It’s been awhile since I’ve been on my soapbox. If you’ve been reading my blog since its birth in May 2008, you will know exactlyMarket Update Graph-bettyjung.wordpress.com how I feel about builders and smaller houses because I’ve certainly let my feelings be known.

SMALLER HOUSES

Now from the Home Builders Show in Las Vegas comes the house dubbed “The New Economy Home”:

Boyce Thompson, editorial director of Builder Magazine, thinks the future supply of homes will almost certainly include fewer “McMansions”. “We’re not likely to see a return anytime soon to median new home sizes at the peak of the boom,” “Why? Because much of the inflation in home sizes was driven by ready access to cheap financing. The worldwide financial collapse took a pin to that balloon.”

MetLife also released their survey again this year and, not surprisingly said “mature” buyers expressed a stronger preference for a single-story floor plan or one with a first-floor master bedroom, and a variety of universal design features.

2010 STREET OF DREAMS

It was announced recently that this year’s Street of Dreams will be at Cresap Summit in the Forest Heights area off Skyline from July 31-August 29 and will feature houses moderate in size and price but will still emphasize luxury living. Houses will range from 2700-3500 sq. ft. and $750,000-$1 million built to Earth Advantage Silver standards or higher.

NEW CONSTRUCTIONS STATS YTD 2008 vs. 2009

Perhaps you thought new construction was dead during 2009, although in most areas the number of houses sold decreased from 2008 to 2009. However, not so in Lake Oswego and West Linn where more houses sold in 2009 most likely due to major price reductions by builders and/or foreclosures. Here are the stats for new construction, single family residential only for RMLS™ #147 Lake Oswego, RMLS™ #147 West Linn, RMLS™ #148 West Portland and RMLS™ #151 Tigard covering 2008 vs. 2009:

New Construction Stats YTD 2008 vs. 2009 #147 Lake Oswego #147 West Linn #148 West Portland #151 Tigard
YEAR: 2008
© Betty Jung 2010
# Sold 36 52 125 127
% of Sales Price vs. Original List Price 92.73% 93.7% 80.9% 92.8%
Average Days On Market 107 95 117 139
High Sale $1,815,000 $2,575,000 $2,950,000 $957,995
Average Sale $970,825 $674,246 $675,924 $434,341
Low Sale $500,000 $379,900 $234,700 $249,900
Average Sq. Ft. 3668 3274 3214 2682
Average Sq. Ft. $ $265 $206 $210 $162
YEAR: 2009
©Betty Jung 2010
# Sold 45 74 113 106
% of Sales Price vs. Original List Price 85.06% 88.97% 87.08% 90.9%
Average Days On Market 167 135 134 151
High Sale $4,850,000 $2,540,000 $1,700,000 $930,000
Average Sale $1,069,380 $604,067 $552,008 $413,477
Low Sale $390,600 $320,000 $65,000 $210,000
Average Sq. Ft. 3929 3316 3114 2884
Average Sq. Ft. $ $272 $182 $177 $143
Source: RMLS

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