Uptick in Inventory Helps Buyers But it's Still a Seller's Market

January brought strong pending sales to the Portland metro area. Pending sales, at 2,294, bested last January's 2,027 accepted offers by 13.2%, and last month's 1,667 accepted offers by 37.6%.

It was the strongest January for pending sales since 2007 when there were 2,544 offers accepted. Similarly, new listings (2,762) bested last January's 2,583 new listings by 6.9% and last month's 1,540 new listings by 79.4%. The last January there were more new listings was in 2011, when 3,128 new listings were posted.

Closed sales, at 1,477, were again higher by 5.8% compared to January 2014, but 34.0% cooler than December 2014's 2,239 closings. 

The Portland metro area currently offers 4,996 active residential listings for sale. Inventory increased in January to 3.4 months, and total market time increased to 82 days.

This graph below shows the active residential listings over the past three calendar years in the greater Portland, Oregon metropolitan area.

Click on image to enlarge.

Average Sales Price Percent Change 7.0%

Below are the sales price percent changes in January 2015 from their peak prices in 2007: 

• Average Sale Price Percent Change from peak in August 2007: -10% ($329,400 v. $366,900)
• Median Sale Price Percent Change from peak in July 2007: -7% ($280,000 v. $302,000).

Windermere Mortgage 30-Year Fixed Rate 3.750%

• WMS Series LLC's origination charge: $945.00
• Your charge for this interest rate: $8,960.00
• Required services we select: $545.00
• Title services and lender's title insurance: $820.00
• Owner's title insurance: $900.00
• Government recording charges: $131.00
• Fees typically paid by Seller: ($900.00)

Portland city commissioners approved a building code amendment that would refine the way the city deals with home demolitions.

The commissioners took the action after more than 3-1/2 hours of testimony on February 12 from people who said they opposed the amendment, embraced the amendment, or regarded the amendment as a barely acceptable compromise.

The amendment extends an initial 35-day delay to add 60 more days for residents seeking an alternative to a planned demolition. That represents a reduction from an earlier proposal to impose up to a 120-day waiting period before demolition.

The amendments, drawn up following discussions with stakeholders over the last two months, also clarify other points of the code, such as requirements to notify neighbors when a homeowner applies to tear down a house.

The city has seen a wave of such home demolitions, generated by developers and homeowners capitalizing on the rising values of their properties. The demolitions triggered "a cry for help" from concerned neighbors, as a member of the grassroots group United Neighborhoods for Reform called it. Last year the city had applications for 312 home demolitions, up from 281 in 2013.

Tension between developers, homeowners and neighbors was on full display in the City Council chambers Thursday. Developers objected to the amended plan, saying it would promote "frivolous appeals" by people trying to stall demolition. Neighbors and activists said the proposed rules don't go far enough to preserve vintage houses and the fabric of neighborhoods. "The most affordable home is the one already built," said one.

The proposed rules don't address the way houses are demolished. Many residents told the City Council Thursday they want the city to promote "deconstruction," a labor-intensive process intended to salvage reusable materials and reduce the volume of building debris that ends up in landfills. Without such rules, they said, developers may choose cheaper, faster methods, such as a one-day demolition with a backhoe.

Source: "City takes step toward new rules for home demolition notices, waiting periods," by Mike Francis, The Oregonian, February 12, 2015.

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