The Market
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RMLS just released the May 2010 addition of Market Action with some interesting facts and figures. As I’ve been saying for quite awhile, Portland seems to have found an equilibrium. The real estate market is more or less holding firm at this point. Of course there will be monthly fluctuations and the occassional anomaly, but overall the market is rather steady. Sales activity, as compared to 2009, is way up. The 2009 market was about as bad as we’ve ever seen, so it’s absolutely no surprise that sales activity has increased so much. Sales activity in 2009 dropped to never before seen depths, so even modest increases will result in large percent changes. For example, if you have two of something and then are given two more you’ve just doubled your haul…by only adding two of whatever we’re talking about. If you have a hundred somethings, though, and you add fifty more somethings, you clearly haven’t doubled your take, right? So with 2009’s sales activity being so low the 2010 increases result in huge percentage increases. What’s really more telling, though, are the hard numbers the actual sales volume as told by units sold. In any case, though, the 44% increase from May 2009 to May 2010 is very welcome news. Closed sales rose sliightly, just over 5%, from April to May. What will be really interesting, though, is how much sales activity increases once the sun comes out. Portland’s market always spikes after the first period of extended sun. I’m expecting the second half of June to be the first real jump in market action, but we’ll see.
At seven months, nventory is at its lowest point since August 2007 which is excellent news. I’ve argued all along that we won’t see the market bounce back until inventory gets under control. We’ve now seen inventory rates right in the seven month range for three consecutive months, which should eventually help prices to bounce back. At the moment, though, prices are still slowly falling. The rolling 12-month review shows prices to have come down just under 10%. The good news, though, is that’s been pretty consistent for quite awhile. I would be extremely surpised to see another major price dip without some monumental outside issue that we haven’t yet seen. Keeping my fingers crossed that we DON’T see such an issue.
Hollywood Farmers Market – Open, Open, Open
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Hollywood Farmers' Market
NE Portland’s favorite farmers’ market is back and better than ever. The Hollywood Farmers’ Market reopened for business this past weekend with a ton of old favorites and a number of brand new offerings. On any given weekend you can browse between 40 and 50 vendor stalls and choose between organic asparagus, micro-craft beer, flowers or you can simply grab an incredible lunch from any one of the numerous food stalls. Yum!
Market hours are 8 a.m. to 1 p.m. Saturdays, May to October, and 9 a.m. to 1 p.m. Saturdays in November until Thanksgiving. Learn more at hollywoodfarmersmarket.org.
Bike Art in The Pearl
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Portland has long been known as an art friendly city. Artists congregate here for inspiration, cheap art studio space, art collectives and due to the city’s support of local art. I love wandering the city and stumbling upon unique sculptures all over town. I shot this quick video just outside The Pearl a few months ago. Yes, this is technically SW 13th and Burnside, so not The Pearl proper, but come on!
I’m sure this piece can be interpreted any number of ways. It can simply be an ode to the city’s favorite mode of transportation. It can be a call out to youth. It can take a dark turn and represent the children who have been hurt (or worse) by careless drivers. I’m not going to get into that, since interpreting art should be done by each beholder. Instead, just enjoy Portland at its finest.
Spring is (almost) here…and so is the HOME BUYING season!
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Get ready to see some “For Sale” signs posted in your neighborhood. Be prepared, though, to see many of them be removed pretty quickly.
Spring is almost here and it’s sure to bring with it a faster paced market. Sales activity has steadily increased the past couple months resulting in a nearly 20% increase versus the same time last year. While this market will never be confused with the frenetic insanity of 2003 or 2004, it does feel like market activity is picking up.
Anecdotal evidence says that home buyers must be prepared for multiple offers, if they aren’t prepared to act fast. A dozen “comparable” homes might be listed in a neighborhood, but it seems like one or two will really stand out and attract buyers. I’m seeing well-priced homes in close-in neighborhoods move very quickly, often selling for at or above asking price. It pays to know the market and to be prepared to move quickly when you find the right house.
Alberta Arts Listings – $250,000 – $375,000
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Homequest has created this killer new plug-in that allows me to create blog pages with live searches. This search is right up most of my clients’ alley. Check out all the single-family houses between $250,000 and $375,000 listed in Alberta Arts. Enjoy!
Agent Profile
Jesse Knight specializes in residential real estate with a focus on first time home buyers in the Portland Metro market. Through face-to-face meetings and the targeted use of technology tools, Jesse provides complete representation. Jesse is your consultant, advocate and all around real estate professional.
