Real Estate Market Report
October by the Numbers
- Portland Area Months of Inventory: 2.0
- Portland Area Avg. Sales Price: $393,900
- YTD Average Sales Price increased: 11.5%
- Portland Area Closings increased: 8.3%
- Portland Area New listings decreased: 20.3%
- Average market time: 41 days
$400,000 homes creep across Portland, squeezing out most buyers?
“In 2008 we had a growth problem, because growth was down. Now the problem is it’s almost too strong.”
Michael Andersen, an affordable housing advocate with Portland for Everyone, posted maps representing five years of rocketing housing prices that make once-affordable dwellings out of reach to most people.
In the 2012 map, a scattering of red dots indicate homes for sale priced at $400,000 and above. Maps for 2013 to 2016 show the steady increase in homes that are unaffordable to 63 percent of Portland residents, according to Andersen’s research of the latest Census.
Andersen posted his information on Open:Housing, which invites solutions to high-cost housing. Along with the maps, he offered an example of an average-size house in his neighborhood, Southeast Portland’s Montavilla.
The 1,700-square-foot house, built in 1949 on a 4,791-square-foot lot at 156 SE 75th Ave., sold last year for $247,500, which breaks down to monthly mortgage payments of $1,200. After a remodel, it’s priced at $549,000 and the monthly payment more than doubles.
Click the link below for more detailed information:
Source: Oregon Live
Rental Market Report
Rental News
Portland’s $258.4 million housing bond wins
Portland voters approved a $258.4 million bond that will help build or preserve hundreds of affordable apartments for the city’s poorest residents.
Measure 26-179 jumped to a 62 percent to 38 percent lead Tuesday night in partial returns.
The approval comes as the city continues to struggle to find solutions to an ongoing homelessness crisis and a red-hot rental market made worse by a lack of available housing.
Commissioner Dan Saltzman, who introduced the bond and oversees the city’s housing bureau, said he was “very gratified” by the overwhelming support. It shows residents understand the gravity of the housing crisis, he said.
“I really think that Portlanders really stepped up in a big way,” he said.
Before the vote, supporters had said they were confident about the bond’s chances and predicted a nightmare scenario for the city’s poorest residents if the bond failed.
Portland City Council members declared a housing emergency a little more than a year ago. Despite 2,000 affordable housing units under construction or in development, Portland still faces a shortfall of 24,000 units.
Backed by a broad coalition of local business leaders, city officials and the nonprofit sector, the bond calls for building or preserving 1,300 apartments for the city’s most vulnerable residents.
Click the link below for more detailed information:
Source: Oregon Live
November Homework
Check Your Foundation
As Winter quickly approaches it is a great idea to walk through the house and check your smoke detectors. Current building code says there should be a smoke detector on each level of a house and one in each bedroom. Make sure all the smoke detectors are in place, and they all have 10 year batteries properly installed. Push the “Test” button on each one to make sure the alarm sounds. If you live in a newer constructed house, the smoke detectors should be hard wired and interconnected. When you test one the others throughout the house should sound off as well. If you have only battery operated detectors, make sure to test each one to insure they all are working properly. If you have CO monitors in your house it is a great idea to check them as well. If you do not have CO monitors installed, it might be a great idea to install one on each level of your home. If you have any problems or need some help please give me a call!
Happy Thanksgiving from 24/7 Properties and the Goats!
The Winter Wonderland Drive-thru Light Show is Open November 25th through December 25th
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.