Real Estate Market Report

May by the Numbers

  • Portland Area Months of Inventory: 1.5
  • Portland Area Avg. Sales Price: $440,200
  • YTD Average Sales Price increased: 10.7%
  • Portland Area Closings increased: 30.5%
  • Portland Area New listings increased: 16.7%
  • Average market time: 39 days

More homes go on the market, but demand stays high

More homes went on the market last month than in any since 2008, a sign that the logjam that’s characterized the Portland-area market in recent years could be breaking.

But the bump in inventory was easily gobbled up by eager buyers, new numbers from the Regional Multiple Listing Service showed. As a result, competition for affordable homes remains intense while prices continued to climb.

“As much as we are still heavily below the levels needed for sustainability, at least it’s trending in the right direction,” said Matthew Gardner, chief economist for the real estate company Windermere. “At the buyer’s side, there’s a little more choice.”

The dwindling inventory has been one of the key drivers of the current housing market, pushing prices higher and edging out marginal would-be buyers. Even those who can afford to buy have been frustrated by stampeding offers and the sense that there just aren’t enough homes for sale to weigh options.

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

Rental Market Report

Rental News

2-bedroom apartment out of reach for most Oregon renters

The median rental household can’t comfortably afford a two-bedroom apartment in 28 of Oregon’s 36 counties, according to a new report.

The numbers from the National Low Income Housing Coalition show renters are struggling to contain housing costs across the state.

They’re stretched even further in certain metro areas like Portland, where it would take 71 work hours a week for a minimum wage earner to afford even a studio apartment. In both Portland and Corvallis, the average rental household is unable to afford a one-bedroom apartment.

“Folks are really struggling to make ends meet,” said Alison McIntosh, a spokeswoman for Neighborhood Partnerships, a nonprofit that convenes the Oregon Housing Alliance. “If you pay more than 30 percent of your income for housing, you don’t have enough left over for basic necessities.”

Rents, and housing costs generally, have been rising faster than the rate of inflation. They began to climb rapidly after the Great Recession as years of slow rental housing construction collided with resurgent demand.

Only recently has rent growth began to slow, particularly at the high end. But pockets of affordability in suburban areas are now seeing rents rise faster than in the urban core.

Click the link below for more detailed information:
Source: Oregonlive

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June Homework

Service your Sprinkler System

It is time to re-energize your sprinkler system for the summer. Walk around the yard and inspect the sprinkler heads to make sure everything looks ok and nothing was damaged through the winter. Check to make sure the drain valves are all closed. Check the battery in the control unit and also the time setting to make sure the time is accurate. Turn the system on and run a manual test to make sure everything is functioning properly and the water is going in the right direction. Avoid letting the sprinklers water the house or other areas that you do not want wet. Most all sprinklers systems have a backflow device to protect the water source from contamination, call a testing company and have your backflow valve tested to make sure it is functioning properly. If you need help or have a question feel free to give me a call!

Lincoln City Summer Kite Festival June 24th - June 25th Click the picture to find out more

Marcia and Maurice: The heart warming tale of a seeing-eye goat and his best friend

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.