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Portland Real Estate Update By Rob Levy

Portland Real Estate Update November 2018

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

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.

Choose a Charity for us to Donate to!


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!

Harvard's Study of Housing America's Older Adults

This is a fascinating and scary article all at the same time.  As compiled by Harvard Joint Center for Housing Studies they came up with several facts....

1. More than half of America's 65 million households are now headed by someone 50 years of age or older.

2. Affordable, accessable housing in age-freindly communities is in short supply.

3. Millions older households are struggling to pay for their housing, and other basic necessities.

This 10 page report is a must read for everyone, older Americans, younger Americans so they can understand the situation their parents may face, and baby boomers so they can work on making the transition easier.

There are charts and maps on the link below showing the areas of most concern (no surprise here).  You can read the article here and then download the entire PDF by clicking here.