The Portland Metro area has five main quadrants:
The Lents Neighborhood was originally built in 1912 on the (then) outskirts of Portland.
Lents in SE Portland was originally platted as the Town of Lent by Oliver P. Lent (1830–1899) in 1892. The Lents neighborhoodis located approximately 6 miles from Downtown Portland in the SE area and is in the 97226 Zip Code.
In recent years, Portland has seen the potential value of the Lents neighborhood and established it as an Urban Renewal Area, which allows the city to bond on future increases in property tax revenues to fund capital projects throughout the Lents Town Center Urban Renewal Area. Many new homes and businesses have been established and more are planned. The MAX light rail system has been expanded southward from the Gateway hub, along I-205 to the Clackamas Town Center. ~~ Wikipedia.com
The PDC is working in Lents to:
| Population | 20156 (density 2564/km²) |
| Households | 7169 (93% occupied) |
| Owned | 3192 (55%) |
| Rented | 2564 (45%) |
| Size | 2.81 persons (average) |
(all data current as of 2/2/2012)
First, let's discuss "Absorption Rates." The absorption rate is, bascially, the rate that homes sell in an area. The lower the absorption rate, the faster homes are selling (Seller's market). The higher the rate, Buyer's market.
To calculate the absorption rate, take the number of homes that sold in a month for an area and divide it by the total number of homes for sale at the end of the month. As you can see from the above graph, the Portland Real Estate Market has several Areas. To calculate the absorption rate for each area, I took the ACTIVE LISTINGS at the end of December 2011 and divided that number by the number of SOLDS, also the end of December.
If this chart doesn't blow you hair back . . . these are the numbers comparing December 2010 to December 2011 absorption rates. You can clearly see that the Portland Metro Real Estate Market is changing. When I tell Buyers to think about buying seriously now . . . I'm not making that up.
Area 141 - N Portland
Area 142 - NE Portland
Area 143 - SE Portland
Area 144 - Gresham / Troutdale
Area 145 - Milwaukie / Clackamas
Area 146 - Oregon City / Canby
Area 147 - Lake Oswego / West Linn
Area 148 - W Portland
Area 149 - NW Washington County
Area 150 - Beaverton / Aloha
Area 151 - Tigard / Wilsonville
Area 152- Hillsboro / Forest Grove
As an Exclusive Buyers Agent my brokerage, EBA Portland, LLC does not take listings. I don't have any office listings to feature. But, each week I try to post a Featured Property. What makes this Beaverton property a good pick for first time buyers? Location, condition, and . . . price.
I'm featuring this property in Beaverton because it would make a great first home for first time buyers! Located in Beaverton in zip code 97008. It's a Fannie Mae foreclosure.
For those first time buyers looking for a nice property in Beaverton, this one might be a good candidate.
The listing agent works with foreclosures and gives me a head's up on properties. This sure seems like a nice property in Beaverton, very suitable for a first time buyer.
Looking at properties to feature, this Beaverton home is in a good price range for first time buyer's in the Beaverton market.
This is a Portland Real Estate Market overview for the month of December 2011.
The market seems to be doing fine. But what this graph indicates is the pattern of listings . . . which are down for the month. Matter of fact, listings have been off about 25% from last year starting in June 2011 and continuing to drop the remainder of the year.
Last month's report, Portand Real Estate Market report for November compared the new listings, pending sales and closed sales and indicated a drop of new listings for the month of November being down -18.1%
Keeping with the <$18,400> difference between December 2011 vs. December 2010 the MEDIAN SALES PRICE in the Metro Portland Housing Market has also slipped:
December 2010 - Median Sales Price: $230,000
December 2011 - Median Sales Price: $216,600
The Median Sales Price in the Metro Portland Housing Market in December 2011: DOWN -5.8%
The absorportion rate of Portland real estate indicates 5.3 months of inventory in December
Again, this is based on December 2010 compared to CURRENT December 2011. What this tells me is that:
For both December 2010 and December 2011 the Average Days on the Portland Real Estate Market is: Approximately 145 days Median: Median is a mathematical result that indicates that one half of the group is higher and one half lower. Average: All sold prices are added together into a sum, the sum is then divided by the number of houses that sold.
It used to be that we'd say "I wish I had a dollar every time . . . " Now with inflation I wish I had $10 every time someone asks me "how was the Portland real estate market this year?"
The year started out slow, with the first two months showing only about 1,000 properties closed for both January and February.
What Where The Strongest Months in the Portland Real Estate Market 2011?June seemed to be the strongest month for monthly solds. 1958 properties closed in the Metro Portland Market which correlates to the absorption rate for that month at 6 months supply of inventory.
May and August 2011 were strong months for PENDING sales in the Portland real estate market.
With May 2011 have strong pendings, there's no wonder June showed strength in closed sales. However, it didn't hold try with August pendings to September solds.
New listings to the Portland Real Estate Market were the strongest in May and then steadily dropped off the remainder of the year. I wrote an article about this in October 2011 Portland Real Estate Inventory Down.
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EBA Portland, LLC is an EXCLUSIVE BUYER AGENCY. We represent Buyers in Metro Portland 100% of the time with 100% Fiduciary Duty. No listings, no conflicts. We REPRESENT YOU -- the BUYER since 1999
EBA Portland, LLC - Portland Buyers Agent | Buyers Agent Portand is the ONLY Exclusive Buyers' Agency serving the Metro Portland (Oregon) area with ABR, CEBA and e-PRO designations. Carla Muss-Jacobs, Broker/Owner of EBA Portland, LLC has been assisting Portland Buyers since 1999. She started her business when it became clear that Portland Home Buyers didn't have their own advocate in the marketplace. Not only in Portland, but in the Nation, Buyers are under-represented.
FIRST TIME HOME BUYERS Portland OR: EBA Portland, LLC has so much experience with first-time Buyers, and has niched this area of real estate for over 12 years. When it's time to think about moving out of the rental, it's time to get in touch with Carla! EBA Portland, LLC offers a FREE one-hour consultation. A great way to meet and discuss your plans. There is a process in purchasing property, and your entitled to know what that is. As the Buyer, you want to know what's going on every step of the way . . . but as the airlines say "Leave the flying to us!" You know you're in good hands when you engage EBA Portland, LLC to represent you in your home purchase. Buying a home is more then just "location, location, location." It's also: "legal, legal, legal." A home purchase is a legal process from start to finish. Carla keeps track of all the legalites for you, so you can get emotional and fall in love with your home! That's how it's supposed to work. Your buying experience shouldn't be full of stress . . . and Carla strives to provide a smooth transaction. When you're ready to make that move . . . call/email and let's meet for a cup of coffee (tea?) and discuss real estate.
RELOCATING TO PORTLAND | RELOCATING TO BEAVERTON : EBA Portland, LLC services the entire Metro Portland area. Hiring an EBA -- Exclusive Buyers Agent -- is so very important to Buyers who are relocating. An EBA doesn't have a "farm." They are familiar with all the areas. At EBA Portland, LLC, assisting relocation Buyers become acclimated to the Metropolitan Portland makes up a large percentage of overall business. We've assisted Buyers who have never been to the area before. Getting relocation Buyers "settled in" is an important component of assisting Buyers. Relocation Buyers need to know the lay of the land, local areas, schools, etc. and discussing the different neighborhoods is just as important as finding the perfect property . . . if not more so.
If you're considering a move to the Metro Portand area -- Beaverton, Hillsboro, Tigard, Lake Oswego, Tualatin, Portland ...and all places in between -- do yourself a favor! Get EBA Portland, LLC on your TEAM!
For an in-depth consultation about your plans to relocate to Portland, please feel free to contact me.
EBA Portland's Other Metro Portland Guides:
Visit my website: www.EBAPortland.com for MORE
Portland Exclusive Buyer Agent Carla Muss-Jacobs - EBA Portland, LLC
Testimonials:
"Carla is a great realtor. I moved to Portland from the East Coast and needed to get acclimated to the area. Carla helped me determine which areas of the metro area would best fit my needs and life style. She took time from her busy schedule to show me the different neighborhoods and point out the positive and negative attributes of each. She has been kind, caring, patient and of the utmost personal integrity. She always provides honest, objective feedback. I'm recommending Carla to all my friends!"
-R.W., Beaverton, OR
"I would like to express my appreciation of Carla's skills in helping me find the home I wanted. She made astute, intelligent comments about each listing, and never tried to "sell" me. In fact, in some instances pointed out negative aspects that I might have missed. She had useful information to offer about neighborhoods, traffic conditions, access to the city center, etc. Carla was meticulous in preparing the offer, counter offer ... the whole shebang! She has kept me fully informed each step of the way, has always been available for questions, has responded quickly to messages I have left. In short, it has been a pleasure!"
-Shirley L., Portland, OR
"I bought my first home through Carla and I am glad I did. She saved me $8,000 off the list price. I bought a small condo that, I am sure, didn't generate a large commission check for her. But, she worked diligently for me as if I was buying a mansion. I'm a loan officer for Bank of America, and I only know the lending side of a transaction. Carla explained how a sale works and was very thorough in her explanations, assisting me through inspections, appraisals and closing."
-Edna H., Hillsboro, OR
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Disclaimer
Carla Muss-Jacobs is a licensed Realtor® in the State of Oregon. EBA Portland, LLC is incorporated in the State of Oregon. Opinions, advice, are that of the author and are protected under the First Amendment of the Constitution of the United States of America. All comments posted on others' blog sites are the opinion of Carla Muss-Jacobs and are protected under First Amendment statute. Positions, comments, etc. are based on Oregon Real Estate Law and the Common Law of Real Estate. It is advised that the general public seek the advice of a competent licensed Realtor® in their State for answers to specific real estate questions they may have, and in assisting them on their home purchase, or real estate sale. For a referral to qualified Realtor® please contact Carla Muss-Jacobs, Broker/Owner of EBA Portland, LLC directly.
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