Downtown Portland Real Estate Broker~Herb Hamilton

Market activity and sales continue to improve over the greater Portland area market, while listing inventory continues to fall creating a faster selling market time.

In Southeast Portland comparing August 2009 with September 2009 the Number of active listings has dropped while the number of Pending Sales has increased. Solds are down for the month and Days on the market have increased slightly by 4 days.

Average Sales Price for the month have increased by $8,900 over last month and Median price has increased as well by $1,000.

Disclaimer : Information contained in this report is deemed reliable but not guaranteed. This report should not be used to make any financial real estate decisions.

Market activity and sales continue to improve over the greater Portland area market, while listing inventory continues to fall creating a faster selling market time.

In Northeast Portland Market inventory shows a slight decrease. Pending Sales and Sold Properties both increase while market time increases slightly by one week over last month.

Best news is the Huge increase in number of Pending sales for 2009 vs 2008. The average and Median sales prices both remain constant reflecting about a $1,000 difference between now and last month.

Northeast Portland remains the fastest market time at 84 DOM for Portland Metro area compared with some of the suburban areas that can reach as high as 156 DOM.

Market activity and sales continue to improve over the greater Portland area market, while listing inventory continues to fall creating a faster selling market time.

In North Portland comparing Aug. 2009 with Sept. 2009 Listing inventory falls while Average Sales Price increases. The Median Sales price remains the same. Both Pending and Closed sales are slightly down from last month.

Back in the day Southeast Portland was king. Especially in and around the Hawthorne District. Real estate prices then as well as now drove the market in Southeast. Meanwhile the Northeast suffered. In general the homes were principally the same. In fact it could be argued that the architecture in Northeast was Superior to the Southeast.

Well it makes sense given that in the early years of the founding and settling of Portland the high ground was in North and Northeast Portland. The Southeast on the other hand was prone to flooding from the Willamette River. Hence the more affluent tended to settle in the Northeast.

Portland Oregon has sure come along way since its early settlement days of 1845 and subsequent Incorporation in 1851. Flash forward to the Late 20th Century and early 21st Century and we find fully developed residential neighborhoods.

Recently though there has been a shift in values. As mentioned above Southeast Portland had enjoyed a much stronger value than the Northeast. But as Prices continued to rise people hoping to move into the Inner Southeast where the Hawthorne District mainly lies found that they were being quickly priced out of the market.

The solution for many of these Buyers was to take a chance on Inner Northeast Portland where renovations and revitalization had begun in earnest in the Late 80's and really began to take full swing in 1991. Those first few years were astounding. I can remember passing up homes that were available for $10,000. only to regret those choices a few short years later when prices were well into the $100,000 to $150,000 for the same home in the same condition.

So when did this change happen? Funny as it seems even today I hear from prospective Buyer's when calling about a home in the inner Northeast " I hear this is an up and coming neighborhood " I just laugh as I remember that is what we thought Back in the Day. And we were right. The change though of prices happened in 1993 between the months of August and September.

Southeast Portland enjoyed an edge over Northeast Portland of $133,000 to $93,700 as an average Sales price. The following Month in September Northeast Portland recorded an average sales price of $100,100. while Southeast Portland dropped to $95,300. Part of this big drop can be attributed to the large number of renovated homes that came on the market in Northeast Portland at that time. Out of all of the Buyers waiting to buy most went to the Northeast while the Southeast's numbers suffered.

Northeast Portland has never looked back. Today shows the numbers for August 2009 average sales price for the Northeast at $278,100 while Southeast stands at $239,900. The Hawthorne District in the Southeast continues to help lead the way in prices and desirability, perhaps one day we will see the shift again.

As an interesting side note North Portland in August of 1993 had an average sales price of just $67,000 and today is at $240,800 eclipsing Southeast Portland as well.

Looking back in time is certainly not a predictor of the Future but it can help to throw a light on trends. The graph below looks at Average Sales prices for the Month of August in each of the years from 2005 through 2009. It also displays the Median Home price for the Year to date in each of those months.

Looking at Demographics for Northeast Portland is a little tricky as it is a large area from the Willamette River on the West to the Cities of Gresham/Troutdale on the East or roughly 171st then The Columbia River on the North and East Burnside on the South.

In the Year 2007 reports show roughly a population of 109,000 for an area of aprox 27 square miles.