Real Estate Market Update

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008.

Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%.

On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196).

At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices
The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%.

Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date
Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

If you have any questions about the local market in your neighborhood contact me today!

Portland Neighboorhood: Pearl District

Discover every week a new neighboorhood in Portland.
This week I will be highlighting the Pearl District.

The Pearl District has undergone significant renovation and is now Portland's premier urban-chic neighborhood. Many of the aging industrial warehouses have been turned into luxurious lofts, townhouses, and condos. The urban renewal began in the late 1990’s and it appears will continue into the future with the development of the North Pearl District. Today the Pearl District is an award-winning, internationally recognized leader in urban renewal. Often considered the "gold standard" of live, work and play mixed-use space, the Pearl District is a superb affirmation that a miraculous quality of life can rise from the ashes of urban decay. First Thursday is a popular event with galleries showcasing the best of local artists as well as live music and wine tasting. Powell's City of Books, a Portland icon, is the world's largest independent bookstore in the United States and occupies a full city block. If you work downtown and enjoy city living, this is the place to be for an easy commute. Walk or take the Portland Streetcar, light rail MAX train, or Tri Met bus to work and play. Located along the Willamette River downtown in an old warehouse district, the neighborhood offers a feeling of urban historic charm.

The Portland Pearl District is ever-changing and full of new development. New buildings are being erected in every direction. The bustling streets are lined with upscale shopping boutiques, art galleries, unique antique and home interior stores, and the requisite coffee shops and restaurants. This continues to be seen as a trendy and upscale urban locale for hip urbanites who want to live in the center of it all.

Boundary: The boundaries for the pearl are Burnside to the south, the Willamette river to the North, NW 16th to the West, and Broadway and the waterfront to the (north)east. It is bordered by the Old Town, China Town, Downtown, Goose Hollow, and Northwest neighborhoods, and the Willamette River.

Typical price and style of homes: New and converted warehouse lofts and townhomes. Prices range from the mid $100k’s for a small studio on the edge of the Pearl to multi-million dollar penthouses with views in the heart of it all. The average price is $547,312 and the median price is $440,000.

Points of interest: Jamison Square, Powell's City of Books, Art in the Pearl, Pearl restaurants and shops, First Thursday, Brewery Blocks, North Park Blocks, Portland Armory

* Source for average and median home prices: Portland Monthly published April 2008