| | 
| Brian Porter 503.810.2219
JMA Properties, LLC
4507 NE Freemont
Portland, OR 97213
| |
|
Doubleclick on the photos for more information.
| |  |
| Thank you for visiting our website with up to date information on Portland condos, homes for sale and duplexes. We are experts on Portland Home and Condo Foreclosures. We also sell Real Estate in Beaverton, Lake Oswego, Gresham and Milwaukie Oregon. If you are looking for a home, condo, townhouse, duplex or investment property in the Portland area, we can help. Or if you need to sell you home in Portland, we are listing experts! Now is a great time to buy foreclosures in Portland because foreclosures are at historic highs.
When you are looking for an agent, keep in mind that you want to work with a team that has experience and knows the neighborhood. We have sold 100s of properties over the years. We have lived throughout the Portland metro area and are familiar with the various neighborhoods of this dynamic city.
We are equally happy to work with buyers or sellers of Real Estate in the Portland metro area. When we list a property for a client, we follow a 20 step program that gives the property excellent exposure, and we advise the client with regard to market price and marketing strategy.
When we work with buyers, we get to the know their wants and needs, and then make it our personal quest to find them a home that will work within their budget. We are here to listen and advise, not to boss our clients around.
We are highly qualified to help you. Our entire team has had personal experience with investment properties. Please allow us to share our experiences with you! We have a lot of experience with Portland condos and homes for sale!
If you would like for us to set up an automatic email program for you that will inform you about the new home and condo foreclosure properties that are for sale, please give us a call.
Thanks again,
Brian Porter
Portland Real Estate Market Action: June 17, 2010
No surprises this month, now that the May 2010 Portland Real Estate numbers are out. Pending sales in May 2010 were down 24% from May of 2009, and down 50% compared to April of 2010. Pending sales in May 2010 were a dismal 1493 properties.
The tax credit was very effective in stimulating pending sales in April, which resulted in more closed sales in May, but it was like robbing Peter to pay Paul. The result was a 44% increase in closed sales in May of 2010.
Prices remained basically flat in May 2010; the median price was down $1,000 from the previous month to a value of $239,000. I imagine that the June median price will be even lower because when the tax credit expired, sellers had a knee jerk reaction; they lowered prices to compensate for the loss of the tax credit.
On the bright side, inventory numbers were down slightly to 7 months, and when we look at 2010 ytd numbers compared with 2009 ytd numbers closed sales were up 43%.
Once again, looking forward is always tough. I expect both sales prices and sales turnover to be lower for the next two months as we recover from the loss of the tax credit. I also expect unemployment to remain high, and I believe that the environmental disaster in the Gulf of Mexico will weigh heavily on the national economy. So I anticipate a dip in prices and sales volume then a flat market until the economic environment improves.
Portland Real Estate Market Report: May 19, 2010
The market in the Portland Metro Area definitely heated up in April in part because the expiration of the tax credit; buyers were frantically searching for the right house at the right price. It was the first time that I had seen a sense of urgency in the market in the past few years. April’s numbers support this analysis. For example, when you compare the number of closed sales in April 2010 with April 2009, there was a 49.1% increase. Pending sales experienced a 60.8% increase over the same period.
Another number that shows the increased buyer interest is the comparison of Pending Sales in March 2010 with Pending Sales in April 2010: They were up 24.5%.
New listings dropped in April by 5.5%, so the “Inventory”, defined by active listings divided by closed sales for the month, dropped to 7.3 Months. This is the lowest inventory level in 2010, and number that has rarely been seen in the past few years.
The average sale price rose by .6% in April, but this appreciation may be short lived because I believe that the tax credit pulled forward sales and created a mini seller’s market. Also, I have seen a lot of price reductions in May on properties that did not go sale pending during the tax credit time frame. This capitulation on the part of sellers may cause a dip in prices over the next month or two.
On the other hand, we are moving into the peak home buying season, and I anticipate a very busy summer. Buyers are getting over the doom and gloom and going about their daily business.
Here is the Portland Real Estate Market Report as of April 15, 2010:
For the past few weeks I have been telling my clients that it feels like the Real Estate Market in Portland is picking up, but the data that I could provide them was limited and anecdotal. I have been busier of the past few weeks than any period of time in the past 2 or 3 years. I have more deals going on; my listings are getting more showings and my phone has been ringing a lot more often.
Now for the cold hard facts:
Inventory is down to 7.8 Months. This is almost a 40% drop from last month and a 35% drop from one year ago. Lower inventory means that more houses are selling vis-à-vis the number of houses on the market.
Closed sales are up. Closed sales increased over 50% when we compare March 2010 with March 2009.
The rate of negative appreciation has slowed drastically. For example the median sale price in March 2009 was $246,400 and the median sale price in March 2010 was $238,900. That is about a 3% decrease of the past year.
There are signs of appreciation starting to creep back into the market. The median price of a home in Portland was $235,000 in February 2010 and $238,900 in March of 2010.
The vital signs for Portland certainly appear to be improving, and we are moving into the busy time of the year. The tax credits may be pulling forward some sales, so I anticipate that next month’s numbers will also be good; however, we may experience a post tax credit hangover this summer.
Here is this Portland Real Estate Market Report As of March 15, 2010:
The real estate market in Portland is showing signs of life. Closed sales in Feb. 2010 were up 18.4% compared to Feb. 2009; however this increase in sales came at a high price for sellers and property owners: a 9.3% decrease in the median price of a home over the past 12 months ($235,000 from $259,000).
Many people as starting to say that we have reached the bottom, and even the conservative economists like Karl Case, the co-creator of the S&P Case Shiller Home Price Index recently said, “I would bet even odds that we’re at a bottom and that we are going to see improvement in the coming months”. (Bloomberg).
Just to put a perspective on the market swings of the past few years, consider the following facts: The market in Portland peaked in about July of 2007 when the median price of a home reached $302,000. In other words, the market has pulled back about 22% from the peak, and we have not seen the median price of a home at this level since May of 2005 ($230,000).
So we are back to 2005 prices. The bubble has burst. The market has reacted.
Looking forward is always more challenging than looking back. However, one interesting statistic is that homebuilders are on a tear. The S&P Supercomposite Homebuilding Index is up about 14% this year, and the economy is projected to grow 3 percent this year (Bloomberg). These are positive signs for the real estate market; however, if interest rates spike, the apparent improvement in the real estate market could be short lived.
Here are some of my favorite links:
Portland Condo Information: www.condolifenow.com
Portland Catering: www.companytonight.com
Mortgage Information: www.oregonmortgageblog.com
Amazing Portland Artist: www.annatodaro.com
Portland Condo Blog: www.portlandcondos.wordpress.com
| |
Website design and hosting by iHOUSE ®
|
