Moving to Portland
 
October 2016 Newsletter
IN THIS ISSUE
NEWSLETTERS


 
PORTLAND
NEIGHBORHOODS NEWS

Shelli Gowdy 
Real Estate Broker 
503-497-5061 
Windermere Stellar
Susan Marthens 
Principal Real Estate Broker 
503-497-2984 
Windermere Stellar
 
October 2016:  Seasonal Cooling But Prices Still Keep Increasing

Portland area homes sales slowed in October, which is when the housing market traditionally cools down going into the rainy season. Median sales prices continued increasing, however, reflecting the ongoing shortage of homes for sale, according to the most recent monthly report by the Regional Multiple Listing Service. 

The October 2016 RMLS Market Action report says the median home price on the Portland area was $345,000 in October, an 11.5 percent increase from October 2015, when it was $305,000.  

Portland Life

It's mid-November and the holiday events are starting to happen.  The first big event is the t ree lighting ceremony  in Pioneer Courthouse Square that takes place on Friday, November 25 at 5:30 p,m. 

We have put together some of the more interesting and fun holiday events in the "Portland Life" section of the newsletter.  Also included is a link to an Event Calendar.
 
Please let us know if you have problems viewing the newsletters by emailing  newsletter@movingtoportland.net.

Below information from the RMLS™  Market Action report for October 2016

Market Action Reports 
The Market Action reports for the Portland metro area as well as all Oregon areas and Southwest Washington are also available to download.  It also has the  summary  page for the October 2016 Portland metro area home prices.
October 2016 Real Estate Highlights
October brought a bit more seasonal cooling to the Portland metro area. New listings, at 2,929 for the month, fell 4.4% short of the 3,063 new listings offered a year prior in October 2015 and were 20.3% under the 3,673 new listings offered last month in September 2016.

Closed sales (2,589) similarly decreased 4.7% when compared to October 2015 (2,717) and 8.3% compared to September 2016. 

Pending sales, at 2,841, only fell 0.6% short of the 2,857 offers accepted last month in September 2016, but ended 5.2% under the 2,996 offers accepted last year in October 2015.
 
 
Click on image   to enlarge.
 
Average & Median Sales Prices
Median Sale Price for a Home in the Portland Metro Area was $350,000 in October 2016.

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through September, the average sale price rose 11.5% from $353,400 to $393,900. 

In the same comparison, the median sale price rose 13.1% from $305,000 to $345,000.

 
 
Click on image to enlarge.
 
Sales Price Percent Change
Average Sales Price Percent Change:  10.9% ($388,600 v. $350,300)

The Average Sale Price Percent Change is based on a comparison of the rolling average sale price for the last 12 months (11/1/2015 - 10/31/2016) with 12 months before (11/1/2014 - 10/31/2015).
  • Average Sales Price Percent Change: 10.9% ($388,600 v. $350,300)
  • Median Sales Price Percent Change:  12.4% ($340,000 v. $302,600) 
Inventory

Inventory in the Portland metro area stayed put at 2.0 months.  Sales prices continued increasing reflecting the ongoing shortage of homes for sale

There were 5,169 active residential listings in the region in October.

Total market time in the Portland metro area increased by six days in October to end at 41 days.
 
Cost of Residential Homes by Community
In the chart below we have extracted the most important data from the RMLS Market Action report (21 columns) and created this simple chart. Below is the chart that displays the October 2016 numbers by area or community. It includes the following:
  • Number of closed sales.
  • Average price of homes sold.
  • Year-to-date average price.
  • Year-to-date median price.
  • Average sales price percent change.

 
Click on image to enlarge or  click  here
 to view the report (pdf).
Mortgages
Freddie Mac released the results of its  Primary Mortgage Market Survey® (PMMS ®) last Thursday, showing  the 30-year mortgage rate increased to 3.57 percent, only three basis points higher than last week's level. On Wednesday, the 10-year Treasury yield closed above two percent, about 25 basis points higher than its pre-election value and its highest yield since January. 
  • 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.5 point for the week ending November 10, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
  • 15-year FRM this week averaged 2.88 percent with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.4 point, up from last week when it averaged 2.87 percent. A year ago, the 5-year ARM averaged 3.03 percent.
The Kiplinger.com website reported that "The recent step-up in interest rates is likely to be permanent.The 10-year Treasury bond rate jumped from 1.8% to 2.1% the day after the election, in anticipation that Donald Trump's policy proposals would cause significantly higher government budget deficits, and that he would likely appoint more-hawkish Federal Reserve Board members who favor raising rates sooner. Congress is likely to trim Trump's wish list considerably, but uncertainty as to what will ultimately pass will persist for some time to come. In fact, this Trump premium in rates is likely to persist throughout his presidency."

Penrith Home Loans 
  
Penrith Home Loans   (PHL) Penrith was formerly called Windermere Mortgage Services, and they changed their name in 2015. PHL is Northwest owned and operated and headquartered in Seattle, with offices throughout Washington and Oregon.  PHL is a full service mortgage banker and direct lender.  In addition, they have access to numerous other lenders which allows them to meet everyone's individual needs.
  • West Portland Contact:  Bertha Ferran, telephone (503) 464-9215. Address: WMS Series LLC/AT, West Portland Branch, 6400 SW Barnes Road, Suite 305, Portland, OR 97225.
  • East Portland Contact:  Tanya Elder, telephone (503) 497-5367. Address: WMS Series LLC/AT, Lloyd Tower Branch, 825 NE Multnomah Street, Suite 120, Portland, OR 97232.
  • Lake Oswego Contact:  Clayton Scott,  telephone (503) 497-5060. Address: WMS Series LLC/AT, Lake Oswego Branch, 220 "A" Avenue, Suite 200, Lake Oswego, OR 97034.
Weather
Monthly Weather Summary
 
Below is the National Weather Service 
weather data for the month of October 2016. These readings are from the Portland airport. 
  • Average Monthly Temperature for October 2016:   56.4 (1.5 degrees above normal of 54.9 degrees).
  • Warmest Day:  70 degrees on October  5.
  • Coldest Day:  41 degrees on October  23.
  • Most Rainfall in 24 Hours:  2.1 inches on October  12 - 13.
  • Rain Days: 29 days with light rain and three days with heavy rain.
  • Clear/Cloudy Days for October  2016:  0 fair days, 13 partly cloudy days, and 18 cloudy days.
  • Average Wind Speed for October 2016:  8.4 mph.
Rain 
 
A "water year" is defined as the 12-month period beginning October 1 of any year and continuing through September 30 of the following year. The water year is designated by the calendar year in which it ends and which includes 9 of the 12 months. Thus, the water year ending September 30, 2016 is called the 2016 water year.

The normal precipitation for a water year in downtown Portland is just under 44 inches and at the airport it is 37.04 inches. The official measurement is taken at the Portland International Airport (PDX) which is one of the driest places in the metro area. 
 
The HYDRA rainfall network is operated and maintained by the City of Portland Bureau of Environmental Services, and there are about 40 gauges throughout Portland where rainfall is measured - the water year average for these gauges is 42.77 inches. During the first month (October) of the 2017 water year we had 9.55 inches of rain.

October will go down in the record books with the most days of rain the month has seen in several parts of Oregon, according to the National Weather Service. The airport weather station reported 8.31 inches of rain just short of 0.10 inches that would have tied the record of 8.41 inches set in 1994.

Portland Life:  Holiday Events

For a complete calendar of holiday events visit Events12 .  The website is easy to use as you simply select the city and then the month to reach the right page. You'll find events that are fun, open to the public, and not too expensive.

Another site that lists events is the Travel Portland website. Not as easy to use as Events12 it offers extra features such as trip planning.

Below are a few of the more interesting events that take place in the Portland area during the holidays.
  • Tree Lighting Ceremony   Friday, November 25 at 5:30 p,m.  Pioneer Courthouse Square in downtown Portland.  
  • Hood River Train Ride  November 18 - December 23, 2016. Take a 75-minute train ride along the Columbia River as you drink cocoa with cookies and hear music on the Polar Express, with a visit from Santa and his elves.
  • Christmas Bazaar    November 25 - Dec. 4, 2016.  America's Largest Christmas Bazaar  has 400 booths of juried handcrafted items plus 500 booths of commercial holiday products at the Portland Expo Center.  
  • Christmas Train   November 25 - 26 & Dec. 3 - 18, 2016.  Take a one-hour ride along the Willamette River and meet Santa on the decorated  Holiday Express  train, which leaves the station at 7805 SE Oaks Park Way.
  • Lights at the Grotto    November 25 - December 30.  Christmas Festival of Lights  features 500,000 lights, choirs, carolers, a petting zoo, puppet shows, and hot chocolate at The Grotto. Closed December 25. 
  • ZooLights  November 25 - January 1. ZooLights uses 1.5 million LED lights to transform the Oregon Zoo into a winter wonderland of lighted trees, animal silhouettes, and moving sculptures. Closed Dec. 24 & 25.
  • Christmas at Peacock Lane    December 15 - 31, 2016.  See quaint houses adorned for Christmas at  Lights on Peacock Lane , which on some nights is closed to cars and open only to pedestrians. Free.  
  • Tuba Concert   December 10, 2016 (1:30 to 3 p.m.).  Hear 250 tubas play in unison at the  Tuba Christmas Concert  in Pioneer Courthouse Square. Free.
  • Christmas Ships Parade    December 2 - 18, 2016.  Watch 50 boats with Christmas lights cruise the  Columbia River  and the  Willamette River  during the Christmas Ship Parade. Free.
     
 Wishing You a Happy Thanksgiving

Susan and Shelli
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