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Portland Real Estate Update By Rob Levy

Portland Real Estate Update February 2015

November Residential Highlights
The Portland metro area saw
cooler real estate activity this
November, but numbers are still
higher compared to last November.
Closed sales (1,937) fared 6.4%
better than last November’s closings 
(1,821), despite a 22.1% decrease 
from October’s 2,487 closings.
Pending sales, at 2,091, were 14.4%
higher than last November (1,827)
but 15.7% lower than October (2,480).
New listings (1,922) decreased 2.7%
from last November (1,976) and
33.3% from last month (2,881).
There are currently 6,131 active
residential listings in the Portland
metro area. Total market time rose
in November to 69 days. Inventory
slightly rose to 3.2 months.
Year to Date Summary
Activity in the Portland metro
area is ahead of last year. New
listings (36,040) are up 4.5%,
pending sales (26,654) are up 3.8%,
and closed sales (25,392) are up 2.1%
compared to the first eleven months 
of 2013. 
Average and Median Sale Prices
The average price the first eleven
months of the year was $333,200,
up 7.2% from the same time frame
in 2013 when the average was
$310,800. In the same comparison,
the median also rose 7.5% from
$265,000 in the first eleven months
of 2013 to $285,000 in the same
period of 2014.

January brought strong pending sales to the Portland metro area. Pending sales, at 2,294, bested last January’s 2,027 accepted offers by 13.2%, and last month’s 1,667 accepted offers by 37.6%. It was the strongest January for pending sales  since 2007 when there were 2,544 offers accepted. Similarly, new listings (2,762) bested last January’s 2,583 new listings by 6.9% and last month’s 1,540 new listings by 79.4%. The last January there were more new listings was in 2011, when 3,128 new listings were posted. Closed sales, at 1,477, were again higher by 5.8% compared to January 2014, but 34.0% cooler than December 2014’s 2,239 closings.

The Portland metro area currently offers 4,996 active residential listings for sale. Inventory increased in January to 3.4 months, and total market time increased to 82 days.

Comparing the average price of homes in the twelve months of this year ($333,600) with the average price of homes sold in the twelve months ending January 2014 ($311,900) shows an increase of 7.0%. In the same comparison, the median has increased 7.5% from $267,000 to $287,000.   My graphic today shows how much the average American's net worth is for a homeowner vs. renter.  Interesting....  

Our home of the month is a great three level tradtional style home in the coveted area of Fox Hollow in NW Portland/Washington County.  This lovely home has six bedrooms, 3.5 bathrooms, a family room and bonus room and backs to a greenbelt.  You can view this home HERE.  

FHA Changes Rules

The United States department of Housing and Urban Development (HUD) has reduced the annual premiums for new borrowers that amount to significant savings over time for homebuyers using an FHA loan to finance their primary home.  This action is projected to save more than 2 million homeowners over $900 annually, and spur over 250,000 new loans that buyers may not have previously been able to afford.  If you know of anyone looking to purchase their first home as a primary residence (not a rental), this is a good time to contact a lender.  Call or email us today and we would be happy to point you in the right direction.  You can view the entire announcement here...

In my opinion FHA loans are very important.  They allow first time home buyers (and anyone actually) to purchase a home, which of course creates a chain of events where THAT home seller sells their house and purchases their next one, and so on.  In Oregon, or at least the Portland area there is minimal military, so we dont have a lot of VA (veterans) loans, also adding to the importance of FHA insured loans.

Portland on USA 10 Best Cities for Desserts!

OK, I admit it, I am a dessert guy.  Actually I am a "desert" guy and a "dessert" guy as I love going to our 2nd home in Palm Springs.  But what I am referring to is Portland made it recently to the USA Today top 10 list of cities in the United States for desserts!   I know first hand there are many great places to go in Portland for a lovely dessert, and I I have gone to most of these.  You can check them out here....