February 2018 Newsletter

January by the Numbers

• Portland Area Months of Inventory: 2.2
• Portland Area Avg. Sales Price: $436,500
• YTD Average Sales Price increased: 7.6%
• Portland Area Closings decreased: 3.7%
• Portland Area New listings decreased: 53.7%
• Average market time: 60 days

City of Portland Home Energy Score – 2018 Update

As you may have heard by now, the city of Portland home energy score requirement is in full effect.
Well, how is it going?
The way the city of Portland home energy score – scoring – is supposed to work is a “5” scored home is average, a “10” is in the top 10% of homes in energy efficiency, and a “1” is in the bottom 10% of energy efficiency. So far, this does not seem to be the case. In an article written by Gary F. Kristensen at A Quality Measurement, he analyzed the first 100 Portland energy scores and found that the Portland energy score average is 4.67. He also noted what will be a surprise to most homeowners, the bigger the home (in general) the lower the score will be.

Per City of Portland rules, the score is supposed to be available online, in the local MLS (RMLS here) and on other online real estate sites and the score is supposed to be printed out an available inside the home for sale.

So how are real estate agents doing?

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

Rental News

Portland Mayor Flip-Flops On Small Landlords Exemption

After first saying he wanted more study on the issue, Portland Mayor Ted Wheeler now favors removing the exemption for small landlords who own only one property and require them to pay moving expenses if they evict a tenant for no-cause or increase rent more than 10 percent, according to reports.

Wheeler said in a statement last month more information is needed before he would support removing the exemption for landlords who own only one property.

“I have also heard concern about the effect that removing the exemption would have on the market and on Portland landlords that only have one unit. But assumptions don’t make good policy,” Wheeler said in the statement. “Consequently, I have instructed PHB to refrain from amending the one-unit exemption at this time.”

However Michael Cox, Wheeler’s deputy chief of staff, told the Portland Mercury, “The mayor’s going to announce to that group that his preference is to remove the one-unit exemption and replace it with an exemption for ADUs and owner-occupied duplexes.”

Last month a new research study recommended Portland remove the exception for small landlords who own only one property and require them to pay moving expenses if they evict a tenant for no-cause or rent increases over 10 percent, according to reports.

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