Sunday, July 1, 2012

Portland's tightest housing markets: real estate roundup - Oregon Live

Today's don't-miss housing and development news from around the web:

Inventory: The supply of for-sale homes has dropped across the metro area, creating a market where demand outpaces supply. But some neighborhoods have an even shorter supply, while others are closer to a balanced market.

Front Porch ranked metro area zones by months of inventory -- homes on the market divided by monthly closed sales -- averaged over the last three months. The source data comes from the Regional Multiple Listing Service.

Six months typically represents a balanced market, while anything below represents? a market where demand outpaces supply. Here's how the neighborhoods stack up, along with the average sale price last month:

  1. North Washington County: 3.1 months, $361,400
  2. Northeast Portland: 3.2 months, $300,300
  3. Southeast Portland: 3.6 months, $236,300
  4. Beaverton/Aloha: 3.7 months, $228,400
  5. North Portland: 3.7 months, $231,900
  6. Gresham/Troutdale: 4.4 months, $186,600
  7. Tigard/Wilsonville: 4.4 months, $287,000
  8. Hillsboro/Forest Grove: 4.5 months, $223,800
  9. Milwaukie/Clackamas: 4.7 months, $248,000
  10. Lake Oswego/West Linn: 6.0 months, $482,500
  11. Oregon City/Canby: 6.0 months, $232,700

The low supply has set off bidding wars in Portland and some suburban markets, and it's driving rising prices this summer in the metro area and across the country.

Tualatin apartments: Mill Creek Industrial Trust has secured financing for a 367-unit apartment complex in Tualatin. Subscription is required for that link, but The Oregonian's Sally Ho earlier reported some details of the project.

Lloyd District: A plan to widen Interstate 5 through the Rose Quarter is gaining momentum. Part of the plan is to loosen height restrictions and encourage more tower development in the area.?

? Friday's real estate transactions and industry notes.

?Elliot Njus

Source: http://www.oregonlive.com/front-porch/index.ssf/2012/06/portlands_tightest_housing_mar.html

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