Reported by The Quintessential Team, REALTOR, GRI, ABR, CRS, SRES, Certified Luxury Home Institute
Updated November 6, 2009.
Current Market Rating: 1
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Current Price Trend: 2
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The Portland Market is definitely a Buyer's Market. A balanced market between buyers & sellers is about 5-6 months of inventory. Currently we are at 7.3 months. To sell a home today you need to be in peak condition and priced at or below the market value. The average sale price is $256,600. Down 10.5% from one year ago. Don't wait too long to get the type of price and financing available now. When the media begins talking about an upsurge, you'll miss the bargains and rates! Days on Market is 92.
ZIP Code: 97219 Location Characteristics: The Portland Area is really not only the core of our city but our 13 surrounding cities that comprise about 1.3 million residents. Known for our recreational and clean living it has been an attraction for relocation. Portland has been called the "Silicone Forest" because of our many high tech companies that are located here. Portland is about 1 hour away from Mt. Hood and any one of several beaches. Surrounded by farmland and vineyards we have gorgeous forests and views from hills around the area. The site of the future city of Portland, Oregon was known to American, Canadian, and English traders, trappers and settlers of the 1830s and early 1840s as "The Clearing," a small stopping place along the west bank of the Willamette River used by travelers en route between Oregon City and Fort Vancouver. As early as 1840, Massachusetts sea captain John Couch logged an encouraging assessment of the river's depth adjacent to The Clearing, noting its promise of accommodating large ocean-going vessels, which could not ordinarily travel up-river as far as Oregon City, the largest Oregon settlement at the time. In 1843, Tennessee pioneer William Overton and Asa Lovejoy, a lawyer from Boston, Massachusetts, filed a 640-acre (2.6 kmē) land claim with Oregon's provisional government that encompassed The Clearing and nearby waterfront and timber land. Legend has it that Overton had prior rights to the land but lacked funds, so he agreed to split the claim with Lovejoy, who paid the 25 cent filing fee.
Bored with clearing trees and building roads, Overton sold his half of the claim to Francis W. Pettygrove of Portland, Maine in 1845 for 50 cents!! When it came time to name their new town, Pettygrove and Lovejoy both had the same idea; to name it after his home town. They flipped a coin to decide, and Pettygrove won.
