October 2007
Today’s topic discussion covers-real estate appraisal Portland Oregon- the detached housing market in Multnomah County Oregon. The territory covered is the Rose City area from 42nd Avenue to 82nd Avenue.
As of October 2007 there were 197 listings in this category. The high list price was $799,000 and the low was $159,950. The average list price was $341,131. The average sales price for sales in this category over the last 6 months was $355,535 (Note: This is the average over the last 6 months, not just the recent month). The high days on market (DOM) was 253, with the low being zero (0) and the average 34. The average list to sales price ratio was 99%. A year ago the average sales price to list price was 97%. (This if for the whole market, not just attached housing.) With a total sold of 22 in the last month and 137 on the market there is currently about a six (6) month supply on the market.
Although average marketing time, or Days on Market (DOM), was 27 a year ago and now is 34 (a 26% increase) the marketing times have been reasonable at less than 90 days over the past year. However, with a 6 month supply currently on the market the DOM is likely to rise somewhat. And, at the same time, appreciation in Multnomah County as a whole has been 7.2% over the last 12 months. By comparison it was 14.4% in January of this year for the prior twelve months average. So, you can see it has been dropping. And, it is predicted to continue to drop.
Forecasting is hard to predict. With the market cooling as it is, sales slowing, inventories rising, what the next three to four months hold in store will be interesting to see.
Available interest rates locally for fixed 30 year hover around 5.5% to 6.25% and 15 year from about 5.0% to 5.5%. This is still a very favorable climate for market activity except for the current high inventories (and , of course, the loss of available money for the B, C and D credits). Statistics are from the local MLS

Ralph Olsen, Appraiser at PWAS.NET

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