|
July 2002
|
|
Moving to Portland Newsletter
|
|
by Susan Marthens
|
Portland Home Market
|
| |
May 2002 Residential Highlights
If you compare the market activity for May 2002 to that of May 2001, it is easy to predict a shrinking inventory for the Portland metro area. The area's inventory of 10,459 active residential listings would last 4.1 months given the rate of sales for May 2002.
Of course, more new listings are expected, but how many will it be? New listings entered into RMLS during May 2002 were 4.7% below those entered in May 2001. Meanwhile, measures of property moving off the market rose. Closed sales are 3.6% higher than in May 2001. Accepted offers reported during the month also increased when compared to May 2001, up 2.5%
Year-to-Date Trends
So far this year, a decreasing trend in new listings has persisted. New listings for the year-to-date are nearly 1,000 fewer than at the same time last year--a drop of 4.5%. Pending sales also show a decline, falling 3.1%. On the plus side, closed sales are staying out of negative numbers. This year's total is currently 1.6% higher than the total at the same time in 2001.
Appreciation
The area's average sales price has appreciated 2.2% over the last 12 months (from $199,700 for June 2000-May 2001 to $204,100 for June 2001-May 2002). Median sales price has also appreciated, up 2% from $168,000 to $171,400.
|
Cost of Residential Homes in the Portland Metro Area
|
| |
For Period May 2002 |
| |
Area
|
*RESIDENTIAL |
|
| Current Month |
Year-To-Date
For Period Ended May 2002 |
|
|
Average
Sales
Price
|
Average
Sales
Price |
Median
Sales
Price |
Percent
Appreciated
**See note
|
|
| |
Portland |
|
| |
North
|
147,800 |
145,300 |
135,000 |
9.5%
|
|
| |
Northeast
|
195,000 |
192,300 |
166,000 |
8.4%
|
|
| |
Southeast |
165,600 |
163,500 |
148,200 |
4.3% |
|
| |
West
(Includes SW and NW Portland) |
304,600 |
300,000 |
239,900 |
0.4% |
|
| |
Other Areas |
|
| |
Gresham/Troutdale |
168,000 |
173,700 |
164,100 |
2.2% |
|
| |
Milwaukie/Clackamas |
200,100 |
199,000 |
180,000 |
1.7% |
|
| |
Oregon City/Canby |
184,900 |
197,400 |
182,500 |
2.7% |
|
| |
Lake Oswego/West Linn |
294,900 |
313,700 |
255,000 |
-1.9% |
|
| |
Northwest Washington County |
298,800 |
276,00 |
237,900 |
5.3% |
|
| |
Beaverton/Aloha |
191,100 |
191,900 |
173,300 |
1.9% |
|
| |
Tigard/Wilsonville |
227,200 |
224,300 |
195,000 |
4.0% |
|
| |
Hillsboro/Forest Grove |
188,900 |
183,600 |
169,500 |
6.9% |
|
| |
Mt. Hood: Government Camp/Wemme |
150,000 |
147,300 |
135,000 |
8.2% |
|
| |
|
| |
*Residential includes detached single-family houses, townhomes, condos, and plexes with four (4) or less living units.
**Appreciation percents based on a comparison of average price for the last 12 months with 12 months before (06/01/01 - 05/31/02 with 06/01/00 - 05/31/01).
|
|
Cost of Residential Homes by Portland Neighborhood
|
| |
For the Year 2001 |
| |
**Neighborhood
|
*RESIDENTIAL |
|
Average
Sales Price
2001 |
Average
Sq Ft Price
2001 |
Average
Sales Price
2002 |
Average
Sq Ft Price
2002 |
|
| |
***Portland Neighborhoods
(D = Detached single family; C = Condo; T = Townhome; A = All to include "D", "C", "T")
|
|
| |
Northeast
|
|
|
Alameda
|
(D) $308,536 |
$152 |
--- |
--- |
|
|
Beaumont-Wilshire
|
(D) $189,950 |
$138 |
|
|
|
|
Irvington
|
(D) $341,558 |
$153 |
--- |
--- |
|
|
Laurelhurst
|
(D) $303,570 |
$139 |
--- |
--- |
|
| |
Southeast |
|
| |
Eastmoreland |
(D) $309,128 |
$150 |
--- |
--- |
|
| |
Mount Tabor |
(D) $221,784 |
$126 |
--- |
--- |
|
| |
Sellwood-Moreland |
(A) $189,787 |
$133 |
--- |
--- |
|
| |
West (Includes SW and NW Portland and a small section of Washington County) |
|
| |
Arlington Heights |
(D) $532,273 |
$191 |
--- |
--- |
|
|
Corbett-Terwilliger-Lair Hill |
(D,C) $179,568 |
$131 |
--- |
--- |
|
|
Forest Heights |
(D) $474,605
(C,T) $226,316 |
(D) $147
(C,T) $140
|
--- |
--- |
|
|
Multnomah Village |
(A) $176,907 |
$124 |
--- |
--- |
|
|
Northwest District |
(A) $293,788 |
$186 |
--- |
--- |
|
|
Pearl District |
(C,T) $308,452 |
$257 |
--- |
--- |
|
|
Southwest Hills
(Council Crest) |
(D) $362,022 |
(D) $144 |
|
|
|
|
Southwest Hills
(Portland Heights) |
(A) $497,201 |
(A) $194 |
--- |
--- |
|
| |
*Residential includes detached single-family houses, townhomes, condos, and plexes with four (4) or less living units.
**Please bear in mind that neighborhood values are, at best, good estimates. We extract the data from the Regional Multiple Listing System (RMLS) files, tweak the data, and then do the calculations. The problem has to do with the boundaries; historical versus neighborhood associations. Some real estate firms (each firm inputs the data for their particular listing, transaction) use the historical boundaries and some use the current neighborhood associations' boundary. We use the boundaries established by the Office of Neighborhood Involvement (ONI). Also, beware that some neighborhoods have only a few sales in a given year so averages tend to fluctuate widely between years.
***For detailed pricing, visit the "Neighborhood Profiles" section of the Website: Northeast, Southeast, Downtown, West Hills and Southwest.
|
|
Long- and Short-Term Mortgage Rates Remain Flat
|
| |
July 5, 2002 In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.57 percent, with an average 0.5 point, for the week ending July 5, 2002, creeping up from 6.55 percent last week. Last year at this time, the 30-year FRM averaged 7.19 percent.
The average for the 15-year FRM this week is 6.03 percent, with an average 0.5 point, up slightly from last week's average of 5.99 percent. A year ago, the 15-year FRM averaged 6.74 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.58 percent this week, with an average 0.5 point, down from last week's average of 4.61 percent. This time last year, the one-year ARM averaged 5.71 percent. The 1-year ARM has not been lower since the week ending March 11, 1994, when it averaged 4.51 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"There was little activity during this holiday week to move mortgage rates one way or another," said Frank Nothaft, Freddie Mac's chief economist. "Consequently, rates remained near record lows.
"With mortgage rates staying so attractively low, applications for refinancing ticked up to levels comparable to those in January when refinancing dominated the market, according to figures from the Mortgage Bankers Association of America. So for those who missed their chance to refinance into lower rates in the recent past, they may now have a second chance to reduce their monthly mortgage payment."
Portland Area Mortgage Rates - 30 Year Fixed As of July 3, 2002, Portland area lenders and mortgage brokers were offering APR 5.90% to 6.78% on 30-year fixed mortgages. Washington Mutual Bank (one of the area's largest lenders) was offering 6.25 percent (30-year FRM) with 1.125 points on July 3rd (APR of 6.4 percent) for Conforming Loans ($300,700 or less). US Bank interest rate was 6.75 (no points) with an APR of 6.77.
Portland Area Mortgage Brokers To check on local mortgage rates go to Bankrate. To talk with a mortgage broker, consider:
- Associated Mortgage Group They are licensed in both Oregon and Washington. Telephone: (503) 221-0064 Fax: (503) 221-0396. Mr. Dave Jolivette is the contact.
- Stevens Mortgage Telephone: (503) 670-0535 Fax: (503) 670-0481. Mr. David Dishman is the contact.
You may want to read our Privacy Policy with regard to recommendations.
National Home Builder Association May 29,2002 report on Housing and the Economy by David F. Seiders, NAHB Chief Economist.
|
Appreciation by Portland Metro Area - 1992 to 2001
|
| |
Many of you have inquired about home appreciation in the Portland metro area so we have made a chart in Adobe PDF format available for you to download. The table covers average sale price (and percentage appreciation over the previous year) for the time period 1992 to 2001. Please note that the stats for West Hills (within the city limits of Portland) are in 148-West Portland and covers both Southwest Portland and Northwest Portland.
I think many of you will be surprised by the numbers. Especially the fact that the Portland east side (Southeast and Northeast) along with North Portland have gained the most in appreciation over the years. Homes within the city appreciate more than suburban areas. Here are some appreciation numbers over the ten year period:
- North Portland appreciated 146.5%
- Northeast Portland appreciated 115.1%
- Southeast Portland appreciated 92.8%
- West Portland appreciated 68.6%
You can download the table here.
|
|
