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February 2020 Market Stats

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Real estate by the numbers is out for the past month! The quick and dirty version of the February market is that inventory is still low keeping us in a seller’s market. Homes are appreciating by 5-7% over last year but dropped slightly compared to last month. And we are seeing many new listings as we get ready for the busy spring market. Read on below if you want details about your side of the river and the general market health.

Portland Metro February Market Numbers
Portland Metro

Looking at the numbers now just confirms what we were talking to our clients about last month. We saw more houses coming onto the market as seller’s were trying to get ahead of the spring rush. This push of listings also gave us more pending homes and therefore more sold homes. There are a lot of buyers out in the market and even though the inventory is climbing up, we are still seeing multiple offers on most close-in locations.

Many of us, myself included, expected to see more of a plateau in terms of appreciation, after the huge price jumps in 2017 and 2018. 2019 did see quite a bit of slowing, but so far this year the average sales price is up 5% over last year across the metro area. 4-6% appreciation is considered a steady and healthy market, so we should expect to see these numbers hold for at least a year or 2.

Selling

If you are considering selling your home now is an excellent time to get into the market. May-July are historically our busiest months for new listings, so if you want to take advantage of the huge buyer pool ahead of your competition, April could be the perfect month to list your home. Timing is always a personal choice, but you will likely net more money listing in the spring than early summer. If you want an individual valuation, reach out to us and we can discuss details. You can also get an instant home value by clicking here.

Buying

If you are thinking about buying, these numbers may seem a bit intimidating to you, but know there will be many more homes coming on the market very soon. With interest rates being historically low, even if you do end up competing on a home, chances are you are still getting a great deal. You also never know when the perfect home is going to come on the market, so if you are thinking of looking, it doesn’t hurt to start now to see what is out there. You can search all the homes in the area HERE.

East Portland

Overall the Eastside performed better than rest of the city in February. NE Portland saw the biggest jump in average home price, 2.5% since the beginning of the year, this is primarily due to some luxury listings closing. SE Portland continues to have the most new listings and the most closings because of its sheer size, at 247 closings, it had almost as many as NE and N Portland combined. North Portland is still one of the most affordable places to buy a home, with an average sales price of $407K you can still find cute homes in the 300K range.

East Portland February Market Numbers

West Portland

The Westside did vary a bit compared to the rest of the city, this is the only area that we saw the average days on market go up. The days on market are always quite a bit longer on this side of the river due to the condo sales. The condo market slowed substantially last year and this skews all the other numbers towards the negative. West Portland has a significantly higher average home price which also has a smaller buyer pool and therefore takes longer to sell.

West Portland February Market Numbers

We hope this helps to breakdown the February market in the Portland area. If you have any specific questions about your neighborhood please send us a message! You can fill out the form below or reach out to us on Facebook. We are always happy to discuss how this specifically affects you and your home value.

January 2020 Market Stats

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The time has come to once again look back on the market and reflect on how healthy the market has been. January of 2020 was a great month for Portland. Home prices are up 6.3% from January of last year! Despite all the recession rumors, everyone that owns a home is still making money. Interest rates are still insanely low. If you are thinking of buying, do it now before home prices jump up even more. If you want to read more about all the specifics, continue on past the graphic below!

January 2020 Real Estate Market Statistics
What these numbers mean to you

We also saw a significant jump in new listings, pendings, and sold homes. Many people entered the real estate market after the holidays which explains this big jump. While it is good to see homes coming on the market, we are still sitting around only 2.2 months of inventory. If no one else puts their home on the market, every single home will be sold in just over 2 months. As a buyer, this means there will be competition on all those ‘Pinterest perfect’ homes and you should expect multiple offers. As a seller, this means there is almost no competition and as long as you are priced appropriately, you should expect to sell quickly.

Despite this, we surprisingly saw the average days on market climb as well. If you separate this stat out by price point it paints a very different picture. Homes under $500,000 are, on average, selling in 7 days or less. Houses up to $1 million are selling in about 30 days. Homes over $1 million are selling in 60-100 days on average. If you want specifics on how long your home may take to sell, send us a message and we will happily send you some data.

Ready to make a move?

You sometimes hear us say “now is the perfect time to move” but whether you are a buyer or a seller, there are some really strong cases to be made about 2020 being the right year to do it. If you want to look at homes currently on the market you can do so here. If you want an instant evaluation of what your home is worth, you can do so here. Take advantage of the current interest rates to get yourself into a new and amazing home! You’ll be glad you did.

Does our analysis match your perception of the market? How did you feel January of 2020 went? Let us know in the comments!

Moving to Portland: The Ultimate Guide

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Are you thinking of moving to Portland? We are excited to see you! Below you will find info on all of the basics in our ultimate Portland guide! We have provided links to more information so you can dig a little deeper into what we love about this fabulous city. Enjoy!

Portland Population: 664,605 (2020)

Portland, Oregon’s largest city, nestled between the Columbia and Willamette rivers. Sitting in the shadow of Mount Hood, it is known for its parks, bridges, and bicycle paths. Portland is also well known for its eco-friendliness, its microbreweries, and its coffeehouses. If you want info on the specific Demographics of the area Click Here

Portland Weather

Portland is known for its warm and dry summers and its cool and wet winters. While we are known for our rain, we actually do not even rank within the top ten for annual inches of rainfall. We do have a high average of 164 days with rain, but it tends to be light and misty, which is where the popular adage of, “You’ll never see a local with an umbrella,” comes from. Though the winters tend to be drizzly, the summers are stunning. Portland is in a coastal temperate climate which keeps the temperatures from getting too high in the summer with an average and very pleasant temperature of 81*.

Portland Based Companies

The Portland area is a melting pot of huge industries. We are often dubbed the “Silicon Forest” because of the number of tech industries in Portland and it’s suburbs. Here are the top 30 companies based in the Portland Metro area.

  1. Intel
  2. Nike
  3. Daimler Trucks North America
  4. Precision Castparts
  5. Boeing
  6. Columbia Sportswear
  7. Northwest Pipe Company
  8. Mentor Graphics
  9. Tektronix, Inc
  10. Xerox
  1. WaferTech, LLC
  2. Consolidated Metro, Inc.
  3. Greenbrier
  4. Blount International, Inc.
  5. A-dec
  6. Warn Industries, Inc.
  7. Qorvo
  8. ESCO Corp.
  9. Schnitzer Steel
  10. Adidas America
  1. SEH America Inc.
  2. Via Systems
  3. Erickson Air-Crane
  4. Lam Research Corp.
  5. Collins Cos.
  6. Reser’s Fine Food
  7. On Semiconductor
  8. Evraz Inc. NA
  9. IBM – Linus Technology Center
  10. Pacific Foods of Oregon

Jobs in Portland

Portland has a very strong job market and there are many places that you can go to search for jobs. Most of the major employers have portals directly on their sites to apply for jobs, or you can use a local resource like www.macslist.org, www.oregonlive.com/jobs, www.oregon.jobs, or www.jobdango.com. There are five major industries that dominate the job market and those are: high tech, athletics and apparel, manufacturing, healthcare, and food service.

Average Home Prices in Portland

Portland remains the most affordable city on the West coast to live. The average home price in 2021 for the Portland Metro is $597,000. That price is up 20% from 2020. So far the year has been a whirlwind. We are seeing the lowest inventory in Portland history, multiple offers, and super fast home sales. If you want to see the latest market stats, check out the real estate section of the blog here.

Portland Average Commute Times

As the city has continued to rapidly grow year over year congestion has become more of an issue. Depending on what area you decide to live and what area you decide to work, commute times can vary from 10 minutes to over an hour.

Living in Vancouver and working in Portland will require you to cross one of the two bridges that span the river. Both get congested during peak traffic hours and an hour commute should be expected into downtown. Similarly, Highway 26 gets backed up from the Western suburbs into downtown Portland. This highway tends to move more quickly, but commute times will be around 30-45 minutes into downtown at peak hours.

If you are going to live in Portland proper and be able to take interior roads, commute times usually linger around 20 minutes to most other parts of the city. We are happy to discuss specific traffic patterns if you have questions about what to expect. Just fill out the contact form in the side bar!

Best Restaurants in Portland

Portland has one of the best food scenes in the country. No matter the style of food you are in the mood for, there are multiple locations absolutely excelling in that style. We have multiple ‘Best of’ lists that you can check out here.

We also love to stay on top of the 38 Essential Restaurants by Eater. They are constantly updating the list and it’s one of the best ways to make sure you know all about the best of the best in the Portland food scene. You can also keep up with the newest and trendiest restaurants with the Eater Heatmap.

Portland Nightlife

Nightlife in Portland is just as fun and diverse as the restaurant scene. From private karaoke rooms, to large clubs for dancing, to dark dive bars, Portland has it all. Downtown Portland and the Pearl District are the best places to go for high end cocktails and mingling. While Southeast Portland is the best place to explore the many dive bars. We have featured a variety of different places in our ‘Hot Spot’ series. You can check those out here.

Outdoor Activities Near Portland

There are so many wonderful outdoor activities near Portland, that we consider it the best part of living in the Pacific Northwest! There is hiking and biking at multiple large parks right inside of the city. Or, if you want to get away, you can head into the Gorge for some of the best hikes in the country.

We are also situated at the foot of Mt. Hood which offers 3 great ski resorts in the winter, and some amazing camping in the summer. You can see some of our favorite camping spots here.

Portland also sits just North of some of the best Pinot grapes in the country. It’s hard to go wrong with any winery, but if you want to know about our favorites, just reach out! Lastly, we are only about 90 minutes from the Oregon Coast, which is a fantastic place for a weekend getaway for whale watching, surfing, or some salt water taffy. Bottom line, if you like the outdoors in any capacity, you will have endless amazing places to explore!

Highest Rated Schools in Portland

There are many great schools throughout the Portland Metro area. We like to use Niche.com to search school ratings, and you can jump straight to the Portland Metro by clicking here.

Portland Neighborhoods

the pearl district in northwest portland
NW Portland
dunthorpe neighborhood in southwest Portland
SW Portland
Ladd's Addition in Southeast Portland
SE Portland
Holly wood neighborhood in NE Portland
NE Portland
St. Johns Bridge in N Portland
N Portland

Portland Architecture

Portland is known for it’s cute houses. With much of Portland being built up in the late 1800’s and early 1900’s it’s hard to not fall in love with our houses. Here are some of the most popular styles that you can find as you are searching for homes.

Portland Oregon Bungalow Craftsman
Craftsman

Craftsman’s were typically built in 1910’s-1920’s and have lots of period details. Things like a front porch, built in’s around the fireplace, and an open floor plan are typical to find. It is common to have a bedroom and bathroom on the main floor, a basement, and a finished upstairs.

Portland Four square
Foursquare

These homes were typically built between the late 1800’s and the early 1930’s. They are called foursquares because they have 4 rooms on the main floor and four rooms on the second floor with a staircase in the middle. These homes will also have period details, though usually less ornate than the craftsman homes.

Portland ranch style home
Ranch/ Mid century

The ranch style home was typically built in the 1950’s and 60’s and feature 1 level living. Some of the ranch homes in Portland will feature a full basement to help expand the square footage of the home. Typically you have an open floor plan with living spaces and bedrooms on opposite sides of the house.

Portland Tudor style Home
Tudor

Tudor homes were built from the 1920’s to the 1940’s. They are easily recognizable due to the brick or stucco exterior and steep roof lines. They are almost always 2 stories with living spaces on the main level and bedrooms on the second floor. You can frequently find fireplaces and leaded windows to add to the charm of the home.

Portland modern townhome, modern condos
Modern Attached Home

These new construction beauties have been popping up all over the city and are quickly gaining popularity. You have very tall ceilings, open floor plans, and modern amenities. They also help with the housing shortage in the city.

Homes for Sale in Portland

No matter the area, price point, or style you are looking for we can help you find it somewhere in the Portland area. You can search all of the homes currently on the market by clicking the button below. Or if you prefer to get a curated list emailed to you as new things come on the market, just fill out the form below and we will get in touch with you!

Search For Homes

We hope that you do decide to move to Portland soon! It is, after all, the best city in the West! If you have any further needs or questions, please don’t hesitate to reach out to us! We can’t wait to help you!

December Market Stats

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We finished out 2019 with a bang. Despite all the talk about an impending recession, the real estate market was barely affected. If you look back at the data historically, very few recessions do affect the housing market. This is good news for the Portland Metro! Here is a look at the December Market Stats.

Portland Metro December 2019 market stats

If we look back at the whole year, we only appreciated by 1.5%. This is a small number when we are used to seeing 10-15% appreciation, but as long as things are continuing to climb, we are in a good place. 2020 is expected to mimic 2019 very closely so while things may seem like they have halted, homes are still gaining value.

In December home sales took a little longer than they had the rest of the year. This happens every year with the holidays and seasonal slowing, but so far January has seemed to be much busier.

December also saw more listings come onto the market and more homes go pending. We did have less homes actually sell in December, but again, this is likely due to the holidays.

We also broke down the numbers for each of the quadrants if you want a closer look at your neighborhood numbers. Se Portland is still leading the way with the most closings every month. West Portland continues to be the most expensive area to buy a home, and N Portland is the most affordable.

If you have been on the fence about buying, now is a really good time to get into the market. You can get ahead of the bidding wars and spring selling frenzy while still taking advantage of the low interest rates.

Ready to start your home search?

If you are interested in looking at the homes on the market, or you want to know what your home is worth, just click the buttons below! We will talk to you again next month!

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