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Portland Real Estate Update By Rob Levy

Portland Real Estate Update December '17

In November, 2017 the Portland metro area saw gains in the number of listings compared to November of last year.  There were 2,416 new listings, a 16.2% increase over last year BUT a 19% decrease compared to last month.  Pending sales also increased 4.6% compared to November 2016, but fell 12.3% compared to last month (October 2017).  Closed sales at 2,387 fell 1.9% short of the 2,434 closings recorded in November last year and also 6.9% short of the 2,565 closings in October 2017.  

Inventory is still tight....  1.9 months supply of homes with the total marketing time increasing to 51 days.  In fact, 2017 has been cooler this year as a whole with closed sales down 3% (29,098) and pending sales also down 6.2% (29,628).    Prices though continue to rise in the metro area, comparing November to November the average sales price rose 8.7% from $394,800 to $429,000.  The median sales price in the same period rose 9.5% from $347,000 to $379,900. You can download the entire 7 page PDF MLS report by CLICKING HERE.  Inside you will see charts and graphs all relating to specific areas of metro Portland.

The salary you must earn to buy a home in the 50 largest metros

This interesting story shows how much money you need to make in the top 50 real estate markets in the USA.  Its interesting to see in San Jose, CA where the average home price is $1,165,000 you need to make over $216,000 to buy the average priced home!  At the bottom end of the list is Orlando, Florida where the average home is only $247,900 and the salary required is $54,148.  This survey of course does not even consider smaller towns, as a long time well connected top Realtor I have dear Realtor friends all over the USA where homes average less than $100k, these are nice, liveable homes!  Check out the full story at https://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html#most_expensive_25_metros

Why Housing Supply Matters in Oregon

This article recently published by the Oregon office of Economic Alalysis talaks about the importance of housing supply in Oregon. In particular there is a good section on the affordability issue in Portland, in particular the last graph shows our issue...  no builders can afford to build in the lower 3rd of pricing, so its hard to buy a home as a rental.  There are many reasons for this...  For one when I started as a Realtor the City of Portland charged about $2,000 for a building permit and you could get it in a few days. Now, its just under $50,000 and it takes almost a year.  In addition to this the cost of lots has gone through the roof.  There are many reasons for this too; builders leaving the business in the recession, developers also leaving the business in the recession, a huge delay in getting new lots and subdivisions approved, and of course the large influx of residents to the Portland area.   You can view the entire article here... https://oregoneconomicanalysis.com/2017/12/14/why-housing-supply-matters/