Which Home Remodeling Projects Deliver the Most Value?

Remodeling DIYAccording to the 2013 Remodeling Cost vs. Value Report for the Portland area, the projects with the greatest potential for recouping a portion of the cost of mid-range projects) are:

1. Entry Door Replacement (steel) – 104%

2. Garage Door Replacement – 101.8%

3. Attic Bedroom Remodel – 90.9%

4. Window Replacement – 85%

5. Basement Remodel – 84.8%

See the chart below for other project highlights…

Remodeling_cost_vs_value_Portland

 

 

Need a reliable service provider? Visit HomeServices at www.HomeServicesNW.com for a directory of carefully screened vendors committed to meeting our high standards of customer service.

If you’re thinking about updating your home and would like to read more about the 2013 Remodeling Cost vs. Value Report, complete data from the report can be downloaded at www.costvsvalue.com.  © 2013 Hanley Wood, LLC.


Portland Metro Market Stats – December 2011 & Year End

The latest RMLS Market Action report for the greater Portland Metro area shows closed sales rose 4% and pending sales increased 6% when comparing overall activity from 2010 with that of 2011. For the year, the average sale price dropped 6.7%, from $282,100 to $263,300, and new listings were down 25.4%.

When comparing December 2011 to December of 2010, closed sales were up 10.3%, pending sales increased 19.3% and new listings were down 11.7%. At December’s rate of sales, it would take approximately 5.3 months (the shortest time period in recent years) to sell the 8,612 active residential listings on the market.

Portland Market Action Dec 2011

To track market trends in your area, sign up for our exclusive Market Tracker report or contact a Prudential Northwest Properties real estate broker today.


Portland Metro Market Stats – November 2011

The latest RMLS Market Action report for the greater Portland Metro area shows a slight increase in sales price when comparing November 2011 to the prior month. Average price rose to $259,400 and median price increased 3.3% to $225,000. Closed sales were up 18.9% when comparing November 2011 to November 2010. Looking at January – November 2011 and the same period last year, closed sales are up 3.4% and pending sales are up by 5.3%. Inventory currently stands at 6.2 months, the lowest in the last three years and four months lower than at this time last year. With mortgage rates at historic lows, this is a great time to buy a home.

Portland Metro Market Action Nov 2011

 


Portland Metro Market Stats – October 2011

RMLS has released the latest Market Action report for the greater Portland Metro area, and much like last month, the news is mixed. Comparing the period January – October of 2011 with the same time period in 2010 shows closed and pending sales are both up … 2.1% in closed and 4.5% in pending sales. When comparing October 2011 with September of this year, closed sales fell 7.1%, pending sales increased slightly and average price fell to $258,700, a drop of 3.5%.


Portland Metro Market Stats – September 2011

RMLS has released the latest Market Action report for the greater Portland Metro area. The news is mixed… comparing the third quarter of 2011 with that of 2010, closed sales were up by 21.5%, pending sales increased by 21.6% and new listings fell by 27.6%. Average sales price dropped from $271,800 to $268,200 (down 1.3%) while median sales price increased from $225,000 to $230,800 (up 2.6%). Inventory stands at 6.7 months, which is up slightly from August, but remains much lower than the numbers in 2009 and 2010. Six months of inventory is considered a balanced market. With interest rates around 4%, it’s a great time to buy property.

Portland Metro Market Stats Sept 2011


Jason Waugh shares his thoughts on local market recovery

Jason Waugh

Jason, our COO and Lake Oswego branch manager, shares his perspective on the real estate market recovery in this article in Community Newspaper’s “A Salute to the American Home” special publication. Like many local real estate professionals, Jason believes the market has probably hit bottom as a whole and we’ll see a very gradual recovery.

Click here to read the article.


Local home sales surge in March

Portland area home sales shot up in March, driven in part by a federal tax credit worth up to $8,000 to first-time buyers and $6,500 to move-up buyers.

There were nearly 52 percent more sales in March than a year ago and a whopping 77.2 percent more sales than in February, according to Regional Multiple Listing Service figures released Friday.

Compared to a year ago, pending sales increased 46.7 percent and new listings increased 35.3 percent.

The inventory of unsold homes dropped to 7.8 months from 12.9 months in February and 12 months a year ago. The figure refers to the amount of time it takes to clear out the inventory of unsold homes at the current pace of sales. A six-month level is considered healthy.

The inventory of houses for sale in Clark County dropped substantially in March as home sales improved, according to Portland-based RMLS. A 7.7-month supply of homes was listed in March, which was down from an 11.6-month supply in February

Local real estate agents attribute the shrinking inventory to higher demand for houses, as first-time and move-up home buyers rush to take advantage of low mortgage interest rates and tax credits set to expire April 30.

According to RMLS, when comparing the week of April 5 – April 11 with the week prior, the number of times an RMLS subscriber opened a Supra lockbox increased 33% in Washington and 26.6% in Oregon. Activity is on the rise as we move into the Spring season.


Home prices show improvement in latest Case-Shiller report

Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.

 Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.


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