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Portland Real Estate Update By Rob Levy

Portland Real Estate Update Sept'16

 

August Residential Highlights
August brought more mixed
real estate numbers to the Portland
metro area. New listings, at 4,203,
fared 8.3% better than in August
2015 (3,880) but fell 3.9% shy of the
4,372 new listings offered last month 
in July 2016.
Closed sales, at 3,001, fell 3.1%
short of the 3,098 closings recorded
last year in August 2015 but ended
8.1% higher compared to the 2,776
closings posted last month in July
2016.
Pending sales, at 3,325, fell 0.7%
short of the 3,347 offers accepted
last year in August 2015 but pushed
0.7% over the 3,302 offers accepted
last month in July 2016.
Portland metro inventory
remained steady in August at 1.9
months, and total market time 
increased by two days to land at
34 days. There were 5,645 active
residential listings in the Portland
metro area in August.
Year to Date Summary
Activity has been mixed in 2016
compared to 2015. New listings
(30,646) are up 1.1%. Closed sales
(21,573) are down 2.1% and pending
sales (24,120) are down 2.7% for the
year thus far.
Average and Median Sale Prices
Prices continue to rise in the
Portland metro area. Comparing
2016 to 2015 through August,
the average sale price rose 11.2%
from $353,200 to $392,600. In the
same comparison, the median sale
price rose 12.5% from $305,000 to
$343,200.

 

August brought more mixedreal estate numbers to the Portland metro area. New listings, at 4,203,fared 8.3% better than in August 2015 (3,880) but fell 3.9% shy of the 4,372 new listings offered last month in July 2016.  Closed sales, at 3,001, fell 3.1% short of the 3,098 closings recorded last year in August 2015 but ended 8.1% higher compared to the 2,776 closings posted last month in July2016.  Pending sales, at 3,325, fell 0.7% short of the 3,347 offers accepted last year in August 2015 but pushed 0.7% over the 3,302 offers accepted last month in July 2016.

Portland metro inventory remained steady in August at 1.9 months, and total market time increased by two days to land at 34 days. There were 5,645 active residential listings in the Portland metro area in August.   Year to Date SummaryActivity has been mixed in 2016c ompared to 2015. New listings (30,646) are up 1.1%.  Closed sales (21,573) are down 2.1% and pending sales (24,120) are down 2.7% for the year thus far.  

Average and Median Sale Prices Prices continue to rise in thePortland metro area. Comparing 2016 to 2015 through August, the average sale price rose 11.2% from $353,200 to $392,600. In the same comparison, the median sale price rose 12.5% from $305,000 to $343,200.

CEO of Zillow Admits Huge Pricing Error!

I have long maintained that Zillows numbers are most always off, sometimes way high and sometimes way low when compared to ACTUAL real comparables looked at through the eyes of an experienced Realtor.  In fact, as a stockholder in Zillow (its been flat for years, so cant recommend it) I get access to their annual reports and they admit in Portland to be from 10-20% off in pricing.  To be fair, Zillow has always reccomended their product as a starting point.  

But this week a news aricle about Spencer Rascoff, the CEO of Zillow selling his Seattle home for $1.1 Million dollars when his own product said it was worth $1.7 million was an eyecatcher.  In fact the article goes on to say he bought another home in the Los Angeles area for $20m that has a "Zestimate" of $18.4 million.  You can view the entire article here.

 

Featured Home of the Month

While in need of a few cosmetic upgrades, this home features soaring vaulted ceilings, a great room effect with a wood burning fireplace with brick mantle, and sliding glass doors that open to a huge deck. There is also a large kitchen with a skylight adjacent to a generous laundry room. All this with 3 bedrooms, 2 1/4 bathrooms, 2 car garage and a new roof.

This home priced at $364,900 is ideal for a first home, invesment property or?  Its close to I-5 and 99W junction, with easy access into Portland or Beaverton.  You can view the home online by clicking here.