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Portland Real Estate Update By Rob Levy

Portland Real Estate Update April 2018

The Portland real estate market continued to heat up in March, 2018 and as of this writing in mid-April is still a sellers market in most price ranges with some slowdown in the luxury home market.  New listings saw a strong gain over March up about 44% from February with 3,648 new listings in March compared to 2,540 in February. However, this is seasonal for us and when compared to last March the new listings are only up 1.2%

As for closed sales, they are also up 31.3% over March of last year with 2,371 closings this March. Again, this number is 31.3% more than the closings in February of this year.  Pending sales have a similar story, 23.8% up over last month, but slightly cooler at 4.9% fewer than March 2017.

Inventory is now at 55 days average selling time, and there were 3,884 active residential listings (detached homes, condos and attached homes) on the market at the end of March. The average selling price for all homes in the Portland metropolitan area at the end of March stood at another all time high of $435,000, and increase of 7.6% over the end of March, 2017.

Our featured home this month is a mostly untouched mid-century modern home in West Linn.  This home has lots of hardwood floors, and big (updated) windows, three bedrooms, one amazing pink tile bathroom from the 50's and an unfinished basement.  All in a great location in West Linn, close to shopping, the high school and I-205.  The address is 5651 Cascade St, and you can view the home 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.

Virtual Staging

Most people know about home staging.....  Thats where a professional home decorator or "home stager" comes into your house and helps you set it up to appeal to all buyers.  We often have our sellers use this service particuarly on vacant homes as its tough to imagine for some buyers what the house will look like with furniture. 

Now for vacant homes where the seller elects not to do this, we have another option.... Virutal staging.

Take a look at these photos of the dining room on the Cascade house mentioned above.  One original and one virtually staged.  Clearly when looking online, the virutally staged photo helps buyers "imagine" themselves in the home.  The company that does these for us is called Box Brownie, and they put out a sample sheet of furnishings so it can be tailored to the type of house.  You can see the list here.   I'd love to know your thoughts about "virtual" staging.

Portland Ranked 2nd Most "Hipster" City in the World

Yea, I know... I'm not surprised either.   A recent article on KGW News channel 8 says Portland is 2nd only to Brighton, England as the most hipster city in the world.  Now I'm British born and know Brighton and didnt know this was the case. 

Movehub combed through 446 cities in 20 countries to determine the list, and the majority of them are in the USA including Seattle, Salt Lake, and even Orlando!

Oh and the least in the USA, Grand Prairie Texas (a suburb of Dallas) comes in at 443 on the list.  You can see the list here.