Portland Housing Reports for May 2010

Wonder what is REALLY happening in real estate….B In Portland? In our market? In your neighborhood?B B ‘The Market’ varies, literally from neighborhood to neighborhood.B And I’m betting you are like every other normal home owner: ‘What is happening in my area and which way is the market heading?’B And like normal buyers ‘What is happening in x,y, or z neighborhood and where should I be looking to find the best prices?’. B So here you go! Click on the italicized ‘report’ in each neighborhood for more details, or click the neighborhood name for my awesome search map. And if you don’t see your neighborhood listed here, then just send me a note and I’ll gladly add it!
For Portland overall in May:

  • Closed Sales Were +43% over May of ’09
  • Pending Sales over May ’09 Were -24.1%
  • Listings Over LY were -10%
  • Average Sales Price over May ’09 was -5.5%
  • First 5 Months of 2010 over LY First Five, Closed Sales up +42%

Alameda–May Market Report

  • 20% Sell Through, Still Buyers Market But Good Movement From Where We’ve Been
  • 5 Homes Closed with Average of 96.6% of Recent List Price
  • 25 Active Listings in May
  • Average Sales Price $557k

Alberta Arts— May Market Report

  • 69 Active Listings with 8 Sales, Buyers Market
  • Closed Average of 101.68% of Most Recent List Price, Sometimes Reflective of Multiple Offers
  • Average Sales Price $247k
  • Best Closed Average

Battle Ground— May Market Report

  • 222 Active Listings with 29 Successful Sales, Buyers Market
  • Average Sales Price is $225k
  • Closing at an Average of 94.84% of Most Recent List Price, Needs to Get Better

Beaumont–May Market Report

  • 30 Active Listings with 5 Closed, Buyers Market
  • Average Sales Price on 5 Month Upward Trend at $509k
  • Closed at Average of 93% of Most Recent List Price, Too Low..

Bethany–May Market Report

  • 113 Active Listings with 21 Closed Transactions, Still Buyers Market But With Positive Movement
  • Average Sales Price up to $403k (from April’s low of $327k!)
  • Closed an Average of -3.75 under Most Recent List Price

Bonnie Slope–May Market Report

  • 78 Active listings with 7 Closed Transactions, Buyers Market Big Time
  • Averages Sales Price $512k (Compare to January ’09 at $693k)
  • Closing Average of -13% Below Most Recent List Price–Yikes! Worst Performance of All!
  • Looks like a great area to buy…sellers are negotiating, lots of inventory in comparison, low turn.

Buckman–May Market Report

  • 32 Active Listings with 2 Transactions Closing at just -1.9% Under Recent List Price, Buyers Market
  • Average Sales Price is $340k
  • Keep an Eye Out for Buckman, More Options May Abound in July!

Camas–May Market Report

  • 228 Active Listings in May with 33 Sold = 14.5% Sell Through, Buyers Market
  • Increased Sell-Through from January ’10 at 7.2%
  • Average Sales Price $320k
  • Closed at -6% of Most Recent List Price, This Needs to Get Better…

Cedar Mill–May Market Report

  • 93 Active Listings with 23 Sold = 24.7% Sell Through! #2 for the Month!
  • Closed at -4.25% Under Most Recent List Price
  • Average Sales Price of $360k
  • The Market is Definitely Moving in Cedar Mill!

Concordia–May Market Report

  • 36 Active Listings, 3 Closed = 8.3% Sell-Through, Definitely Buyers Market
  • Average Sales Price $278k–Best Average Sales Price in This Report
  • Closed at an average of -4% Under Most Recent List Price

East Moreland–May Market Report

  • Improvement over April! 33 Active Listings with 2 SoldsB = 15.2% Sell-Through, Still in Buyers Favor
  • Closed at an Average of -5.5 of Listing Price vs. April’s -11%
  • Average Sales Price $448k

Forest Heights–May Market Report

  • Tough Month: 106 Active Listings, 9 Sold Transactions, 8.5% Sell-Through (The highest in 17 months back was in December ’09 at 13.4%)
  • Average Sales Price is at $579
  • Homes are Closing at -10% Under Most Recent List Price, NOT Good for Sellers
  • If This Price Point is in Your Range, I’d Get up There and Take a Close Look….

Grant Park–May Market Report

  • 38 Active Listings with 4 Closed in May, Total Buyers Market
  • Just under 10% Sell-through
  • Average Sales Price $383k
  • Closing at -7.25 of Most Recent List Price, Not a Good Number.

Hollywood–May Market Report

  • 19 Active Listings with 5 Closed Transactions–Still Buyers Market, but Performing The Best forB Sell-Through out of All These Neighborhoods So Far!
  • $452k Average Sales Price
  • Homes Closed at -2.75% of Most Recent List Price

Irvington–May Market Report

  • 95 Active Listings, 12 Solds = 12.6% Sell-Through, Strong Buyers Market
  • $513k Average Sales Price
  • Closed at -1.50% Under Most Recent List Price

Ladd’s Addition–May Market Report

  • 15 Active Listings, 2 Solds = 13.3% Attrition
  • Average Sales Price $582k
  • Homes Closed at -2.75 of Most Recent List Price
  • Buyers Market, Big Rambling Homes, Highest Average so Far

Laurelhurst–May Market Report

  • 40 Active Listings, 7 Solds = 17.5% Sell-Through
  • Average Sales Price $435k
  • Closed at -6.25% Under Most Recent List Price. Not a Good Number.

NW Slope–May Market Report

  • 6 Neighborhoods, 185 Active Listings, 10 Sold = 5.4% Absorption Rate–Yikes!
  • Average Sales Price $330k–#5 In This Report
  • Homes Closed at 91.1% of Most Recent List Price
  • If I was Looking for a Home, This is Where I’d Be Looking…….

Ridgefield–May Market Report

  • 125 Active Listings, 8 Solds = 6.4% Sell-Through, Completely Buyers Market
  • Average Sales Price of $329k
  • Closed at -9.99% of Most Recent List Price

SW Slope–May Market Report

  • 64 Active Listings, 1 Sold = 1.6%–Lowest onB my Report
  • The One Home that Sold Did so at $488k and at -10% Under The Most Recent List Price
  • Total and Complete Buyers Market–and These are Great Areas, I Think Buyers are Demanding More for Their $$ Considering all The Options Above…
  • Lower Average Price and Worse Performance Than Forest Heights at a Higher Average…

Downtown Vancouver & River Neighborhoods–May Market Report

  • 219 Active Listings, 18 Solds = 8.2% Absorption Rate, Total Buyers Market, However, Lots of Distressed Homes in Short Sale Make it Tough…Wait Until Foreclosed
  • Average Sales Price $260k
  • 18 Closed Transactions did so at -8.80% Under Most Recent List Price
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