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Real Estate Market Report

January by the Numbers

  • Portland Area Months of Inventory: 1.7
  • Portland Area Avg. Sales Price: $409,900
  • YTD Average Sales Price increased: 12%
  • Portland Area Closings decreased: 29.5%
  • Portland Area New listings decreased: 55.79%
  • Average market time: 58 days

Portland area puts brakes on rapidly rising home prices

The Portland area’s rapidly rising home prices may have run out of steam in the second half of 2016.

From August through November, home-price gains in the Portland area have matched or trailed the national average, according to the S&P CoreLogic Case-Shiller home price index. Portland until August handily and reliably topped national gains, and even led the 20-city index in year-over-year price increases for the better part of a year.
Prices continue to rise, albeit at a less breakneck rate. The sudden slowdown might be a sign the Portland metro area, walloped by escalating prices in recent years, has hit the outer limits of affordability.
Portland-area home prices rose 0.2 percent in November, on par with the national index. That put prices at a level 10.1 percent higher than a year earlier. Its annual growth was second only to Seattle’s 10.4 percent.

The Case-Shiller index measures relative changes in home prices using repeated sales of the same homes. It uses a three-month rolling average.

Click the link below for more detailed information:
Source: oregonlive.com

Rental Market Report

Rental News

Please click “Read More” to view the full article regarding the new Ordinance

The City of Portland ordains: Section 1. The Council finds: 1. As noted in the City’s 2016 Report on the State of Housing in Portland (the “Housing Report”), the average monthly rent in Portland rose 7 percent between 2015 and 2016, with increases between 12-18 percent in 1, 2, and 3-bedroom units. Studio apartments experienced a comparatively smaller increase of 3 percent. 2. This is now the fourth consecutive year that Portland has seen an annual rent increase in excess of 5 percent, with the average rent increasing nearly 30 percent since 2012. 3. Significant increases in rents raise serious concerns over potential involuntary economic displacement. East Portland neighborhoods saw some of the city’s largest rent increases. 4. Large rent increases in neighborhoods in Southwest and North Portland in both 2015 and 2016 also raise concerns over potential involuntary economic displacement. 5. Due to the severe shortage of rental housing and shelter space arising from human-made events and circumstances, the Portland City Council (“Council”) declared a housing emergency on October 7, 2015 (the “Housing Emergency”). Council extended the Housing Emergency for one additional year until October 6, 2017.

Click the link below for more detailed information:
Source: City of Portland

Thinking of Buying or Selling in 2017? Let us help!

February Homework

Check Your Crawlspace

 

Check your crawlspace! It is a good idea to check the crawlspace in your house at least once a year. Look for any signs of pests like mice, termites, ants, or other critters that may have invaded the space. Look for any signs of water. Moisture in the crawlspace can damage the structure of the house if not managed properly. Check foundation screens and make sure they are all in place and not damaged. Check ductwork and make sure that everything is off the ground and supported properly. Check the vapor barrier that should be covering the ground. If it has pulled away from the foundation or has holes, repair as needed. Check to make sure all insulation is in place. Make sure that the space is clean and all wood and debris has been removed. A well maintained crawl space can help protect your home and help to avoid costly repairs in the future. If you need help or don’t want to go down there, give me a call and I’ll help you out.

Portland Jazz Festival February 22nd-26th Click the picture to find out more!

Getting Involved with our Community

 

The mission of DONATION HOUSE is to create revenue and support for non-profit organizations that serve our communities and make a positive impact on people around the world. When a non-profit organization refers real estate business to a DONATION HOUSE business partner, they agree to return 10% of the proceeds back to the non-profit organization.

Recent contributions have been made to the following:

For more information please visit: Sell a Home, Save a Child and Forward Edge International.