May Market Reports

May Residential Highlights

May Residential Highlights Market Activity in the Portland Metro Area appears to have cooled when comparing May 2007 to May 2006. While new listings continue to grow, the market experienced a decline in both closed and pending sales transactions. The number of new listings in the market continued its growth trend, increasing 4.8% over last May’s total. See table below. On the other hand, the total amount of closed sales dropped 8.3% (2,802 v. 3,054), while pending sales dropped 16.4% (3,054 v. 3,651). The average sale price reached a record high of $348,800. This is likely the result of increased high end home sales, which included five homes that sold for $2 million or more. The 12,486 active residential listings at the end of May would last approximately 4.5 months at the month’s rate of sales.

Year-To-Date Trends New l i s t ings have grown considerably when comparing market activity for January-May 2007 to the same period of time in 2006. In that time, new listings ha v e inc r e a s ed 1 5 . 8%. On the other hand, pending sales and closed sales have declined 8% and 5% respectively. See Year-To-Date rows below for more information.

Appreciation Using the average and median sale prices for the twelve months tha t ended wi th May 20 07 compared to the twelve months ending in May 2006, the average sale price appreciated 10.1% ($331,600 v. $301,300). Using the same formula, the median sale price appreciated 10.6% ($279,900 v. $253,000).

NORTH PORTLAND ---- Previous Month's Average Sales Price: $269,300. Year-to-Date Average Sales Price & Appreciation: $264,000, 11.5%.
NORTHEAST PORTLAND ---- Previous Month's Average Sales Price: $328,700. Year-to-Date Average Sales Price & Appreciation: $312,900, 9.4%.
SOUTHEAST PORTLAND ---- Previous Month's Average Sales Price: $293,300. Year-to-Date Average Sales Price & Appreciation: $281,700, 11.5%.
WEST PORTLAND ---- Previous Month's Average Sales Price: $473,600. Year-to-Date Average Sales Price & Appreciation: $464,100, 5.2%.
BEAVERTON ---- Previous Month's Average Sales Price: $286,300 Year-to-Date Average Sales Price & Appreciation: $285,200, 6.4%.
TIGARD, TUALATIN, SHERWOOD ---- Previous Month's Average Sales Price: $378,800 Year-to-Date Average Sales Price & Appreciation: $375,600, 3.8%.
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.

...but Green is still a priority for Oregon

Govoner Ted Kulongoski just last week signed a law requiring major utilities to generate 25 percent of the state's electricity from renewable resources by the year 2025. Some types of renewable resources include wind, sunlight and biomass. It has been said that this should not only make Oregon a leader in clean energy but also promote economic growth in Oregon's rural areas.

Those who are opposed state that there is a chance for rate increases since these alternative sources are still more expensive and a lot of times inconsistent, like wind and sun. The thing is, not only are we protecting our quality of life, reducing greenhouse gas emissions and stimulating our economy but over the long term the varied sources should make our utility rates more stable and predictable.

This is also going to stimulate billions in research investments. Oregon is also lucky enough to boarder the Pacific Ocean which happens to give us access to the underdeveloped technology of tidal power which is already being studied by Oregon State University.

Environmentalists say the Oregon bill demonstrates our willingness to play a leading role in the effort to curb global warming, and there is no better way to lead than by example.

http://www.oregonnews.com/article/20070607/REGIONALNEWS/70607004

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Is Oregon Green?

I am probably not the only one around here who thought that Oregon was sitting pretty when it came to doing our part. I had always considered Oregonians pioneers in the pursuit of being green, but as it turns out, we aren't even top ten. Actually we aren't even top 50!

1. Pelzer SC
2. Hastings NE
3. San Carlos CA
4. Mill Valley CA
5. Topeka KS
6. Dover DE
7. Spring TX
8. Lawrence KS
9. Walnut Creek CA
10. Fairfax VA

Although Oregon did have 9 cities out of the 300 listed.

Beaverton #73, Corvallis #122, Portland #136, Eugene #156, Cottage Grove #161, Hillsboro #229, Tualatin #267, Lebanon #275, Salem #291

http://better.yahoo.com/planet/map/

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Tigard Infill part II

Not only is the infill an eye sore for previous residents but it also has made traffic much worse. And it isn't that a new house is a horrible thing to look at but when you are staring right into your neighbors window when before there was only trees, that would be considered an eye sore. Unfortunately the traffic, the eye sores and the change in the feel of the community could have been avoided with a little city planning back in the 70's and 80's when it all began. We are now dealing with that lack of planning. But not all is lost, their are still things that can be done. Whether we like it or not suburbia is turning into and urban village, all we can do is plan for it. Officials are looking to city "centers" to take on the new comers. The idea is to transform downtown Tigard and the 99W area into little hubs with high-end condos, stores, restaurants and offices. This will decrease the need for driving, and therefore lighten the traffic.

http://www.oregonlive.com/oregonian/stories/index.ssf?/base/metro_southwest_news/1178488503138220.xml&coll=7

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Tigard Infill

Infill means developments that plant large new homes in older neighborhoods, which is becoming more and more common in Tigard. The problem is that the original Tigard residents feel that the character of their town in being compromised. A survey showed most residents would rather have new developments be more compatible with current homes. Part of keeping with the style of Tigard would be to leave the bigger lot sizes the way they are. Most lots are cut into halves or thirds to make more houses, which makes more money. The problem is that more that 5000 people are expected to move to the Portland area in the next five years, and they have to live somewhere. Tigard residents would appreciate city planning to include more condos and townhouses in areas like downtown, along 99W and around Washington Square. These places are more urbanized and therefore more accommodating to this type of housing. That way their would not be such a demand for infill in Tigard; where city planners are already looking to update land-use policy to help determine look and design for new buildings. Of course infill cannot be completely avoided with the way land prices are skyrocketing. Only 43 lots larger than two acres remain and with the prices high it forces large numbers of houses on itty bitty lots.

• 27 Average number of residential demolitions a year since 2000
• 3,252 New single family houses built since 1994
• 19,468 Single family and multifamily housing units
• 6,058 Average lot size in square feet for new single family development in the past six years
• 2,415 Average building size in square feet for new single family development in the past six years

http://www.oregonlive.com/oregonian/stories/index.ssf?/base/metro_southwest_news/1178488503138220.xml&coll=7

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Tigard gets a skate park

In fall 2007 Tigard will get a new spot for the kids to hang out. The 15,000 square foot park will have stairs, ledges and two large bowls. It will also feature a rotating top "volcano" where skaters ride onto a 6 foot diameter cylinder that can be spun manually.

The concrete park has even been endorsed by skating legend Tony Hawk and $5,000 of the construction cost was provided by the Tony Hawk Foundation plus $1,000 in promotional materials. Every bit helps since skateboarders in Tigard have been trying to raise the money for the park for years. The local skaters, and therefore the community, were very much involved in the whole process making the park truly feel like it belongs to Tigard.

http://www.oregonlive.com/oregonian/stories/index.ssf?/base/metro_southwest_news/1178337326240210.xml&coll=7

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And you thought it rained a lot!

A recent study of 195 cities over the last 30 years found that the East and Southeast of the USA is getting wetter while the West gets drier. In fact, the Pacific Northwest didn't even enter the list until number 24, Olympia Washington. Of course there are other things to consider, Olympia still had the most number of rainy days which probably means we get more of those "drizzly" days when it rains but it doesn't.

The top ten wettest cities include:

1. Mobile, Alabama - 67 inches ave
2. Pensacola, Florida - 65 inches ave
3. New Orleans, Louisiana - 64 inches ave
4. West Palm Beach, Florida - 63 inches ave
5. Lafayette, Louisiana - 62 inches ave
6. Baton Rouge, Louisiana - 62 inches ave
7. Miami, Florida - 62 inches ave
8. Port Arthur, Texas - 61 inches ave
9. Tallahassee, Florida - 61 inches ave
10. Lake Charles, Louisiana - 58 inches ave

http://news.yahoo.com/s/livescience/20070522/sc_livescience/studyrevealstop10wettestuscities

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