Is the distressed property era over? In Portland, the answer appears to be, “yes” but keep reading as to why that’s not entirely true. “Distressed Properties” are those that are either short sales or bank owned (also know as REO- Real Estate Owned) In October 2011, I wrote that 20% of all active listings in… Continue reading Is the Distressed Property Era Over in Portland?
RMLS Market Action for September 2011 was released on Friday afternoon. I’d consider the report mostly neutral. Inventory, median price, pending and closed sales were up but average price and the number of new listings decreased compared to August. Note that an increase in inventory is not considered a positive though at 6.7 months it… Continue reading RMLS Market Action September 2011
When the Portland Business Journal’s January 2013 Case Shiller Index headline is, “Housing recovery starts to look like a boom,” y’all better be paying attention. Long the messenger of doom and gloom Portland’s 8.3% year over year increase is something that’s hard to ignore. That said, the Portland index slid a little between December and… Continue reading Portland Real Estate Market Update
A couple of weeks ago I took a look at whether RMLS Market Action could help us predict what the trailing Case Shiller report might look like? The answer was no, at least not as reported. It was pointed out that the methodologies are different. RMLS Market Action does not include Clark County. Case Shiller… Continue reading Case Shiller and RMLS Provide Different Views of Portland Real Estate
We’re not in 2007 anymore. Case Shiller Index numbers for Portland real estate were released this morning. Since the market peaked in July of 2007 Portland has given back 27.7% according to the Index. The Case Shiller Index was set to 100 in 2000. Portland, at 135.8, is still well ahead of that but Las… Continue reading Portland Case Shiller January 2011
The national median home price has dropped 3.5% in the last year according to the National Association of Realtors. Portland? Portland, Oregon real estate prices have increased 13.1% in the same 12 month period according to the newly released S&P/Case-Shiller! Their report tracks 20 cities, not the national market.
In August 2007, the Case Shiller Index for Portland was 186.0. The August 2008 Case Shiller Index released today is 171.93, down 7.5% (wish I could say the same for my 401k). Ugly but not as ugly as the national picture:
I pulled up a listing history in RMLS and found that the listing was first listed at $215,000 in November of 2009 and is now priced at $199,500. The price has crossed the $200,000 threshold so should see a new pool of buyers even though the listing has been on the market for more than… Continue reading Chasing the Real Estate Market
I’m sitting here listening to Steve Job’s commencement address to Stanford’s class of 2005 for the second time (on my MacBook). It’s 15 minutes well spent. Five minutes into the speech he says that, “you can’t connect the dots looking forward; you can only connect them looking backwards.” He was talking about his time at… Continue reading Portland Real Estate Prices to Rise 5.9%?
Six continual months of (minimal) Portland real estate price appreciation has slipped away in the last two month. The Case Shiller Index, released this morning shows Portland lost 2.18 points to end November at 133.26, essentially the same level as February of last year. The Case Shiller Index reports “Portland Metro” as the seven county… Continue reading Portland Real Estate Loses Traction