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Your Local Source For Real Estate Activity in Your Community  Metro Portland, Oregon
January 2010
_____________________________________________________________________ January Residential Highlights While not quite as dramatic as last month, sales activity in the Portland metro area continued to show improvement in January 2010 compared to the same month a year ago. Closed sales were up 34.7% compared to January 2009 and pending sales rose 24.3%. However, new listings fell 6.2%. Pending sales were also up 34.5% (1,535 v. 1,141) when compared to December 2009. On the other hand, closed sales fell 34.5% (986 v. 1,506) and new listings grew 87.1% (3,937 v. 2,104) driving inventory to double digits for the first time since May of 2009. At the month's rate of sales, it would take approximately 12.6 months to sell the 12,449 active residential listings.
Sale Prices
The average sale price for January 2010 was down 5% compared to January 2009, while the median sale price declined 4%. Compared to December 2009, the average price decreased 3.7% ($282,400 v. $293,300) and the median fell 0.9% ($240,000 v. $242,200). Year-To-Date Area Reports
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Avg Sale Price |
Total Market Time |
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| North Portland |
$241,300 |
56 days |
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| NE Portland |
$276,200 |
144 days |
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| SE Portland |
$228,500 |
140 days |
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| Gresham/Troutdale |
$211,800 |
120 days |
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| Milwaukie/Clackamas |
$259,900 |
130days |
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| Oregon City/Canby |
$237,500 |
132 days |
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| Lake Oswego/West Linn |
$414,900 |
215 days |
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| West Portland |
$426,400 |
147 days |
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| NW Washington Co. |
$377,500 |
175 days |
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| Beaverton/Aloha |
$242,600 |
129 days |
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| Tigard/Wilsonville |
$314,000 |
184 days |
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| Hillsboro/Forest Grove |
$262,600 |
114 days |
| * Information above derived from RMLS Market Action Report
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Insurance >Do You Need Mortgage Protection
If you have a mortgage on your home, you may have received several offers from insurance companies that sell coverage to pay off your mortgage in the event you die unexpectedly. Although insurance in general is a good idea, mortgage insurance is usually a poor value in most cases.
If you read the large print, it appears that the policy will protect your family if you die before your mortgage is paid off. All you have to do is fill out the paperwork, have a physical exam, and pay a little more each month. The fine print, however, may limit the coverage relating to accidental death. If there are two people on the deed of trust, the policy may pay only half if one of them dies.
When considering mortgage insurance, call a good insurance agent before you send in your forms. Insurance experts usually advise against separate policies to cover various contingencies. A regular term life insurance policy equal to the amount of your mortgage will probably offer you a lot more coverage for your money.
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| Q |
What is the least affordable metropolitan housing market in the United States?
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| A |
California's Los Angeles-Long Beach-Glendale is currently rated as the most expensive metro area in the nation. |
 See More Real Estate Trivia > |
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