Portland Blog - This Week in Portland November 14-21, 2009 - Ski Season is Here!

Hello, Portland. So how many of you are headed up the mountain for the ski season opening? Lots of fresh snow makes this a great season opening! Timberline has 4 inches of new snow today, and Mt Hood Meadows has 9" new inches of powder. Let the winter fun begin! Check this video if you want to experience a little skiing for yourself, from SkiHood.com:

November is flying by so fast already, I can hardly believe Thanksgiving in Portland is right around the corner. WWEEK.COM has a great article on all the Portland thanksgiving restaurants, and markets. Even the Portland Farmer's Market has some special treats in store to make your Thanksgiving feast special (chanterelles, heirloom squash, pies). Read the full article "Thanksgiving for Lazy People 2009" at WWEEK.COM. I am posting new recipes over in the Portland Kitchen group, if you have a great recipe you would like to share, post it. Here is an insanely rich Maker's Mark Chocolate Torte recipe.

Featured Portland Events

Portland Saturday Market - This is a great place to visit as you start thinking of unique holiday gift ideas.

Coffee: The World in Your Cup. Coffee: The World in Your Cup is an exhibit that explores the fascinating world behind the coffee we drink. Focusing on environmental and social impacts of the coffee industry, the exhibit recommends ways for consumers to make responsible coffee purchases at the grocery store or in a coffee shop.

BodyVox: Chronos/Kairos. Join BodyVox for the opening of their 12th Portland season in the new BodyVox Dance Center. Chronos/Kairos features the world premiere of a new work by artistic directors Ashley Roland and Jamey Hampton as well as the revivals of Cusp, a stunning trio for three men on a floating steel cage; KAOS, a work not performed in Portland since 1998.

Northwest Food and Wine Festival In 2009 The Northwest Food and Wine Festival will continue its quest in becoming the definitive wine festival in Portland with a targeted half day wine and food celebration created to present a rich rewarding experience for wine lovers and gourmet food enthusiasts. Held on Saturday at the Memorial Coliseum Exhibit Hall in the Blazers Rose Quarter Complex the festival kicks off with the Big Grand Wine Tasting Event on the main floor of the exhibit hall.

In addition to our Portland events calendar here on the social network, we've been working on adding new Portland Events and other pages to the site the past few weeks. If you are looking for the latest things to do in Portland, visit our new pages, Portland Events and Portland Live Music. One of the most popular things to do in Portland during the holidays is Zoo Lights. Plus, it's the time of year to spend many hours in a Portland coffee shop. Some of the best coffee houses in Portland are on our new Portland Coffee page.

Portland Photo of the Week

Our Portland Photo of the Week winner is Earl Thomas for this lovely shot of Early Morning Fishing on the Columbia.

Want to win photo of the week? Just upload your photo to the Portland photo album.

Portland November Real Estate Market Report

November 2009: Portland Real Estate Report: What's Happening?

A note about my statistics:

They are a comparison of October 2008 - October 2009 for all of Multnomah County and are taken directly from the RMLS. What follows is my own analysis of these statistics. For our purposes, I thought it best to analyze Multnomah County as a whole. Each neighborhood, however, is a little micro-universe and has its own market. Changing the parameters of the zip codes, price variables, or time periods can lead to very different results. This analysis is of all homes sold in all price ranges in Multnomah County. If you have any questions about specific zip codes, or any questions about the market in general, please reply to this forum with those questions or feel free to contact me at: http://www.propertiesofportland.com.


Since Portland is a neighborhood city, you can now search by "Irvington, Alberta, etc.". You can check it out by clicking here.

On to the report

Here is a chart of all homes for sale, pending for sale, and sold in Portland, Oregon for the last 15 months:

Another month of positive stats. Sales are up, pending sales are stable, and inventory is down. You will be surprised when you see the months of inventory. The market is now leaning in the seller's favor. Of course, this is as a whole. Individual price ranges tell a different story. For example, I am seeing a lot of bidding wars for homes under $350,000. Above $500,000 and homes are taking longer to sell. In October 2009, 707 homes sold, 756 were pending for sale, and there were 3394 on the market.

Yearly change from October 08 to October 09:


For Sale: 4183 in October 08, 3394 in October 09. Inventory is DOWN 18.9%

Sold homes: 517 sold in October 08, 707 sold in October 09. Sales have risen 36.8%.

Pending sales: 415 pending for sale in October 08, 756 pending for sale in October 09. Pending sales are UP 82.2%.

Chart for average price per square footage:

Price per sq footage has been holding steady for all of 2009. In October, 2009, the average price per sq ft was $146.

Yearly change from October 08 to October 09:


Average price per square foot in October 08 was $166. In October 09 it is $146. This figure has dropped 12%.

Days on market and sold/list price %:

This chart is showing us two things. First, how many days on the market that a home is spending, on average, before being sold. In all of Multnomah County, in all price ranges, a home is taking, on average, 62 days to sell. This is a relatively low number compared to the rest of the country.

The other thing that this chart shows is what percentage of listing price the home, on average, is selling at. This is a great indicator of pressure on prices. In October 2009, sellers have been getting, on average, 98% of their asking price. Downward pressure on prices has eased in 2009.

Yearly change from October 08 to October 09:

Average time it takes to sell a home in October 08 was 62 days. In October 09, it is 62 days. No change.


The percentage of listing price that was paid was 97% in October 08 and is 98% in October 09.

Average price for sale vs. average price of sold:

The largest segment of home sales have been in the price range under $400,000. You can see this reflected in the average price of a home that has sold. In October 2009, this figure was $289,900. First time homebuyers have been taking great advantage of affordable prices and the tax credit.

Yearly change from October 08 to October 09:

The average price of a home listed in October 08 was $403,000. In October 09, $387,000. This figure has decreased by 4%.

The average price of a home sold in October 08 was $330,000. In October 09 it was $289,000 This figure has decreased by 12.4%.


Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyers market. In October 2009, this figure was 4.8 months. Portland, overall, is a relatively balanced market leaning in the seller's favor.

This does NOT mean that it will take, on average, 4.8 months for your home to sell. That number was 62 days, remember? It means that, if not a single listing were to come on the market in Multnomah County from this moment, it would take 4.8 months for all available homes to sell before there would be nothing left.

Yearly change from October 08 to October 09:

The months of inventory in October 08 was 8.1 months. In October 09, it is 4.8 months. This figure has decreased by 40.7%.

As I have said before, none of this information matters if you have a particular neighborhood in mind since Portland neighborhoods are their own micro-markets. If you have one in mind to buy or are selling your home, please request a report for that neighborhood and I am happy to post it on this blog or send it to you.


Hey people, I want to know what you think of these reports. Too many stats? Just right? Something missing? Let me know so I can make these more useful for you. What are your thoughts about real estate right now? What do you think of the information in this report? Post to this blog so we can discuss.

Visit my website where you can contact me and search all Portland Metro Area listings from the RMLS: http://www.propertiesofportland.com.

Best Deals in Portland This Week

Looking for Portland homes? Read the Best Deals in Portland This Week at: http://community.portlandneighborhood.com/forum/topics/the-best-dea.... Check out this Forest Park property!

The Home Buyers' Tax Credit

Ross reposted this helpful article from the NY Times. The Home Buyers' Tax Credit: What you Need to Know.

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