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Latest Portland Real Estate Market Conditions

It is still a Buyers Market in Portland like most of the country. However there are signs that we have hit the bottom. The biggest indicator is that the number of homes being sold each month has increased from the previous month since January. We have gone from a 12.6 month supply of homes in January 2010 down to a 7.3 month supply in June 2010. A balanced market would be a 5-6 month supply and we are getting very close. The First Time Homebuyer Tax Credit did have a huge impact on the market. May 2010 was a bit slow but July 2010 has been very busy. I still have about 40% of my clients moving in from out of state.

Portland real estate market conditions are affected by foreclosures and shorts sales in a substantial way. Foreclosures sell quickly and don't bring the market down by much. On the other hand short sales are everywhere but they are not selling. Most Agents (myself included) won't even show a short sale to a serious buyer. Because short sales (1 in every 5 active listings, more in some areas) are contingent on 'Third Party Approval' by the banks and the banks are not cooperating, most of these transactions never close. That situation actually increases the value of the homes that don't require third party approval. The East side of Portland in particular has a large number of short sales. The West Side of Portland and the West Side Suburbs do not have nearly as many thereby keeping the prices more stable. Taking into account the entire Portland Metro real estate market, I would estimate that we have seen an average decrease in value of about 22% since the recession hit Oregon. The average sales price in the city of Portland is currently $283,800. It is interesting to note that homes selling for less than $300K in Portland Metro are selling pretty well. Anything over can take several months depending on the location.

Average Sales Price for June 2010

Eastside

North Portland
NE Portland
SE Portland
Clackamas/Happy Valley
Gresham
SW Washington

 

$234,400
$279,800
$235,700
$259,500
$218,500
$187,600

Westside

West Linn/Lake Oswego
NW Portland
Beaverton/Aloha
Tigard/Tualatin
Wilsonville
Hillsboro

 

$443,500
$399,200
$236,800
$302,100
$310,400
$234,400