HAPPY NEW YEAR! Good-bye 2008 and welcome 2009! We at Vision Valuation hope for a better year for the real estate market. Have we hit bottom in the Portland real estate market? Circle the wagons and hug your kids!
Best wishes in '09,
Market conditions for Portland condominium is fair to average . While demand for single family detached homes in Portland remains good, recent over-building of high-rise condominium in the nearby south waterfront district has saturated the condo market.
Inventories of condo properties for sale is high, with well over one year's supply at current rates of sale. Price growth is expected to be stagnant or negative in coming years as the market works to absorb this excess supply. June 2008 totals show the average
sale price for all residential property in the West Portland market area to be $483,900 according to the Realtor's Multiple Listing Service. Price appreciation over the past year has been 4.9%. Average Days on Market is 78 days compared to 48 days one year
ago. These statistics indicate favorable, though slowing demand for property in the market area. The unemployment rate for the Portland Metro Area for June 2008 was 5.2%, compared to 4.8% one year prior. Sales and financing concessions are common in real estate
negotiations, but more typical in lower-value segments of the real estate market.
PRIVACY NOTICE TO CLIENT FOR GRAHAM-LEACH-BLILEY ACT OF 1999:
In the course of performing appraisals, I may collect "nonpublic personal information." This information is used to facilitate the services that I provide to you and may include information provided to me by you directly or received by me from others with
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employees, and in certain situations, to unrelated third party consultants who need to know that information to assist me in providing appraisal services to you. All employees and any third party consultants I employ are informed that any information they
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