There are currently 16 blog entries published by Bob Broad.
Monday, February 10th, 2014 at 5:10pm. 6,604 Views, 0 Comments.
Thursday, January 16th, 2014 at 2:52pm. 7,202 Views, 0 Comments.
It’s January, so it must be time to predict what will happen in the coming year. I’m game to share some of my recent observations about the Portland real estate market along with some discussion about the implications for 2014.
The past two years have been great for our market. We entered 2012 with an average home price in Portland* of $286,000. Two years later, the average home price in Portland is now $350,000. Approximately 8,800 homes sold in 2011, and 3,000 more homes sold in this past year. Sellers have been on a great run.
Will this trend continue for 2014? Inventory in our market remains low. There were approximately 7,500 active listings in Portland on the first of the year, and almost 1,300 closed sales in the second half of…
Tuesday, March 26th, 2013 at 8:07am. 2,378 Views, 0 Comments.
The defining characteristic of our real estate market this winter has been the lack of inventory. As we enter the peak Spring home-selling season, I thought you might want to get some bigger picture perspective on our market. This is a great time to be active in our real estate market. It's our job to help you appreciate the opportunities, then develop and execute plans to capitalize on these opportunities.
Nationally, sales volume is up 9.2%. In Portland, our sales volume is up 18% for the 12-month period ending March 1, 2013. Prices are up 6% over the same period, so closed dollar sales in Portland has increased by 25% over these same twelve months.
Nationally, volume increases built over the course of 2012. Locally here in Portland, our…
Portland Real Estate Market Statistics- A Quick Guide through the Total Market Overview (TMO) & Other Resources for Buyers & Sellers
Friday, March 8th, 2013 at 4:09pm. 2,048 Views, 0 Comments.
As experts in the Portland real estate market, educating our friends, family and clients about what's happening in the Portland market is one of our top priorities. This short video features three statistical resources that we share with our active buyers and sellers on a regular basis- The Total Market Overview (TMO), the S&P/ Case Shiller Report, and "The Market Pulse" from CoreLogic. Please enjoy the first of many educational video blogs and if you would like to receive these reports, all you need to do is send me an email. ENJOY!
Thursday, January 31st, 2013 at 3:58pm. 2,150 Views, 0 Comments.
I have heard WONDERFUL reviews about the work that Kathy Masarie's parenting books, especially her work about raising kids in today's digital world. I am pleased to share with you that the Ainsworth Elementary PTA has sponsored a seminar that will be held at the school on Feb 19 from 6:30 - 8:30 PM. I'm definitely going to attend. Please let me know if you're going to be there.
Tuesday, January 29th, 2013 at 9:42am. 1,911 Views, 0 Comments.
This week, Jan 28th-Feb 1st, the Portland Aquatic Club (PAC) is holding its annual Swim-A-Thon where over 200 swimmers from Portland and SW Washington will be participating in a 200m or 2-hour swim (whichever comes first) to raise money for youth swimming. 95% of the proceeds will stay with PAC and be used for additional pool rentals, travel assistance and much more! Not only is this an excellent event to raise money for neighborhood community centers (Columbia & Dishman Pools, Southwest & Mt. Scott Community Centers) and local youth programming, but it is also a great opportunity to do some socializing. Additionally, this event increases community awareness of the team and boosts team spirit! For more information about the event, please visit the PAC…
Wednesday, January 23rd, 2013 at 6:21pm. 2,090 Views, 0 Comments.
Our review of the 2012 sales statistics for the condo market would suggest that it's reasonable to expect continued price improvement for sellers of Pearl condos. Just four more homes sold in the Pearl than in 2011, yet prices jumped 9%. Despite flat sales, listing inventory for W Portland condos is down 27% as we exited 2012.
The largest price increases in 2012 were realized in the smaller units below 750 SF and the homes with 1,500-1,750 square feet of living space. Modest price improvements were realized across the remaining segments. Unit growth was strongest in the units between 750-1,000 square feet and the largest condos in the Pearl where the sales rate was up almost 30%.
If you're doing homework in advance of a purchase or sale, let us…
Wednesday, December 5th, 2012 at 11:43am. 1,604 Views, 0 Comments.
If your investment needs have changed and you're searching for a reliable income-producing investment, you might want to take a good hard look at real estate. Prices are low, mortgage rates are at historic lows and all the major indicies are positive and suggest that home prices are more than likely increasing. And the trend is in place to reliably predict increasing rents.
According to a recent Core Logic study, depicted in the chart above there is a high correlation between changes in rents and the prior year's change in home pricing. Increases to rents typically lag increases to home prices by a year. The past year has been good to the home market. According to the latest Case Schiller report, Portland home prices are 4% higher at the end of…
Wednesday, December 5th, 2012 at 8:30am. 1,196 Views, 0 Comments.
There is an upcoming case being argued in Oregon Supreme Ct in January that could reverse…
Tuesday, December 4th, 2012 at 6:53pm. 1,670 Views, 0 Comments.
Core Logic reported in their November Market Pulse the results of a national study abut the impact of negative-home-owner-equity on the months-supply-of-inventory of homes for sale. Markets with only 10% of home-owners with negative equity have an average of 8 + months of inventory for sale. Markets with 50% of home-owners under water should expect roughly half as much inventory.
Core Logic calls this the "lock-out" effect. We're experiencing this lockout in Portland. We're "under-equitied," we're also under-supplied (<3 months of inventory). We should not expect our inventory levels to return to our normal six month supply levels until more of our home-owners are "back in black."The distribution of mortgages at rates significantly…