Latest News for June - Real Estate in Portland

The latest real estate Market Action report, courtesy of RMLS, has just come out with stats and figures for Portland Metro's real estate activity in June. Clearly the market has cooled, as has the market in most of the nation, however, there are bright spots, as well. Unlike many parts of the country, Portland is still enjoying rather strong appreciation. Just under 9% for June 2007 vs. June 2006 for the entirety of the Metro area, it's clear that things have slowed, but that we're still holding strong. Afterall, a 9% appreciation rate still gives you a great return on investment, especially when you consider the tax benefits and personal benefits of owning a home. When you look at more localized numbers, we're doing even better. For example:

N Portland - 104% appreciation - 34 average days on market (dom)
NE Portland - 7.7% - 44 dom
SE Portland - 10.6% - 45 dom
Lake Oswego/West Linn - 12.6% - 79 dom

One sector seeming to buck the trend of a slow down is, surprisngly, the condo market. Condos have appreciated an average of 14% vs the same time last year. That's actually up 2% from 2006. It's definitely a mixed bag with the market right now.

The rest of summer should be very interesting, as Portland historically starts slow and picks up steam during the summer months. With the interesting weather cycles we've had, it will be enjoyable to see the changes in market trends.

Probably the biggest factor affecting the market, at the moment, is the glut of inventory. As the rate of sale has decreased, we've actually had an increase of new listings. The extra listings are giving buyers a lot of choice, which is wonderful, but it is driving up the average days on market...which, in turn, slows the turning of the market.

In any case, if you'd like to hear more, just give me a call or email.

As always, I appreciate all your help with referals, as it is what keeps my business going. In addition, my bi-weekly Home Buying 101 workshop is going strong into its second year. Our next class is actually tonight at 7:00 PM at my office, 1505 NW 23rd, Portland. If anyone you know might be interested, send them along. We'll have another one two weeks from today. Same time, same place.

Here's a link to the June Market Action:

http://www.rmlsweb.com/temp%2Fdocuments%2F1500-1699%20Market%20Action%20and%20Statistics%20Menu%2F1506%20Market%20Action%20-%20June%202007.pdf