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Portland Real Estate Update By Rob Levy

Portland Real Estate Update September 2018

Sorry I am late in getting my newsletter out this month.  We recieved the August stats from the MLS a little late, but here is the report.

The Portland Oregon real estate market (like much of the rest of the country) cooled somewhat in August, 2018.  Pending sales, the best indicator of the current market because they take about 45 days to close were 2,750 for the month and this is down 10.2% from August of last year and 10.1% cooler than last month, July 2018.  Closed sales actually increased 8% over July but this is also a reflection of sales dating back to early June.  New listings (4,214) also cooled 2.8% from July

So what does this mean?  Is the market crashing?  These are the questions as a 30 year top producing Portland Realtor that I get.  The answer is it seems the days of 8-12% appreciation might be gone, and it does not mean we are losing money on our homes but it does mean that maybe we can expect a more "normal" 3% or so appreciation. With the average price of a Portland area home now at $454,500 this means that average house if it goes up 3% still increases over $13,000 in a year.  Thats healthy. Thats significant.

The prices of homes arent falling, they just arent increasing at the rates we have become accustomed to since 2012!

To see the FULL 7 page report, CLICK HERE!

Our featured home of the month is a stunning traditional style home on almost a full acre of Skyline Blvd. This home has 180 degree valley views, an english garden and is totally private and all for $949,900!  Check it out by CLICKING HERE

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.

Portland's 50 most sought-after ZIP codes

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.

13 Home Improvement Projects that Practically Pay For Themselves

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.