How Healthy is the Portland, Oregon Real Estate Market?
It's a great question. Instead of relying on other people's research (or lack of) to tell me the state of my marketplace I like to "just do it" myself. That way I'm not blowing smoke up someone's bu**. I actually know what the heck I'm talking about, and can back it up with cold, hard facts.
So based on my research "Rip City", "Stump Town", "P-Town" or whatever your nickname for Portland, Oregon is, appears to have a fairly healthy and active real estate market.
My research includes the entire Portland metro area, but does not cross the mighty Columbia River into the state of Washington.
As of 7/25/11, there have been 9,883 closed sales.
Not bad for a dead market eh? The average sales price is $267,797 year to date. The average total days on market is 145 days. The average original list price to sales price ratio is 90.09%.
It is interesting to note that a full 23.4% or 2,313 of the closed transactions were cash sales. That's a lot of cash buyers who must feel that now is a good time to buy. It has been my experience, that people using their own money (cash), tend to be very careful about how and where they spend / invest it.
Below are detailed charts of my closed sales research, with more fun facts for you to entertain and amaze your friends with:
So that's a "snapshot" of the recent past, but what is happening right now you ask? Well I'm glad you asked! Because I have the answer...
Currently there are 10,494 listings in the Portland, Oregon metro area.
These listings are in the residential category, with an average list price of $365,228.
Hmm..... I'm going to take a leap in deductive reasoning here, to give my analysis on what it will take to move the current listings into the sold category.
If you recall in our earlier statistics, the average actual sales price for the year so far was $267,797. Those were actual successful closed sales.
Currently there are 2,881 pending sales in the Portland, Oregon metro area.
These are pending sales in the residential category with an average pending sale price of $283,930.
These are homes with accepted offers on them. We won't know what the actual agreed upon sales prices are until they close. But based on the statistics in the chart above, it would be 96.82% of the last asking price. So that calculates to be $274,901.
Wow! That is real close to the average year to date sales price isn't it? God, I love math and numbers! I guess it's the old appraiser in me coming out for a breath of digital air;>
So with the average listing price, currently at $365,228. It appears these homes with no offers on them, have a lot of soul searching (read price improvement) to do, to get them into the sold category.
Today's post is brought to you by "Ginger the Wonder Dog",
who has been patiently waiting for me to get this blog out, so I can take her for a long overdue walk.
Until next time... Cheers!
So based on my research "Rip City", "Stump Town", "P-Town" or whatever your nickname for Portland, Oregon is, appears to have a fairly healthy and active real estate market.
My research includes the entire Portland metro area, but does not cross the mighty Columbia River into the state of Washington.
As of 7/25/11, there have been 9,883 closed sales.
Not bad for a dead market eh? The average sales price is $267,797 year to date. The average total days on market is 145 days. The average original list price to sales price ratio is 90.09%.
It is interesting to note that a full 23.4% or 2,313 of the closed transactions were cash sales. That's a lot of cash buyers who must feel that now is a good time to buy. It has been my experience, that people using their own money (cash), tend to be very careful about how and where they spend / invest it.
Below are detailed charts of my closed sales research, with more fun facts for you to entertain and amaze your friends with:
So that's a "snapshot" of the recent past, but what is happening right now you ask? Well I'm glad you asked! Because I have the answer...
Currently there are 10,494 listings in the Portland, Oregon metro area.
These listings are in the residential category, with an average list price of $365,228.
Hmm..... I'm going to take a leap in deductive reasoning here, to give my analysis on what it will take to move the current listings into the sold category.
If you recall in our earlier statistics, the average actual sales price for the year so far was $267,797. Those were actual successful closed sales.
Currently there are 2,881 pending sales in the Portland, Oregon metro area.
These are pending sales in the residential category with an average pending sale price of $283,930.
These are homes with accepted offers on them. We won't know what the actual agreed upon sales prices are until they close. But based on the statistics in the chart above, it would be 96.82% of the last asking price. So that calculates to be $274,901.
Wow! That is real close to the average year to date sales price isn't it? God, I love math and numbers! I guess it's the old appraiser in me coming out for a breath of digital air;>
So with the average listing price, currently at $365,228. It appears these homes with no offers on them, have a lot of soul searching (read price improvement) to do, to get them into the sold category.
Today's post is brought to you by "Ginger the Wonder Dog",
who has been patiently waiting for me to get this blog out, so I can take her for a long overdue walk.
Until next time... Cheers!
Posted by Donn's Blog at 7/26/2011 3:37 PM 
Categories: Real Estate Investing, Real Estate, Economy
Tags: Portland Oregon Real Estate Market
Categories: Real Estate Investing, Real Estate, Economy
Tags: Portland Oregon Real Estate Market
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