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Portland Real Estate Update By Rob Levy

Portland Real Estate Update April '19

The latest MLS statistics are out for Portland, Oregon and I wanted to share the highlights with you.  The report is through the end of April, 2019 and shows that the market has mostly gained in April.  There were 4,210 new listings on the market which is a 20% increase over March.  Pending sales were up 13.3% over march with 3,102 homes getting accepted offers on them.  There were also 2,409 homes that closed in April, a 10.4% increase since March.  

Average and median sales prices are both up, albeit not as much as previous months.Comparing April 2018 through April 2019 the average home price was up 0.3% to $445,900 and the median sales price was also up 1.2% from $399,600.  You can view the entire 7 page report for the entire Portland Metropolitan area at http://www.roblevy.com/agent_files/PortlandMetroAreaApril2019.pdf

Our featured home of the month is a North Tabor home thats had a gorgeous update recently completed, and super close to transit and Providence.  This home has gleaming floors, a super kitchen, two beds on the main floor and one down with a mostly unfinished basement too.  You can check it out here https://www.roblevy.com/Property/4805-NE-Flanders-Street-Portland-Oregon

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 baby boomers stay in their homes as they reach retirement, skipping downsizing

Given I am a baby boomer (albeit tail end) I find this article very interesting, especially considering my wife and I recently downsized into a master-on-the-main-floor home and got rid of the 39 steps in our home of 19 years where we raised our kids.  This article in USA today talks about baby boomers NOT all downsizing due to kids still living at home into their 30's, many of us are still working or working longer, and other reasons.  If fact some 52% of those surveyed said they will NEVER move out of their family home.   

As a top selling Realtor for 30 years here in Portland, I'm not seeing this at all other than some delays.  But inevitably it seems most come to the conclusion that the house is too big and too much to take care of, there are too many stairs, and eventually they downsize. In fact downsizing is a considerable part of The Rob Levy Team's business.  You can see the full article here. https://www.usatoday.com/story/money/2019/05/21/home-buying-many-boomers-choose-age-place-and-not-move/3698390002/

Portland's 15 most in-demand neighborhoods

Another month, another survey about the best areas of town for home sales.  This one is from the Portland Oregonian's Oregon Live site and talks about the 15 hottest neighborhoods in the metro area.  The top might surprise you.... Aloha, South Aloha to be specific as defined by zip code 97078 (yes, its a newer zip code).  Elmonica and South Beaverton all round out the top three and all are right next to each other.  You can see the entire list of all 15 areas here. https://expo.oregonlive.com/news/g66l-2019/05/2fa07f5c1b7501/portland-area-real-estate-15-most-indemand-neighborhoods-.html