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For Sale: $574,900

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Portland Real Estate Update By Rob Levy

Portland Real Estate Update September '19

Looking at the Portland, Oregon real estate market ending in August 2019 (the latest stats available) we see a market leveling off. 

Closed sales 2,901 units decreased 1.5%  when compared to last month (July, 2019) and 2.2% when compared to August of last year.  New listings fared about the same, down 10.8% from August of 2018, and down 5.3% over the previous month, ending up at 3,757 new listings.  The good news is pending sales at 2,929 homes were up compared to last year at this time, but those too were down 2.3% over July.

As a top selling Realtor in the Porltand area for over 31 year now, I dont understand this trend. We (finally) have sellers who are open to offers and at the same time we have interest rates at 3-4 year lows (Oh, havent heard about that? Well, its not on the news as this type of news does not sell well).  My son who recently bought a home from his Dad for $400,000 asked me what the difference means.  I quickly pointed out to him what if I bought his home at todays interest rates of 3.5% vs the 5.5% we were close to the monthly payment would be some $655 PER MONTH lower.  Thats a HUGE amount. 

As to the averages, compared to last August of 2018 the average sales price for the Portland Metropolitan area has increased 1% from $454,500 to $458,900 while the median has increased 2.2% from $410,000 to $410,000

You can view the entire seven page report courtesy RMLS by clicking here.

Our featured home this month is a stellar one at 12033 SW Sylvania Court, in SW Portland.  Its a two story home with commanding views of Mt Hood, Mt Adams and Mt St Helens. The street is a fantastic one, I should know, my wife and I raised our three boys two doors away for 19 years.  Great location, great access to both Portland and Beaverton, and a great house. You can see 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.

More on iBuyers

I'm still having trouble understanding why most sellers would sell a home via an iBuyer. 

iBuyers are companies like Zillow and OpenDoor who buy homes direct from sellers, refurbish them and then put them on the market.  While I recognise there is a need for these services, I am seeing too many sellers leaving too much money on the table by taking these offers.   

This image to the left shows for the average iBuyer sale what the sellers are leaving on the table, money they otherwise could have pocketed themselves.  If you know of anyone looking to sell their home or if you are thinking of selling yours and considering an iBuyer, you owe it to yourself to talk to an experienced Realtor to see if you can get more money selling it with a Realtor such as my team and I.  You probably can.

Buying Your First Home? A Look at 20-Year Trends

This is an interesting article, and one that I had somewhat expected.  The trends today vs. 20 years ago as to WHO is buying their first home.  This article, put out by CityLab and gleaned from Harvard University’s Joint Center for Housing Studies shows that compared to 20 years ago today's first time home buyer is more likely to be single, hispanic or Asian.  For several years now we have known that single women are buying homes at a rate of six times higher than single men, 

You can view the entire article here...