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Portland Real Estate Update By Rob Levy

Portland Real Estate Update March 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.

The Portland metro area saw an increase in real estate activity across the board this February. The 1,648 closed sales posted for the month outpaced last February’s 1,467 closings by 12.3% and last month’s 1,477 closings by 11.6%. This represented the best February for closed sales since 2007, when there were 1,899.  Similarly, pending sales (2,534) bested last February (1,848) by 37.1%, last month (2,294) by 10.5%, and was the best February for accepted offers since 2007 when there were 2,834.

New listings, at 2,884, represented an increase of 22.5% from February 2014 (2,354) and 4.4% from January 2015 (2,762). February 2015 had the highest number of new listings for the region since 2010, when there were 3,902, although 2011 had virtually the same amount of new listings, at 2,883 for the month.  There are currently 4,947 active residential listings for sale in the Portland metro area. Inventory decreased in February to 3.0 months, and total market time decreased by one day, currently sitting at 81 days.  Comparing the average price of homes over the last twelve months ($333,700) with the average price of homes sold in the twelve months ending February 2014 ($314,100) shows an increase of 6.2%. In the same comparison, the median has increased 6.7% from $269,500 to $287,600.   Information courtesy RMLS.

Our home of the month is a great three level tradtional style home in the coveted area of Ash Creek Woods in SW Portland.  This home has 6+ bedrooms, 4.5 baths, is over 5,000 square feet and sits on a 1/3 acre lot backing to a creek. You can view the home at http://www.roblevy.com/Property/6010-SW-Orchid-Dr-Portland-Oregon

Median Sales Price Trend

The chart this month is from the Keller Williams national convention and shows the median NATIONAL sales price increase over the years, and the subesquent decrease and now catch up since the recession ended.  The trend lines are interesting in prediciting where the median price ahould be in the next five years based on the long term trend since 1989.  For comparison the median sales price as of the end of February, 2015 for the Portland Metro area is $287,600 (vs. $225,000 nationally).  These prices, along with the current low interest rates which are expected to rise this year show its still a good time to buy a home!

Master on the Main For Everyone!

My wife Beverly and I recently downsized into our newly remodelled home. We went from a large home raising three boys which we had been in for almost 20 years.  We had a five month remodel done on our new house in the Raleigh Hills area before we moved in, and we are loving it!  Our old house had 39 steps on multiple levels and the new one is mostly a one level (with a bonus up) and with the master on the main floor.  One of the stats coming out now is that there are 10,000 people a day turning 65 in the USA and this will be the case for the next 17 years as baby boomers age.  Most of them are looking for a single level home or a master on the main floor and this is becoming increasingly hard to find in the Portland area as our lots are too small to effectively build this plan in most areas.  If you are thinking about downsizing, maybe getting a master on the main home now would be a prudent move as I think there will be a really, really strong demand in a few years.  if you go to www.images.google.com and type in "master on the main house plans" there are thousands of plans to see!  You can also go to my web site and see a pre-defined search for master on the main floor homes for sale by CLICKING HERE, you can edit the search for the area you want to look at.