Click to play Rob Levy's Portland Real Estate update for mid June, 2020. In this issue Rob discusses and shows how pending sales are back up over pre-Covid numbers, despite much lower inventory. Rob also talks about the rising median house price, as well as a survey on home buyer sentiment. Finally Rob shares a chart showing the economic impact of one house sale. CLICK HERE TO PLAY THE VIDEO.

This is an interesting article as I'm living it!  Let me digress.... When I started selling real estate in Portland nearly 31 years ago, I mostly sold to my sphere, so other young families with kids.  Now fast forward those 31 years and most of those clients are either downsizing, or their parents are moving into independent/assisted living, or passing.  As a result a large part of my business is selling homes for seniors, and helping 55+ buyers find homes with a master on the main floor.  My wife Beverly and I did just this three years ago.  

Check out the article, remembering its from the National Association of Home Builders so talks about new homes.   Let me know your thoughts or if you know anyone looking to downsize.  http://nahbnow.com/2019/10/55-housing-market-ticks-back-up-to-record-high/

The latest stats came out from the Portland area MLS for the month ending October 31st, 2019 and here they are.  Pending and closed sales saw some gains in October when compared to 2018 with pending sales up 3.7%, but down 4.1% when compared to September of this year.  For closed sales (keeping in mind the average closing time is about 40ish days) rose 6.7% over last year AND rose 8.9% over September of this year with 2,377 closed sales registered for the Portland metro area (not including Washington State). 

As for new listings at 3,064 they decreased 1.2% from October of last year and decreased 11.7% compared to September.  This results in an inventory slight decline to 2.4 months supply for October.

Year to date, activity is still a bit cooler in 2019 when compared to last year. Pending sales are up 0.4%, new listings are down 1.4% and closed sales at 25,085 so far this year are down 1.8%.  When comparing 2019 with 2018 through October, the average sales price has increased 1.2% from $453,600 to a new high of $459,000.

You can view the entire seven page report courtesy RMLS by clicking here.

Our featured home this month is one of the best buys I have seen in a very long time. Its a huge home on 4.2 Acres overlooking the Sandy River and is recently updated.  This home is over 6,100 square feet on two levels, has three bedrooms, high cielings, an in-ground pool, a huge mostly finished basement and so much more.   You can view teh home here  https://www.roblevy.com/Property/28201-SE-SWEETBRIAR-RD-Troutdale-Oregon

I saw a great article recently on The Motley Fool website about how rental properties are taxed.   My wife and I have invested in rental homes for many years, some we do out of our personal accounts and some out of our retirement accounts.  There are some huge tax advantages to doing either and I am always happy to discuss, but many people ask me "what can I write off on a rental".  This article covers this well.   The key is even if you think you arent making money on a rental, after taxes and depreciation you are (and thats not counting appreciation).

Many of my clients have built much personal wealth owning rentals, so check out this article about the tax advantages of such. https://www.fool.com/millionacres/taxes/real-estate-101-how-rental-properties-are-taxed/

Here it is again, the Portland Business Journal's hottest neighborhoods for 2018.  This also includes the Vancouver, Washington area and it's local communities.  

There are some predictable results here, and some surprises.  Take a look and let me know what you think.

You can read the entire article online by CLICKING HERE.

The Portland area real estate market sure changed in January of this year!  New listings were more than double those in December, 2018 and up 22.6% over January of 2018.  As of January 31st there were 3,048 new listings.  Also Pending sales surged 27.9% ahead of December, with 2,311 offers accepted by sellers.  For Closed Sales, there were only 1,451 which was down 21.4% over December and 10.9% over January of last year. 

The average sales price in Portland Metro (tri county area and not Washington) is now $452,200 which represents an increase in price of 5.2%.  So the aveage homeowner gained almost $10,000 in eqiuty last year!  You can download the entire 7 page report (courtesy RMLS) by CLICKING HERE.

Our featured home of the month this month is a Grant Park area bungalow with a full finished attic and a full unfinished basement. The main level has gleaming hardwoods, a newere granite island kitchen and muhc more.  The walk score is 89 and bike score of 93 which represent its stellar location close in NE Portland.  You can see the home by CLICKING HERE

Caity, Munir and I look forward to helping you with your real estate needs, please call or email us with any referrals you may have.  We have been one of Portland's leading Real estate teams since 1988 now and would love to help.

Well, the final numbers are in for 2018 and the Portland area fared quite well, despite a year end slowdown that was much bigger than normal.  For the year ending December 31st, 2018, the average sales price of all Metro Portland area homes ended up 5.5% over 2017 with the average sales price being $452,400 (compared to $428,700 at the end of 2017).  By the same comparison, the median sales price rose 5.3% from $379,900 to $400,000 even.  This was as closed sales decreased by 5.9% to 29,771 closed home sales.

Obviously the local areas all fared differently, for instance Lake Oswego's average sales price is now $676,200 with Bethany (North of 26) coming in at $532,900.  SW Portland ended up at $612,700 and SE at $419,100 and NE at $469,300.

You can download the entire 7 page report (courtesy RMLS) byCLICKING HERE.

Our featured home of the month this month is a "wall home" in coveted Forest Hills, super close to 217 and 26 intersections, next to Cedar Hills.  This home is almost 3,000SF, has a master on the main floor, 4 bedrooms and an in-ground heated pool too!  You can see the home by CLICKING HERE

The Portland, Oregon real estate market's latest stats are in for October, 2018 courtesy RMLS.  The local market continues to cool somewhat with new listings down 14% over September, which was also down 14.4% over August.  Pending sales (homes with an agreed upon sales contract, but not yet closed) were up 0.5% over September, but September was also down some 10.5% over August.  Closed sales for October (which in most cases went pending in September) improved 7.4% over September when they were down a whopping 23.4% over August so thats some good news!  Inventory crept up to 53 days average selling time although we and othere top local Realtors are seeing a steady increase, especially over about $400,000 in home value.

Comparing 2018 with 2017 so far, the average sales price is up 5.6% from $429,900 to $453, 600.   To see the FULL 7 page report, CLICK HERE!

Our featured home of the month is a terrific single level home in the Garden Home area.  Built in 1992 this home features wood and laminate floors, lots of vaulted ceilings, open and bright kitchen, living room AND family room with fireplace and on a large corner lot minutes from downtown Portland and Beaverton.  Check it out by CLICKING HERE

CLICK HERE TO HELP CHOOSE THE CHARITY! 

That's right, we are donating money to six local charites in your honor and are asking for for your help to choose your favorite charity.  Please click on the link above and let us know your personal favorite of the six to celebrate our 30 years in business.

The average Realtor has been in business for 10 years, so this means we have seen much more than most others and now as the market is slowing down some experience is more important than anything!

Thanks to ALL of you - our past sellers, buyers, freinds of the firm, team members, fellow agents, national Realtor freinds.  There is no way we could be here today celebrating 30 years in business without you!

This article, as seen in Readers Digest talks about 13 projects that you can easily do on your home that pay off big in both resale value if you sell, as well as for your enjoyment while you live there.   It is an interesting article in that is also estimates the added value of your home after each project is done. 

Today I was asked by the National Association of Realtors to contribute my opinion to their annual "Cost vs Value" survey, which also covers many of the same things. I will share those results when they arrive.  In the meantime, be sure to read the entire Readers Digest article by clicking here.

This article as seen in The Portland Business Journal identifies the top 50 most sought after zip codes in the Portland Metro area.

They too indicate the market is slowing down a bit, and the results are interesting with a tie of Gilbert and Centennial being 50th with 132 sales in Q2, for an average sales price of $327,194 and selling in 39 days. 

Sherwood is in the middle of the pack at 154 homes sold (in quarter 2) for an average price of $509,843 and selling in 45 days. and number one.... 

Well I hate to spoil the party but its not urban homes, its not downtown condos..... Nope its suburbia, Beaverton/Aloha with 248 homes sold for an average sales price of $440,680 and selling those in 25 days. 

You can see the entire article by clicking on this link.

Interestingly, a $350,000 loan at 4% is $1,671 a month BUT if that same house dropped 10% and the loan is now $310,000 (same $50k down off a now lower $360k purchase price) that payment is $1,859 or a whopping $188 a month more for a $40,000 cheaper home! So it shows the importance of lower interest rates.   

Yes, I know at 4% they are higher than where we bottomed out in the high 2% range back in the middle of the recession, but they are still historically very low, well lower than the long time average rate of 8.2% (yes I am old enough to remember them peaking at about 19%).  So if you are concerned about our rising prices and still looking to buy a home, clearly now is one of the best times in recent years to do so.  Contact us today and let us know how we can help.

The June 2018 numbers are out for housing in the Portland Metro area and as expected they are down a little from May.  Typically our sales drop in the summer a little bit, so its a GREAT time to buy a home as buyers are (a little) more in the drivers seat.  

Closed sales in the meantime were up over May, which is a reflection on our busy April and May with 2,946 closed sales vs. 2,803 in May.  However, this was the slowest June closings month since 2014.  New listings still arent filling the pot enough though, only 4,515 in June which is 3.2% fewer than May.  We need inventory for sellers to sell their homes which many are resistant to do as there isnt much to choose from for them to buy.  For the year so far though new listings are up 2.7% at 22,079 homes listed for sale in 2018 through end of June.

Average and median prices are still rising, ableit not at such a high clip which is healthy.  Comparing the first half of 2018 with the same period in 2017 our average price is up 6.2% to $453,400.  The median is also up 6.7% to $400,000 even.

The time on market as of the end of June is 2.1 months.  That's a bit higher than the 1.6, 1.8 and 1.9 months for the previous few months, but still well into a "sellers" market.  The balance point is always considered to be 5.5 months of inventory.

You can view the entire report (Courtesy RMLS) by clicking here.

This is an interesting article given how it affects us....  Oregon is the 7th hottest market for incomes increasing as our employment continues to increase.  GIven our home prices are significantly lower than say Seattle, our big neighbor to the north and also that Seattle's incomes are higher, this may affect our housing market significantly.  We are already seeing people move their companies to Portland from the LA and Bay area markets due to their employees not being able to afford a house but many have gone in the past to Seattle, skipping Portland altogether.  Now we may see more of this migration.

You can view the full article here....  

In November, 2017 the Portland metro area saw gains in the number of listings compared to November of last year.  There were 2,416 new listings, a 16.2% increase over last year BUT a 19% decrease compared to last month.  Pending sales also increased 4.6% compared to November 2016, but fell 12.3% compared to last month (October 2017).  Closed sales at 2,387 fell 1.9% short of the 2,434 closings recorded in November last year and also 6.9% short of the 2,565 closings in October 2017.  

Inventory is still tight....  1.9 months supply of homes with the total marketing time increasing to 51 days.  In fact, 2017 has been cooler this year as a whole with closed sales down 3% (29,098) and pending sales also down 6.2% (29,628).    Prices though continue to rise in the metro area, comparing November to November the average sales price rose 8.7% from $394,800 to $429,000.  The median sales price in the same period rose 9.5% from $347,000 to $379,900. You can download the entire 7 page PDF MLS report byCLICKING HERE.  Inside you will see charts and graphs all relating to specific areas of metro Portland.