Portland's RMLS Goes Green

As of today, Portland is the first metropolitan area in the country that’s multiple listing service allows “green homes” to be searched.

The Regional Multiple Listing Service (RMLS) is effectively today allowing Portland real estate agents and appraisers to search for homes that have met national standards for earth friendly construction. This is being done by creating new menus within the RMLS that give Realtors the ability to search specifically for these homes.

At this point, homebuyers and sellers will not have the capability to conduct green searches themselves, but those homebuyers working with Realtors can have these searches conducted for them. Similarly, homeowners selling green homes can now have them marketed as such within the RMLS.

What’s available?

A new green certification field will be used only for new homes that meet a certification program. In other words, your Realtor can search for green homes only and bypass all others if desired.

The programs include Energy Star, an energy efficiency program designed by the U.S. Department of Energy and the Environmental Protection Agency, Earth Advantage, and the Leadership in Energy and Environmental Design (LEED) for homes, run by the U.S. Green Building Council. Star Advantage will also be included.

Existing homes will not be categorized in the green certification field, but those with features that are energy efficient and ecologically friendly will still be searchable.

For example, there are new categories for bamboo and cork flooring, as well as energy efficient furnaces and solar power.

All in all, a great step forward for Portland.

And by the way, The 2007 Urban Environment Report has just ranked Portland as the 3rd Most Environmentally Clean city in the country with only two small cities ranked ahead of the Rose City.

Here is a link to the city rankings, as well as the report for Portland.

Stamping Out Lock Bumping

One of the local tv stations here in Portland ran a story recently about "lock bumping." No, this doesn't have anything to do with locking an interest rate. It has to do with your home security and how burglars can break into homes.

I couldn't find the story aired locally, but check out this "lock bumping" news story from another city. It may be worth giving your locks at home an extra look. And no, crooks aren't learning anything new; homeowners are.

Portland Appreciation Rates

Where do I buy a home in Portland?

That’s a great question that I often hear and the answer is personal, in my opinion, dictated by personal needs and wants. In other words, this can be pretty subjective.

That said, certain neighborhoods seem to always have high demand. Laurelhurst, Hawthorne, Irvington, Bridlemile, Council Crest, Multnomah Village: these are some where appreciation tends to be strong.

Still, these are only six neighborhoods out of Portland’s 95 (not including any of the suburbs). And generally speaking, appreciation has been good everywhere despite less homes being sold.

Here are the real estate appreciation rates for Portland covering the last 12 months:

Rate - Metro Portland Area

19.8% - Milwaukie, Clackamas
16.4% - North Portland
16.2% - Southeast Portland
15.7% - Gresham, Troutdale
15.6% - Hillsboro, Forest Grove
15.3% - Lake Oswego, West Linn
14.4% - Northeast Portland
14.4% - Oregon City, Canby
11.6% - Beaverton, Aloha
8.9% - West Portland
8.6% - Northwest Washington County
8.2% - Tigard, Tualatin, Sherwood, Wilsonville

Sales Prices of Portland, Oregon Homes

January 2007 is in the books and real estate figures for Portland, Oregon and its’ suburbs are now available for the first month.

Here are the average and median sales prices for real estate properties sold in January:

Average - Median = Metro Portland Area

$586,100 - $473,000 = Lake Oswego, West Linn
$390,800 - $352,500 = West Portland
$371,700 - $317,800 = Tigard, Tualatin, Sherwood, Wilsonville
$368,200 - $313,000 = Milwaukie, Clackamas
$329,500 - $309,900 = Northwest Washington County
$317,300 - $270,000 = Oregon City, Canby
$313,600 - $274,800 = Hillsboro Forest Grove
$293,700 - $260,000 = Gresham, Troutdale
$284,200 - $257,000 = Northeast Portland
$282,300 - $260,000 = Beaverton, Aloha
$261,800 - $236,300 = Southeast Portland
$255,800 - $247,000 = North Portland

Please note these figures represent only January.

PDX Housing Inventory Highest In 5 Years

Any question about whose market Portland belongs to has been erased.

It’s a buyer’s market, clear and cut, now that housing inventory is at its’ highest level since 2002.

Housing inventory now stands at 6.2 months. In other words, if no other homes were listed for sale, the supply would dry up in 6.2 months. The last time the Portland metro area had a higher inventory of homes for sale was January of 2002 (although January of 2004 was close with 6.1 months worth of homes).

A balanced market between homebuyers and sellers is 5.0 months, according to the National Association of Realtors. Any number more than 5.0 month favors buyers and a 6.2 month supply is not fractional.

What’s this mean?

Homebuyers in Portland and the suburbs definitely have more selection. More choices equate to leverage and a better vantage point to negotiate from. While it’s true that bidding wars still exist (for the right home in the right neighborhood at the right price), they are now far from the norm.

Homes are taking longer to sell. Currently, the average market time for a Portland area home is 65 days. A year ago, a home would sit on the market an average of 44 days. That’s a three week increase.

Despite the slowdown, appreciation has been strong overall.

In January of 2007, the median sales price of a Portland home was $275,000. That’s a significant increase from January of 2006 when the median price was $245,800.

In January of 2007, the average sales price of a Portland home was $322,900. In January of 2006, meanwhile, the average sales price was $297,700.

Comparing these two periods, new listings are up 19.5%, while closed sales are down 9.4%.

In the coming days I will post to this real estate blog, the average and median sale prices of homes throughout PDX and the suburbs. I will also provide information regarding average days on the market, city & county appreciation, and more.

Top Ten Ranking for Portland

A couple of weeks ago Cooking Light ranked Portland 2nd in the country for healthiest city. Now Men’s Fitness has the Rose City 9th for fittest city. They’re kind of the same thing, but not bad either way.

The Top 10 Fittest Cities in 2007

2007 RANKING

1. Albuquerque
2. Seattle
3. Colorado Springs
4. Minneapolis
5. Tucson
6. Denver
7. San Francisco
8. Baltimore
9. Portland
10. Honolulu

Here's the news release where there the Rose City is mentioned.

Portland 4th Best City To Have Baby

I guess it really it tough to stay at the top. A year after being named the best city in America to have a baby, Portland now ranks 4th in the country.

Why does this matter in a real estate blog? A year ago, I helped a couple who were first-time homebuyers from California buy a home in Portland. They had a newborn and this ranking mattered to them because it was another "quality of life" issue confirming their decision to relocate.

To the rest of the story...

Fit Pregnancy Magazine has ranked the top ten cities in the U.S. to have a baby examing factors such as doctors and hospitals to doulas, midwives, breastfeeding success rates, birth and health risk, stroller-friendly trails and parks, affordability, etc.

Here’s what the magazine had to say about Portland:

“Moms come in at number one for nursing their babies: Fully 89 percent initiate breastfeeding, and six months later 57 percent are still at it. Not surprisingly, we found more breastfeeding-support stores and lactation consultants per live birth than virtually anywhere else. Portland also ranked among the highest in our survey in popularity of midwives and doulas.”

Here’s the complete article.

Finding Fixers in Portland

“I’d like to buy a fixer.”

“I want to rehab a house.”

“I’m interested in flipping homes.”

These phrases, I hear all the time. It seems like I’ve been blogging about this issue for a while, but the interest has never died down. Flipping homes is popular, real popular in Portland… but that’s easier said than done.

The tight seller’s market Portland experienced in 2005, I believe, made finding an appropriately priced fixer difficult. And even though the seller’s market is gone, fixers aren’t exactly price right.

I often seem them priced too high for a “flip.” And when they are priced right, offers come in fast and numerous. One recent fixer in Northeast Portland drew at least seven offers the weekend it was listed.

If this is something you want to do, do your home work. Have your numbers ready. Understand the market. Be ready to act fast. At least until Portland’s real estate market for fixers changes which I don’t see happening soon.

Two Inspections To Consider

Recently, I helped a client buy a home in North Portland. A bungalow built in the 1920s, this house was an ideal candidate for two inspections typically not covered in a general home inspection: a sewer scope and oil tank locator service.

My buyer conducted both inspections and in both cases it was a wise move.

The sewer scope, as I’ve written previously, is a pretty common inspection in Portland, especially for older homes. For $100, a camera is sent thru the clean-out and into the sewer line all the way to the city’s main. Even though this home had a newer sewer line installed in the 1990s, the scope was conducted. We discovered gaps in line that the soon-to-be new homeowner would have been responsible for. Large holes were also found in the city’s portion (a copy of the scope was given to the city so that the city could make repairs; free by the way).

This bungalow had a gas furnace and the seller didn’t know of any abandoned oil tanks on the property. But oil lines in the basement hinted at such a tank. Plus, a permit for a tank was found on www.portlandmaps.com. Some companies charge for this oil tank locator service. One that I use for my clients doesn’t charge them. And guess what was found, an abandoned oil tank.

In the end, the sewer line was addressed and my buyer was happy with the end result. The oil tank was decommissioned by the seller and clean soil samples were provided. Especially with older homes, keep in mind these two inspections.

Most Pending Sales Down In Portland

During the last 12 months, appreciation has been consistent and strong in the Portland real estate market, despite less homes being sold.

Here is a look at how pending sales have either increased or decreased during the last 12 months compared to the previous 12 months:

Sales +/- = Portland Area

+5.9% = North Portland
+5.7% = West Portland
-11.8% = Southeast Portland
-13.4% = Oregon City, Canby
-14.3% = Beaverton, Aloha
-14.7% = Northeast Portland
-15.5% = Milwaukie, Clackamas
-16.0% = Lake Oswego, West Linn
-19.0% = Northwest Washington County
-19.4% = Tigard, Tualatin, Sherwood, Wilsonville
-19.8% = Hillsboro, Forest Grove
-28.1% = Gresham, Troutdale

Droves Rank Oregon 2nd For Relocations

I help a lot of people relocate to Portland. Typically, “quality of life” is the number one reason I’m told for moving to Portland.

Now, a new “migration” study by an expert in the moving business shows that Oregon ranks 2nd in the country for in-bound moves. In other words, people are making Oregon a popular place to move to.

This is what United Van Lines had to say, “Supporting the idea that Americans still believe there is fortune to be found in the West, the Western portion of the country emerged as a top migration spot. Capturing the No. 2-inbound ranking, Oregon (62.5%) sustained its 19-year, high-inbound trend.”

By the way, North Carolina ranked first in the country for in-bound moves.

The complete study can be found here for Oregon Relocation.

Pear District Keeps Drawing

A couple of years ago, the Pearl District was named by a national publication as one of the top five places to retire. This came to mind the other day when my wife's aunt and uncle paid us a visit. By the end of the trip they marveled at the Pearl District with its' condos and lofts, and of course great restaurants.

Here's a recent article on the Pearl....


On a pre-dinner stroll through the Pearl District in Portland, Ore., we passed blocks of shiny new boutiques selling high-end design books, dog grooming services and $75 sweaters for babies. High-rise condos and bustling restaurants seemed to have sprung up on every elegant, cobblestoned corner.

I turned to my husband, Michael. ''This is amazing,'' I said. ''It's all new.'' He rolled his eyes. It was the fifth time in 10 minutes I had expressed such sentiments…

Transit geeks and urban-planning nerds have long loved Portland for its light rail, slow-growth policies and dedication to public art that extends to former Mayor Bud Clark posing as a flasher in bare legs and raincoat in front of a statue under the heading ``Expose Yourself to Art.''

Not everything we did was new. On any visit to Portland, there are a few obligatory stops. One is Powell's City of Books, said to be the largest independent bookstore in the United States…

It remains a place to lose yourself for hours. And now that the Pearl District has grown up around it, you can wander through the stacks and then wander out and reward yourself with an enormous meal…

Here's the rest of the article.

Another Accolade for Portland

Portland is one of America’s most literate cities, ranking 10th in the country according to a new study. The report ranked the 70 largest cities in the U.S. (those with a population of at least 250,000 and above).

The study focused on six indicators of literacy: newspaper circulation, number of bookstores (can anyone say Powell’s?), library resources, periodical publishing resources, educational attainment, and Internet resources.

The Top Ten Most Literate Cities follow:

1. Seattle, WA
2. Minneapolis, MN
3. Atlanta, GA
4. Washington, D.C.
5. St. Paul, MN
6. Pittsburgh, PA
7. Cincinnati, OH
8. Denver, CO
9. San Francisco, CA
10. Portland, OR

Here’s a link to the rest of the story