2008: RIP
Posted on January 2, 2009
Filed Under Lake Oswego, Portland, Statistics, Real Estate |
It’s not that there was no good news from the year. The surge in Iraq succeeded spectacularly; Islamic terrorists failed, again, to terrorize on US soil; anthropogenic global warming, as we enter our tenth consecutive cooling year, was delivered the final nail, leaving only the hysterics and The Oregonian as True Believing fans; and we’re treated to the delightfully entertaining prospect of both Roland Burris and Caroline Kennedy joining Harry Reid and Nancy Pelosi in the US Congress. (And you thought congressional approval ratings couldn’t go any lower!)
Not so good an end for Portland Metro real estate. As Ron Ares has pointed out, December was miserable.
Closed sales as of this morning, 802, down nearly 50% from a year ago - it will revise to around 40%. Pending sales @ 826, down 40%, foretelling a tough January. Median price: $250k, down 17% from peak and 9.6% YoY.
But, since it’s been my primary area of interest, here are some stats that really stick out:
Lake Oswego/West Linn:
Number of homes listed over $1 million: 187
Percent of those homes that are new construction: ~45%, many 6000 sf homes on 5000 sf lots.
Closed sales, $1 million +, December: 1.
Pending sales, $1 million +: 2
My sense is there’s going to have to be some serious price adjustment…
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