Archive for January, 2007
The year closes out with strong 12-month appreciation gains in average and median sale prices throughout the Portland metro area.
The average sale price in 2006 for the Portland metro market overall was $332,600. The median price by year’s end was $270,500.
Lake Oswego, West Linn, and West Portland (which includes Downtown) were the most expensive communities. North Portland continues to lead the close-in areas with more affordable housing. I suspect Milwaukie/Clackamas and Yamhill County gains are primarily to new construction sales, but I don’t have any hard data on that.
Here are average and median sale prices measured over the past 12 months, as well as appreciaton:
| Lake Oswego / West Linn |
$528,100
|
$443,800
|
16.7%
|
| West Portland |
$452,300
|
$378,100
|
10.3%
|
| NW Washington County |
$397,600
|
$359,000
|
7.6%
|
| Tigard/Tualatin/Sherwood/Wilsonville |
$356,400
|
$322,000
|
8.6%
|
| Milwaukie / Clackamas |
$353,100
|
$307,200
|
20.3%
|
| Oregon City / Canby |
$326,200
|
$286,000
|
15.6%
|
| Northeast Portland |
$302,500
|
$265,000
|
15.4%
|
| Beaverton / Aloha |
$277,800
|
$251,000
|
12.7%
|
| Hillsboro / Forest Grove |
$282,300
|
$260,000
|
15.9%
|
| Southeast Portland |
$266,700
|
$234,500
|
15.8%
|
| Gresham / Troutdale |
$265,200
|
$248,000
|
15.2%
|
| Yamhill County |
$264,700
|
$229,900
|
18.3%
|
| North Portland |
$245,400
|
$235,500
|
17.5%
|
| Columbia County |
$227,900
|
$219,800
|
14.5%
|
Technorati Tags: average, median, appreciation, sale prices, home values, Portland, Oregon, metro, suburban
Source: RMLS, December 2006.
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January 18th, 2007
Year-end results are out and despite housing ‘bubble’ pundits portending otherwise, 2006 proved to be the second most active year in the local real estate market according to RMLS, the multiple listing service in Portland’s metro area.
Over $10.4 billion in real property changed hands through the MLS in 32,830 transactions, just short of 2005’s total of $10.6 billion in 37,991 transactions.
Average appreciation for the area over 12 months was 14.1%–a strong result when compared to the majority of the U.S. The average sale price for a home in the Portland metro area ended the year at $332,600.
By the end of the year, homes were averaging about 43 days on the market. Inventory has dipped recently, though. As of December 31, there were 11,326 active listings, down from the October high of nearly 13,000.
At the current pace of sales, the homes active on the market in December would take about 4.5 months to sell out if no new inventory were added. This is very close to a market in equilibrium–neither a predominantly seller or buyers’ market.
Interestingly, RMLS reports that condos in the area averaged $234,200 in sale price–a 0% increase in appreciation over the previous 12 months. Hmm….apparently supply has caught up with demand.
I will break down average sale prices and appreciation values by area in an upcoming post.
Technorati Tags: real estate, market, activity, appreciation, average, median, sale, prices
Photo by whateverthing. Used under Creative Commons license.
January 17th, 2007
Another report highlights Oregon’s attractiveness to new residents, based on the number of moving vans entering the state versus those leaving.
United Van Lines released its 2006 study on migration and finds Oregon at #2 overall in the nation for inbound moves. At 64%, only North Carolina tops the Beaver State for overall ratio of inbound to outbound moves. Over 62% of moves involving Oregon were inbound.
Last year, Oregon topped the study. It was the 19th straight year for Oregon to have more entrants than exiters.
This was the 30th annual survey by United Van Lines, which monitored over 227,000 moves in the contiguous U.S. Other high inbound states (>55%) included Nevada, New Mexico, Arizona, Utah, Idaho, South Carolina, and Alabama.
High outbound states included much of the upper Midwest, like Illinois, Indiana, Ohio, Pennsylvania, and Michigan.
Technorati Tags: moving, immigration, United Van Lines, relocation, inbound, housing, moving
Photo by goatopolis, used under Creative Commons license.
January 15th, 2007
Oar-eh-GAWN.
It’s a sound that makes both native and long-time residents cringe.
Visitors and new residents to this area struggle with some of the names for our counties, cities, rivers, and streets. It’s easy to tell an out-off-towner when you hear them say “Willa-met” instead of “wil-LAM-mut”. It’s understandable. Many titles come from Native American roots, and therefore, don’t roll off the tongue easily.
In the spirit of helping Oregon newbies fit in better, I present “A Guide to Oregon Pronounciation”, including audio clips to play in your headphones and repeat out loud–just like in high school French class. Click the small 
player icon to hear the clip.
Oregon — ORY-gun - LISTEN
Counties
Willamette — will-LAM-mut - LISTEN
Multnomah — mult-NO-meh - LISTEN
Clackamas — clacka-muss - LISTEN
Cities and Towns
Tualatin — too-WHAL-a-tin - LISTEN
Aloha — a-LOW-uh - LISTEN
Tigard — TIE-gurd - LISTEN
Hubbard — hub-ERD - LISTEN
Lake Oswego — oss-WEE-go - LISTEN
Estacada — ess-ta-CAY-dah - LISTEN
Molalla — muh-LAW-lah - LISTEN
Mulino — muh-LINE-oh - LISTEN
Gervais — jer-VISS - LISTEN
The Dalles - like the pals - LISTEN
Streets
Couch — coo-tsch - LISTEN
Nicolai — NICK-o-lye - LISTEN
Yeon — YEE-on - LISTEN
Glisan — GLEE-sun - LISTEN (There is some controversy as whether it should be pronounced “glisten”.)
And of course, the local family chain of pubs, restaurants, hotels, and theaters.
McMenamins — MICK-mena-minz - McMenamins
I’m sure I missed some. Leave a comment. I am glad I don’t have to pronounce some of the locations in Washington State. Quillayute or Puyallup, anyone?
Technorati Tags: names, cities, states, streets, counties, rivers, pronounciation, Oregon, audio
Photo by strph. Used under Creative Commons license.
January 12th, 2007
Many banks and lenders offer their own first-time homebuyer mortgage programs, but local government agencies also provide publicly-funded assistance options worth looking at.
Dr. James Maciokas of Marquee Mortgage shares a recently reinstated program offered by the State of Oregon. This program was temporarily suspended until funding concerns created by the November 2006 election were resolved.
Oregon Housing and Community Services have recently issued bonds to help first-time home buyers afford a home. The revenue collected from the sale of these bonds is used to buy down the interest rate of the loan to 5.25% for the “BEST RATE” program or to 5.75% for the “CASH to CLOSE” program which will pay up to 3% of the down payment or closing costs. (Rates as of January 3, 2007.)
Who is Eligible?
Qualified homebuyers cannot have household income levels exceeding $58,000 to $72,000 annually, depending on the county of residence. And they must be first-time homebuyers or not have owned and occupied a residence in the prior three years. The first-time homebuyer requirement may be waived if purchasing in a targeted area.
What kind of home can you buy?
You may purchase either newly constructed or existing homes anywhere in Oregon, including single family residence, condos, units in a qualified planned development, and even manufactured homes on a foundation. The purchase price may not exceed a set amount depending on area ($276,000 to $411,000). This program may not be used to refinance an existing mortgage.
Do you have to repay anything?
If you sell the home within the first nine years and your income level exceeds the median level +5% for each year of ownership, you may have to pay a recapture fee, which will depend on the year the house is sold and how much the income level exceeds the guidelines. If you own the home for nine years, regardless of your income, no recapture fee will apply.
If you have any questions about this home loan program or would like to see if you qualify please feel free to contact me.
Dr. James Maciokas - email
Marquee Mortgage
Equal Housing Lender
971-327-1457 office
971-678-3700 cell
Technorati Tags: first, time, home, buyer, mortgage, assistance, Oregon, bond
January 11th, 2007
Bad news for real estate investors hoping to scoop up local homes going into foreclosure for dimes on the dollar.
Despite the supposed rotten year in real estate in 2006, Oregon’s foreclosure rate decreased by 5.4% compared to 2005, according to Foreclosures.com, a Sacramento, Calif.-based real estate investment advisory firm and publisher of foreclosure property information.
The state recorded nearly 13,000 foreclosure filings in 2006.
In the west, Nevada, California, Texas and Colorado did not fare well. Nevada’s foreclosures soared by 175% over 2005. California’s totals were up 94%, Colorado saw a 55% increase, and Texas rose 35%.
Overall, the nation’s totals were up 51% over the previous year, at nearly 1 million foreclosures.
Technorati Tags: Oregon, foreclosure, default, housing, homes
Photo by Z79. Used under Creative Commons license.
January 8th, 2007
Inanimate objects shall refrain from bragging in real estate circles, according to Lake Superior State University, on its 32nd annual List of Words Banished from the Queen’s English for Mis-Use, Over-Use and General Uselessness.
The list includes ‘boast’; as used in real estate listings in lieu of verbs such as ‘features’, ‘offers’, ‘provides’ or simply ‘has’.
See classified advertisements for houses, says Morris Conklin of Lisboa, Portugal, as in “master bedroom boasts his-and-her fireplaces — never ‘bathroom apologizes for cracked linoleum,’ or ‘kitchen laments pathetic placement of electrical outlets.’”
Amen to that. I also fear that real estate standby descriptors such as ‘charming’, ‘motivated seller’, and perhaps, ‘UnZillowable‘ may make future lists.
Other on the list for 2006:
- Combined Celebrity Names - TomKat, Brangelina, et al.
- Awesome — I’ve been overusing that word since Sean Penn uttered it in ‘Fast Times at Ridgemont High’.
- We’re Pregnant — I’ve never once made that claim in my wife’s presence.
- Drug Deal Gone Bad — In contrast to all the good drug deals.
- Truthiness – Steven Colbert’s contribution, here and gone in a matter of months.
- Chipotle — It’s time for the ancho chile to receive its due.
- i-Anything — Following the e-Anything of the dot-com bust.
and
- Search — Forevermore replaced by the verb ‘Google’
The list and lengthy commentary, in its entirety and awesome truthiness.
Technorati Tags: real estate, words, boast, misused, banished, satire
January 5th, 2007
So, we are presented with a fresh, crisp new year. New goals, new opportunities, new hopes….and new listings, if you’re a buyer waiting for a fresh batch to come on the market.
But are all new listings NEW?
Savvy real estate watchers know that the local multiple listing service, RMLS, resets its listing identification numbering system at the beginning of each year. Last year’s new listings were numbered in the 6000000 to 6110000 range. The higher the number, the more recent the listing.
New listings for 2007 will start with 7xxxxxxxx. But the new numbering doesn’t necessarily make it new on the market.
The property may well have been on the market in 2006 or even earlier. If the listing agreement expired, or the property was pulled off the market, or had a significant change to the listing (big price reduction, repairs, remodel, etc.), the listing agent might choose to re-list the property to reflect the new status.
Give it the true sniff test. The only way to know if a property has recently been on the market is to ask your broker or agent for a listing history. It’s an easy request for us to fulfill. You might learn it was on the market for 125 days, off the market for a month, and now re-listed. Useful information if you’re considering making an offer.
Technorati Tags: MLS, RMLS, listings, expiration, homes, Portland, Oregon
Photo by portfolium, used under Creative Commons license.
January 2nd, 2007
Portland’s local leading newspaper, The Oregonian, ran an editorial yesterday highlighting a burgeoning optimism in Oregon residents.
It’s that time in Oregon. The new year arrives in a state that will awaken tomorrow feeling more optimistic, more hopeful, than it has in many years. For the first time since 2001, the mood in this state is lightening, and the shadows are growing smaller.
Why? Despite a slowing real estate market, the editorial points to reasonably strong economy, a new legislative session that inherits a positive tax base, new leadership in city and county governments, growth and development in many of Oregon’s communities. And even the real estate market is out-pacing national averages.
The pollster Moore Information recently surveyed Oregonians and found that 49 percent see their state headed in the right direction, while 36 percent still believe it is on the wrong track. That’s hardly wild, unalloyed optimism, but consider this: Only three years ago nearly 80 percent of Oregonians believed their state had veered off course.
That optimism, and other good PR, are influencing new immigrants to move to the state. I’ve talked to, emailed, toured properties, and represented purchases with several out-of-state buyers attracted to the natural and social resources of this area.
But there’s another side to the coin:
Of course, it is not all blue skies in Oregon. Rural communities still struggle to adapt to myriad challenges facing their traditional industries, agriculture, timber and fishing. The wood products industry lost another 2,000 jobs just over the last three months in Oregon. There is no end to the debates over the economic use or the environmental protection of Oregon’s natural resources. There will be more fights over land-use planning, wilderness, natural gas terminals, dam removal and forest health.
And more….
Oregon, remember, was built on optimism, beginning with the pioneers who made the long trek West. More recently, it was a bold state that protected public access to its beaches, cleaned up the Willamette River and led the nation in adopting innovative laws to govern land use, spur recycling and expand health care to the poor.
This state no longer has that kind of ambition or leadership. It’s not here. Not now. But as 2007 arrives, at least there is a glimmer of renewed optimism in Oregon.
Are you upbeat, pessimistic, or holding back judgment?
Here’s the full text of The Oregonian editorial. Photo by dan_photoman. Used under Creative Commons license.
Technorati Tags: new year, Oregon, optimism, pessimism, real estate
January 1st, 2007
