Neighborhood by neighborhood we have the Stats for the Real Estate Market in 2008 right here. The reports cover appreciation rates, sales stats, active listings, pending sales, days on market, sold listings, and a wide of charts and graphs to inform you about the real estate market in Oregon, Portland, Vancouver, and SW Washington. This is the best sales data there is provided by the RMLS; Realtors Multiple Listing Service. Read this and than call Dirk Knudsen for further analysis.

Hey everyone! Summer is in Full swing in 2008 and for the first time in some years we decided to take a stab at gardening. The soils in our subdivision are not the best as in most neighborhoods…the top soils were covered by excavated fill from the construction of homes and streets. But here in Bethany, Oregon I was determined we would find a way to get as much out of our 3000 sf back yard as we can. Feeding three boys and paying for Gas in a downward economy is not fun.

So off I went into the backyard with some soil, tools, and nothing but some ideas in my head. It has been a while. But slowly some things started coming back to me and the internet is a big help in times like these. I planted seeds for vine crops like cucumbers, Pumpkins, Zucchini, Yellow Squash, beans, carrots, and corn. We than planted Lettuce, Strawberries, Broccoli, Onions, cantaloupe, and some choice herbs. It was a lot of work… and without a drip irrigation it has been a lot of early mornings watering. It was a slow start in May and I wa slike “oh man nothing is growing”.

The kids helped some; my little guy Kole especially. After all the waiting and watering it happened. The first to come was the lettuce and Broccoli! Man it was and is good. The Romaine Lettuce just keeps coming. I can not begin to eat it all and it is the most hardy. The Broccoli grows so fast that we can’t eat it all. Than came the Sweet Peas and Beans…… now Carrots, Zucchini (Yum with Butter and Garlic), Strawberries which our neighborhood Skunk is eating…oh well he is cute but smelly! The pumpkins are going now and so are the yellow squash and heck the corn is making an effort. We are not getting fat off the food but it is fun.

As we ate Cucumbers we regained something that is often times lost. We regained an appreciation for the earth and what it can do for us and for putting shovel to ground and seeing what can happen. It would be hard to survive this way but on a small scale it is healthy, fun, and rewarding. We are enjoying our garden here in Portland, Oregon this Summer. I want to urge you all to take up some tools and some planter boxes, whiskey barrells, furrows, or even plow up some grass and plant something. This has been fun and next year we are bringing in some better soil and probably going to get better usage by doing planter boxes as rows while efficient are not as productive!

Check out our Pics Here of our Garden so Far:

Located in the center of Forest Heights Neighborhood this park features trails, a pond, and some very nice picnic areas and play structures.  Have a quick look.  This is a great place to spend the afternoon.

One of Portland Oregon’s best Custom New Home Builders is Olsen Homes.  You will definitely want to take a quick view of these tremendous new homes just minutes to down town Portland.  These classic homes have all the upgrades and a are located on NW Old Quarry Road in Washington County.  Just a short walk to the new Bonny Slope Beaverton Elementary School.  Large Lots, Custom features, in a lush green setting with Southerly Exposure and Views.  Check out the Video we just shot including two young Deer that visited the site while we help it Open in May of 2008!  We have two homes from the $700’s and one lot left to sell.  Hurry and get yours now!

This past Sunday was like any other Sunday in Winter in Oregon.  Kind of a dreary, slow moving morning.  I had to work at Noon and so that short span of time I have from 9-11 Am is tough to get much done that allows me and the kids any Fun!  But the sky cleared and as I peered out from my morning 3rd cup I remembered Forest Park.   The Nations second largest City Park was less than a 5 minute drive form my home here in Bethany, Oregon.  My youngest son was out the door even before I could say “Lets go for a hike….”.  And so out we went.

A canteen of water and a PBJ sandwich in hand we hit the car.  A short drive up through the magical mile that is Germantown Road and we were in the deep canopy of Douglas Fir Trees that dominate the Tualatin Mountains.  We went into the west part fo the Park off of NW Skyline and NW Germantown Road and parked at the West trail head extension of the Wildwood trail.  The air was crisp, the the sky blue, the trail well blazed and off we went.  My companion and I than proceeded to spend 2 very special hours together winding our way through a series of steep ravines and valleys under majestic Fir, Cedar, Hundred Year Old Maple which were just starting to wake up from their Winter Nap.   We found stream beds and side trails…saw some birds and squirrels and just had a great time.  This was a lot of fun and also a very easy Hike.  If you have not seen Forest Park or been in it ….you simply must.  It is right above the City of Portland and it stretches for miles to the West.  One of the best parks in America.  We had a great time and Lunch at the trails end never tasted so good.  Just a quick trip and we had a great time.  Here are the pics of that most fun day trip:

According to RMLS statistics, end-of-year 2007 saw a 6.3% increase in average home sale prices (and 7.2% increase in the median). Please note that these metrics roll 12 months of sales activity together and compare them to the previous 12-month roll-up. While this method ’smooths’ the data, it tends to minimize the most recent months’ activity.

As I have compiled these reports each month, the month-over-month changes to the average and median sale prices has become smaller and smaller. In some market areas, the median did not change appreciably over the past 3 or 4 months.

Areas relying on high amounts of new construction growth showed the smallest gains (Happy Valley, City Center, Oregon City/Canby, and Beaverton/Aloha.

Lake Oswego/West Linn, Northeast & Southeast Portland, plus Yamhill and Columbia Counties were among the stronger markets.

Below are the December 2007 results for year-to-date average and median sale prices, appreciation, and time on market (or DOM*).

Source: RMLS, January 2008.
* Note: DOM or days on market may exhibit reporting inconsistencies and should be used to analyze trends only.

Steady Growth in Portland Real Estate

Portland, Oregon real estate offers stability and affordability

Published on: Wednesday, January 16, 2008
Written by: Melana Yanos

Real estate in Portland, Ore., is arguably one of the West Coast’s best-kept secrets. In addition to ski resorts and coastal areas within driving distance, Portland real estate has median housing prices more affordable than most other major cities in the Western U.S. What investors find to be most remarkable about the real estate market in Portland, however, is the fact that it is growing, in spite of the subprime disaster sweeping the country. Its hardy performance begs the question: What exactly makes Portland so special?

A “softer landing”

“Portland’s [real estate] market did not have the massive appreciation that some of the markets that are hurting now did,” Charles Turner of Prudential Northwest Properties, and author of PortlandRealEstateBlog.com, said. “The result is that [the market] has experienced a much softer landing.”
 
And, unlike housing bubbles that eventually popped in other major U.S. cities, growth in Portland’s real estate market has been largely contingent on population and employment, Max Sinclair, a real estate broker and Realtor who specializes in luxury and investment properties in Portland area, said. This has lent itself to steady growth in Portland, in spite of a potential national recession.

“Oregon has one of the lowest foreclosure rates in the country,” Sinclair said. “The market [should] continue at a steady rate of growth of 5 to 7 percent during the economic recovery period.”

Impressive job growth in Portland is likely to maintain a healthy flow of residents to the Portland area. A recent projection by the Oregon Employment Department estimated an increase of 240,000 jobs over the next decade—an increase of 14 percent compared to the last 10 years, Sinclair said. Furthermore, it appears that Portland is becoming an alternate hub for technological companies in California.

“Intel has some of its biggest plants in Hillsboro, a suburb of Portland, [and] Yahoo! also selected Portland for its customer service center,” Sinclair said.

Portland authorities limit the number of developments in the metro area

Growing demand for Portland real estate is compounded by a limited supply of properties within the city. This is because local authorities maintain some measure of control over real estate inventory by limiting the number of allowable property developments within the metropolitan area.As a result of enforcing an urban growth boundary, “Portland [is] in a better position to weather the ups and downs of real estate investment over the long run,” Sinclair said.

In addition, Portland presents an affordable option for real estate investment in the western region of the U.S. The median cost of housing in Portland is $283,000, according to the most recently published NAHB/Wells Fargo Housing Opportunity Index for 2007; this is a great deal cheaper than the median price in its larger Pacific Northwest counterpart, Seattle, which is estimated at $380,000. The difference is even more dramatic when comparing Portland with major cities in California; median home prices in Los Angeles and San Francisco are $515,000 and $770,000, respectively.

Predictions for a buyer’s market

GET THE REST OF THE STORY HERE:

http://www.nuwireinvestor.com/articles/steady-growth-in-portland-real-estate-51406.aspx

Well 2007 is just gone but the memory of a year that started hot and fizzled has left buyers wondering if the Oregon real estate scene is falling or flat.  Seller’s are not sure if they should hang in there and wait or get aggressive and price to sell.  The year that was found most of us not expecting to get caught up in the national price drop phenomenon.

Oregon in general and especially the Portland area and the Tri County region have been strong in the past 5 years.  The National News reports Portland and Seattle and a few other markets like Salem to be among the leading cities in America where price appreciation is still being reported.  In general I agree with this assessment.  This is a great place to live and to do business.  Jobs are here and people are still showing up to the party.

I asked the local manager at the Hillsboro U-Haul if we had any net migration away from here and he said “No-way!”.  The yard there is full of trucks and it is clear people are still coming.  The reality is many of them are not flush with cash.  Even with a good job in hand buyers must have great credit and at leats 3% down payment in most cases to get a home. 

One of the frustrating things as an agent is trying to put these buyers together with a loan that will actually qualify them for a home purchase.  Money was so easy to get just a few short months ago and that has all changed now.  We are seeing the resurgence of some new products and FHA / VA Loan Limits are being raised and we should see that help soon.  The buyers are out there and want to make a move.  Some are watching the homes and trying to gauge the best time.

Sellers are now ready to deal and most have come off prices they were asking in the fall by as mush as 10% and in most cases 1-3% on average.  There are some exceptional deals out there but you have to look.  We are arming our buyers with lots of comps, market trends and data, and daily reports of the best new homes available.  This is really a great time to buy.

But there are signs of a comeback that started in December fo 2007.  January looks to be a good month and our brokerage is seeing a real increase in sales.  With our very tight land supplies, and an Urban Growth Boundary in place that simply prevents sprawl, the best buys will likely go down in the early part of this year.  Wit job growth in Oregon ongoing I see prices getting higher and sales increasing as the year goes along.

 In areas like Bethany and Tigard we see a few very good buys but realistically the number of new homes on the market is very small.  Any up tick will create a situation where there is a shortage again. 

Our message to our buyer clients…..get out and look now and get qualified now!  We can help in all these facets!  Call us today at 503-799-8383 to get started.   2008 is a great year to be a home buyer!

Existing Home Sales are rising again.  The West seems to be leading the market Nationwide.  Prices are great and this is a superb time to get into the market and seriously look.  Call Dirk at 503-799-8383 to get started! 

 Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier this year, according to the National Association of REALTORS. Total existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 0.4 percent to a seasonally adjusted annual rate of 5.00 million units in November from an upwardly revised pace of 4.98 million in October, but are 20.0 percent below the 6.25 million-unit level in November 2006.

The national median existing-home price for all housing types was $210,200 in November, down 3.3 percent from November 2006 when the median was $217,300, but there remains a downward drag on the national median as the mix of closed sales has shifted away from expensive markets.

Total housing inventory declined 3.6 percent at the end of November to 4.27 million existing homes available for sale, which represents a 10.3-month supply at the current sales pace, down from a 10.7-month supply in October.

Single-family home sales rose 0.7 percent to a seasonally adjusted annual rate of 4.40 million in November from 4.37 million in October, but are 19.9 percent below the 5.49 million-unit pace in November 2006. The median existing single-family home price was $208,700 in November, down 3.7 percent from a year earlier.

Regionally, existing-home sales in the West increased 10.3 percent in November to a level of 960,000, but are 25.0 percent below a year ago. The median price in the West was $325,800, which is 6.8 percent lower than November 2006.

In the Midwest, existing-home sales were unchanged at an annual rate of 1.18 million in November, but are 16.9 percent below November 2006. The median price in the Midwest was $163,000, down 0.5 percent from a year ago.

Existing-home sales in the South declined 2.0 percent to an annual rate of 1.99 million in November, and are 19.4 percent below a year ago. The median price in the South was $174,200, which is 2.5 percent below November 2006.

annual pace of 870,000 in November, and are 19.4 percent below November 2006. The median price in the Northeast was $258,300, down 3.2 percent from a year ago.

Oregon job gains ease recession worries

Posted by The Oregonian December 17, 2007 11:11AM

Categories: Top Stories

Fears of recession in Oregon diminished Monday as state economists said the state had not only gained jobs in November but also increased employment in October, contrary to earlier reports.

Oregon’s unemployment rate remained flat — at 5.5 percent, for both months — on a seasonally adjusted basis.

David Cooke, an Oregon Employment Department economist, said November’s increase of 7,500 in Oregon’s seasonally adjusted nonfarm employment is significant, especially following the gain of 3,200 jobs in October. Preliminary results for October, based on incomplete data, had shown a loss of 1,400 jobs.

Oregon’s total nonfarm seasonally adjusted employment stood at 1,737,900 last month.

“It really changes our view,” Cooke said. The growth, he said, “indicates that there’s been substantial economic strength in those two months in Oregon’s economy.”

Cooke said that October’s gain, instead of loss, could also change the prognosis of a University of Oregon economic index released last week, which suggested a recession was likely imminent in the state.

Not all the November numbers were positive, however. Retail holiday-related hiring increased, but not by as much as in each of the prior five years. Construction posted a seasonally adjusted job loss of 1,200. But seasonally adjusted employment in the closely watched sector remained above 100,000.