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Portland Real Estate Update By Rob Levy

Portland Real Estate Update Feb'19

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. Inventory rose in January to 3.3 months with a total marketing time of 76 days. 

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.

December Residential Highlights
The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016. At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered.
Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.
Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6% short of the 2,387 closings recorded last month in November 2017 as well.
Total market time in December ended at 55 days, with inventory decreasing slightly to 1.6 months.
Year to Date Summary
Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.
Average and Median Sale Prices
Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.Information courtesy RMLS.

The Winning Charities

In December as many of you know we celebrated our 30th year in real estate. To celebrate we asked you to help choose a charity for us to donate to, and many, many of you resonded. 

The winning charity was The Oregon Humane Society, which is not surprising given so many of our clients have pets.  In fact many surveys show more Portlanders have dogs and/or cats than any other city in America per capita, as much as 74% in some parts of town.  As a result we have made a donation to the Oregon fHumane Society, with smaller donations to the other five choices. I want to personally thank all of you for participating and for your continued support of our real estate team.

Portland's Hottest Neighborhoods in 2018

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.