Comments on: Update - May 2008 Market Results for Portland

By: bearlee

bearlee — Wed, 18 Jun 2008 17:49:57 +0000

James, it would be interesting to see the data comparing the listing price with sales price of FH homes. I find the Property Blotter website’s weekly reports fascinating…I noticed the week of May 25th there were a few properties that took 20% cuts off their listing price.

By: Uncle_Git

Uncle_Git — Tue, 17 Jun 2008 22:31:48 +0000

Ron - this may be interesting in the comparison.

http://seattlebubble.com/blog/wp-content/uploads/2008/05/case-shillerhpi_decline-from-peak_200803.png

Basically shows CS declines from the market peak.

Be interesting to see if we can cross reference that data with sales and inventory to see cycle patterns.

So far we are outpacing everyone except Miami and Seattle with the speed of our decline from peak.

By: James

James — Tue, 17 Jun 2008 18:35:39 +0000

I think that the Forest Heights sellers better wise up to the reality of the falling market. Too many still believe that they got 10-12% appreciation in the last two years.

By: scone

scone — Mon, 16 Jun 2008 18:29:39 +0000

Thanks for posting the data on Columbia County. It’s sometimes hard to find data for my county– for some reason we aren’t always considered “Portland metro,” even though we are next to Multnomah and Washington counties.

I’m stunned we’re still showing appreciation out here, but I am seeing “price reduced” signs here in Warren. Not clear whether we will dodge the bullet.

By: Ron Ares

Ron Ares — Sat, 14 Jun 2008 16:46:45 +0000

Uncle_Git:

I’ll pull up the CS numbers for SD and take a look. Some inventory will evaporate (by choice) as the peak selling season winds down, but homes that need to sell will likely be taking some discounts.

By: Ron Ares

Ron Ares — Sat, 14 Jun 2008 16:16:04 +0000

Mike,

Yeah, it sucks that your market area is burdened with Happy Valley numbers. Year-to-date, the 97222 zipcode is down just 2% from the same period last year on average, but sales are down about 40%.

2007: 205 properties @ $256,512 average sale price
2008: 115 properties @ $251,249 average sale price

By: Mike

Mike — Sat, 14 Jun 2008 04:45:26 +0000

It sure is depressing to see Milwaukie/Clackamas area down 6-7% on this report every month. Did you say there was a way now to get this data by zip code? 97222 is what I am interested in. Thanks!

By: Uncle_Git

Uncle_Git — Fri, 13 Jun 2008 17:00:40 +0000

Looks like more of the same really.

If the trend continues with 35-40% lower sales than last year how do you think prices will hold up over the winter with these very elevated inventory levels ?

To be honest it reminds me of San Diego a year ago….

I know most realtor’s don’t agree but it’s following the cycle to a T..