Portland's Warmer Weather Boosts Warmer Housing Sales

Written by Posted On Thursday, 24 February 2005 16:00

Realtors in Portland, Oregon report rising housing prices and sales, in part due to a warm winter season.

"In contrast to January 2004, this winter has been much warmer both in terms of the temperatures and the real estate market," say Realtors Tony and Libby Kelly . "By the end of January, closed sales reached a total that was 41.7 percent greater than that of the previous month. Similary, accepted offers were up by 41 percent and the pool of new listings was 16 percent larger. At January's rate of sales, Portland's 6,284 active residential listings would take approximately 3.4 months to sell. The number of homes listed as proposed, under construction, or new construction, continues to rise. The number of properties listed as such in 2004 (4,754) is 13.8 percent greater than those listed in 2003 (4,177). Their average sale price rose 8.9 percent ($271,900 vs. $249,600) while median sale price rose 9.6 percent ($217,900 vs. $198,800)."

Says Realtor Anne Kadin , "Portland, Oregon is a wonderfully livable city with mild climate, friendly people, and a wide variety of things to do. The Portland Oregon Visitors Assn. (POVA) calls Portland "the city of books, beer, bikes, and blooms." But that overlooks the Portland Trailblazers, the symphony, and art museum. Portland is located 78 miles from the ocean and 65 miles from Mt. Hood. The population is approx 510,000 within the city limits and 1.8 million within the metro area."

Kadin notes, "We have a bad reputation in Portland for always having rain. But the average precipitation is 37" per year -- less than Atlanta, Baltimore, Houston, or Seattle."

About the market, Kadin says, "Portland is currently in a seller's market for homes priced under $400,000. The average sales price is $246,000 for the Portland metro area. The median sales price is $204,500. Unbelievable -- these home prices have more than doubled since I became a Realtor in 1987! There are currently 2,017 homes for sale priced between $150,000 and $400,000. This includes new construction, and homes in lovely, established Portland neighborhoods. In the past month, 906 homes have sold. The homes available for sale divided by the homes sold, means all available inventory would be "absorbed" or sold in 2.2 months. This is relatively unchanged from last month. This is great for sellers. Buyers need to get pre-approved for a loan and have an experienced agent working on their behalf."

"The year, so far, has generated remarkable growth in the number of sales," agrees Realtor Larry Logue . "There is currently a 3.4 month supply of listings available, in the Portland Metro area. Appreciation for NW Washington County is 8.6 percent. (Average sales price for the same area is $359,700) Note: Statistics taken from MLS data. Market indicators continue to be favorable for continued growth in the local housing market as we absorb an inflow of purchasers from other markets, where affordability is down and as the desirability of the Portland area is ever-increasing."

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