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Your Local Source For Real Estate Activity in Your Community  Metro Portland, Oregon
October 2008
_____________________________________________________________________ October Residential Highlights Market activity continues to be on the decline when compared to 2007. Pending sales fell 39.6% when comparing October 2008 with October 2007. The number of closed sales and new listings also fell, 21.4% and 21.6% respectively. Comparing October to September, we also saw a decline across the board, although not as intense as the comparison above. There were 25.6% (1,268 v. 1,705) fewer accepted offers in October. Additionally, there were 14.2% (3,605 v. 4,200) less new listings added to the inventory. Further, there was a 10.7% (1,465 v. 1,640) drop in closed sales. At the month's rate of sales, the 16,257 active residential properties would last approximately 11.1 months.
YEAR-TO-DATE
Comparing January-October of 2008 to the same time period in 2007 there have been 31.3% fewer closed sales and 30.2% less accepted offers this year. In addition, there was a 7.5% decrease in the number of homes added to the market.
AFFORDABILITY
Due to a decrease in the median home price in the Portland Metro Area ($267,000 in September) and a drop in the average interest rate (6.04% per Freddie Mac) a family earning the median income ($67,500 in 2008, per HUD) can afford 109% of the monthly mortgage payment on a median priced home according to a formula from the National Association of Realtors. the formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 5.97% (per Freddie Mac). Year-To-Date Area Reports
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Avg Sale Price |
Total Market Time |
% Change |
| North Portland |
$268,400 |
91 days |
2.2% |
| NE Portland |
$324,300 |
89 days |
2.0% |
| SE Portland |
$278,200 |
96 days |
-2.2% |
| Gresham/Troutdale |
$260,500 |
142 days |
-5.7% |
| Milwaukie/Clackamas |
$323,200 |
133 days |
-5.4% |
| Oregon City/Canby |
$316,200 |
162 days |
-4.8% |
| Lake Oswego/West Linn |
$550,500 |
187 days |
3.6% |
| West Portland |
$482,900 |
155 days |
5.0% |
| NW Washington Co. |
$405,500 |
129 days |
-0.7% |
| Beaverton/Aloha |
$275,600 |
121 days |
-4.2% |
| Tigard/Wilsonville |
$356,300 |
147 days |
-3.9% |
| Hillsboro/Forest Grove |
$281,900 |
113 days |
-5.0% | * Information above derived from RMLS Market Action Report
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Pricing >Listing and Selling Price
When calculating what you can afford in a house, don't just look at the list price. The amount you pay for a house is important when you consider your ability to re-sell the house. Today's mortgage options are increasing the possibilities for home buyers, so you should also take a close look at what it will cost you to live in the house.
Your monthly housing cost is the second figure to consider, and that cost is largely determined by current interest rates. Today's real estate market is very price-driven. Homes which are in the best condition and have the most attractive price tags are the ones that sell.
Diverse financing options and competition among lenders are giving many buyers the opportunity to buy a more expensive house or condo than they thought they could afford--and sooner. There are many creative ways to get into a home with a relatively small amount of money. Ask your real estate agent to help you look at today's numbers--you may be pleasantly surprised.
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| Q |
Where would you go if you wished to stay in the world's most expensive hotel room?
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| A |
The Imperial Suite at the President Wilson Hotel in Geneva, Switzerland, which can be reserved for $33,000 per night. |
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- NUMBER1EXPERTS™ 
