secret that Portland suburbs have been hit harder than the city in these economic times. Foreclosed homes for sale and low sale prices on suburban real estate have taken their toll on the communities around Portland, but residents of the great Northwest are also known for taking a challenge and creatively moving forward into a booming future. The city of Gresham has been crafting a creative response to the economic down-turn, and they’re trying very hard to make sure Portland businesses know about the benefits of opening shop in Gresham.
Portland’s neighborhood system is known for its enclaves of walkable retail areas, centered around restaurants, bars, coffee shops, and boutiques, and some of the most successful areas are popular because of the ease of access via public transportation and bike. The Pearl District, Nob Hill, Hollywood, Hawthorne, Clinton, and Belmont districts are all walkable and accessible for all Portland residents, thanks to our amazing transportation systems. One of the most popular modes of transportation for residents and visitors alike is the Portland Streetcar, launched in 2001. In the almost ten years since the opening of the Streetcar lines, ever area serviced by the Streetcar loop has boomed in popularity.
Check out the new neighborhood profile detailing the neighborhood of Garthwick in Southeast Portland, filled with lush greenery and luxury homes. The neighborhood is arranged around the Waverly Country Club near Sellwood, providing easy commuting access across the Sellwood Bridge. Garthwick is private and serene but within easy walking distance to the dining and shopping paradise of Sellwood. Combining the best of urban accessibility and comfortable, luxury country atmosphere, Garthwick is truly exceptional.
In a report published in the Portland Business Journal yesterday, we learned that thirty-two percent of Portland homes for sale, listed since the beginning of this month, experienced at least one price reduction. That ranked Portland No. 16 on the website Trulia’s list of price reductions in America’s 50 largest cities.