City Of Portland vs. Portland Metro Area - Supply of Housing Available
Inventory levels started the year off at 12.8 months for the Portland Metro Area then leveled off in the middle of the year towards the 10 month range then climbed to a high of 14.1 months in December 2008. The inventory levels in the City of Portland faired well compared to the overall Portland Metro Area. They were on average 2 months lower throughout the year and dipping as low as 7 months in May 2008.
What this means is that at the end of December 2008 at the current rate of sales if no other homes were to come on the market for sale it would take 14.1 months to sell all the homes currently for sale in the Portland Metro Area and 12.17 months to sell all the homes available for sale in the City of Portland.
For a balanced market the inventory of available housing needs to be around 5-6 months. Anything above 6 months starts to create a buyers market while anything under 6 months leads towards a seller's market.
In the Portland Metro Area it's a Buyer's market overall. However, this varies vastly depending on the price range, area and neighborhood. When considering buying or selling it's important to look at supply levels of the whole Portland market as well as in the specific area you are considering buying or selling.
If you are considering buying or selling a home in the Portland area or have questions about the market please feel free to contact me at pricer@hasson.com or 503.477.0759
Portland Neighborhood Average Sales Price This Month YTD Average Sales Price Total Days on Market % Change in Value * North Portland $267,100 $266,100 104 -0.10% NE Portland $290,400 $320,000 109 -0.40% SE Portland $263,900 $276,100 108 -3.30% West Portland $442,500 $478,500 172 1.90%
Portland Metro Area total months of inventory 14.10
City Of Portland total months of inventory 12.17
All Stats Provided by RMLS (Market Action Report - December 2009)
To view the complete report available please click on the link below.
Click Here To View Full Report
Contact Ruth Price - broker with the Hasson Co. Realtors - for more information about the market, to find out your home's value or with questions.
503.802.8845 or pricer@hasson.com
The high inventory of homes on the market is driving buyers to make more calculated decisions about which homes to make offers on. If you find yourself as a seller in 2009 here are some thoughts and tips to consider. The key to successfully selling your home this year is making it stand out from the rest not only by pricing it correctly but also through marketing and presentation.
PRICE YOUR HOME TO SELL
Recent Comparables Only - When determining a price for your home recent sold comparable homes are a good indicator of an approximate value. Use only comparables that are no older than three months. Using anything older than three months will most likely result in overpricing your home.
The Competition - Buyers are looking at everything on the market that fist their wish list and it would only make sense that you know what your home is competing against. Pay a visit to the homes for sale that will be competing with yours to see how your home measures up. Don't fall into the "my house is better than theirs trap" - because buyers won't. Be honest and willing to admit your homes' flaws and adjust your asking price accordingly.
Price Well - The value of your home is determined mainly by what an able and read buyer is willing to pay for it in the current market. The goal is to have your home be the next one to sell the moment it hits the market. Now that you know the competition and the previous sales, price your home with that in mind.
IT'S ALL IN THE PRESENTATION
Fix & Repair - Give perspective buyers a sense that your home has been well maintained and that everything is perfect. Make sure everything works, doors and windows open and shut easily, none of the light bulbs are out, cabinet doors are not loose, etc... Do not forgo anything that is in need of repair no matter how small. Buyers will notice.
Model Home - Strive for perfection in the presentation of your home. If needed, the expense for professional help from a stager or interior designer to simplify, organize and stage your home costs less that you think and will be money well spent in the end.
Clean House - Your home must sparkle at all times while on the market -thus creating one of the biggest frustrations about having your home for sale. To help you stay on top, consider a house cleaning service that comes out on a weekly basis during the time your home is on the market. Have the windows cleaned, the carpet shampooed and the whole house deep cleaned prior to marketing the home.
MARKETING
Professional Only - Professional looking marketing materials and photos of your home are a must. Hiring a photographer to take high resolution photos of your home along with its' special features is money well spent. This helps your home stand out when buyers are searching through high inventory.
Internet Is King - Over 90% of buyers start their home search on the internet. Make sure the marketing for your home focuses mainly on on-line exposure. The more on-line marketing your home has the better. You can forgo all print advertising since the returns are very minimal.
Showings - Be prepared to show your home on a moment's notice. Being as flexible as possible increases your chances of selling. If time allows, prep your home for the showing by turning on all the lights, playing music and depending on the season turning on your fire place and water features.
AT LAST
Reduce - If the home has been marketed correctly and there are no offers within 30-60 days and/or your competition has come down in price be prepared to reduce. The longer your home sits on the market the less money you will end up getting in the end.
Fore more tips on buying or selling your home visit: http://www.PdxUrbanHomes.com
Yes, that's the number of condo units currently listed for sale in the City of Portland as of today. That's a lot to choose from. A few things to consider to maximize your potential and minimize your risk.
To view more information, learn more about the Portland Market & Neighborhoods please visit my blog at:
| November 2008 - Residential Homes Snapshots | ||||
| Portland Neighborhood | Average Sales Price This Month | YTD Average Sales Price | Total Days on Market | % Change in Value * |
| North Portland | $229,800 | $266,100 | 120 | 0.10% |
| NE Portland | $286,200 | $32,200 | 98 | 0.50% |
| SE Portland | $256,300 | $276,800 | 109 | -3.10% |
| West Portland | $447,000 | $480,700 | 145 | 4.20% |
| * % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before |
Portland Metro Area total months of inventory 15.00
City Of Portland total months of inventory 12.5
All Stats Provided by RMLS (Market Action Report - November 2008)
To view the complete report available please click on the link below.
Contact Ruth Price - broker with the Hasson Co. Realtors - for more information about the market, to find out your home's value or with questions.
503.802.8845 or pricer@hasson.com
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