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March 2020 Portland Market Stats

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The statistics for March of 2020 are available, and as we look back, this gives us the best look at how the beginning of the pandemic affected our local market. Kate Brown issued stay at home orders on March 24th, so the housing market had not yet been affected by the pandemic. The quick and dirty breakdown of the numbers indicates that everyone was gearing up for the busy season. We saw a huge push of new listings, newly pending homes, and new closings. We also saw the average home price jump up and the days on market drop down. Keep on reading if you want a more in-depth look!

Portland Metro

Looking at the numbers for Portland, you can see that we were heading into a very strong market. March is always the beginning of our busy season. Many people believe June is the best month to sell a home, but here in Portland, it tends to be March or April. We saw a 25% jump in new listings in March compared to February and a 24% jump in closed sales. That shows that even though we are finally starting to get more inventory, there are plenty of buyers out there.

So far for 2020 we are at a 4.1% appreciation. This is a healthy and normal amount of appreciation. So while you may not be making a ton of money year over year, real estate remains one of the safest investments you can make. Also, a quick note about the market as I am writing this, we are in the heat of our lockdown, and while we did see real estate slow for the first 2 weeks, things seem to be picking up right where they left off. We have seen many new listings come onto the market, and everything close-in at a mid-range price is still selling quite quickly and often with multiple offers. If you are waiting for the market to tank before you jump in to buy, it isn’t going to happen.

Selling

If you are considering selling your home, now is an excellent time to get into the market. People are out looking for homes right now and I fully anticipate that when the stay at home order is lifted, we will see a huge push of new listings. More listings means more competition and less buyers for your home. We don’t have a crystal ball but the way things feel right now, it doesn’t seem like we are going to be as hurt by this as the media is tending to portray. Timing is always a personal choice, but if you are ready to move and thinking of selling, let’s come up with a game plan to ensure that you net as much money as possible. 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

Everything on the Eastside performed well last month. Days on market are down by more than a week, which means things are selling really quickly. 51 days seems like quite awhile, but if we remove the outliers, this number is much closer to 9 days. North Portland saw a huge jump in average sales price for March and is almost equal to that of Southeast Portland. With the Vancouver/Williams corridor becoming so popular, and all the new construction going up, prices have been jumping very quickly in North Portland. There are still affordable pockets, you just need to know where to look.

West Portland

Unlike last month, we saw the average sales price climb back up for West Portland. This number is back to where we were at the beginning of the year. We also saw the days on market climb a bit. It is only 1 day longer than last month, so this number is pretty arbitrary. As previously mentioned, the Westside has the majority of the luxury listings and condos, both of which simply take longer to sell. Numbers are staying pretty consistent on this side of the river, so you should be able to plan out into the future if you aren’t ready to make a move yet.

We hope this helps to breakdown the March 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!

Paint Palette

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Color is such an important part of personalizing a home. But it’s also key in making your home a space others can see themselves moving into. We know you probably have lots of extra time on your hands, so here are our 4 tips to whip your home into shape!

*Not a fan of videos? Keep scrolling for the written version!*

Today we are going to be talking with you all about the power of paint and how it can make a huge impact in the home selling process for a very small investment.  We are all stuck in our homes for now, so if you have any plans for selling in the future, why not take this extra time to spruce things up?  Or, maybe you are just bored of your house colors in which case, this will provide a nice refresh!

We want our homes to feel like us, so often times we tailor them to suit our own tastes. Things like cozy furniture, bright and textured rugs, wall art and the right light fixtures can really reflect a style and personality. Sometimes we even go a little risky and do accent walls. Things like painting our children’s bedrooms to mimic night sky. or We will add a little DIY wallpaper. While these are all AMAZING ways to customize spaces, when it comes to preparing your home for resale, these colorful wall colors can really start to restrict your buyer pool. If you’ve never tried selling a home with bright orange walls, then you probably don’t even know the power a simple color change can make. We want to do everything we can to sell your home as quickly as possible. 

The good news is that a fresh coat of paint can change everything.  Here are our top 4 tips! 

Tip 1: Your Door

 First things first, let’s consider your front door. It’s a smaller project and might offer you a little more creativity. You have probably seen black, gray and white doors, but this is actually where we want to see a pop of color.  If you have a lighter palette of colors on your home, try a rich navy blue or vibrant red.  If you have a dark color palette, like a grey or navy, try a bright color like sunny yellow or a lively teal.  You want to wow people before they even get inside. 

Tip 2: Keep it Uniform

Secondly, When it comes to interior walls, the trend here is to keep everything flowing with a neutral color. The idea is to create a blank canvas to help people envision themselves living there. You also want to think of it like flooring… We want it to be uniform throughout the home. Choose a neutral that you love.  You don’t have to carry that color through the whole home, just make sure that every room is in the same color family. You can do slightly lighter versions of the color in the bedrooms and hallway, and slightly darker version in your dining room or family room.  Exceptions to this are your smaller, tighter spaces like bathrooms without natural light. Those will benefit from whiter brighter paint that helps bounce light around and make the room appear wider and taller.

Tip 3: Keep it Neutral

Now that we know the look we’re going for, let’s talk color. The biggest trends right now are any and all whites, soft grays, and taupe. These might not seem like exciting choices, but they are all incredible popular. And that’s probably because they are so versatile and suit a variety of house styles from modern to traditional. Here you can see the colors that Sherwin Williams sells the most of, notice a trend?  If you hate the idea of painting everything white and grey, go for a greyed out version of your favorite color. Blue-greys will still look neutral but offer a bit more color and personality. 

Tip 4: Know your finishes

Lastly, another thing about paint is that not all textures are created equal. Usually when you go to Home Depot, Lowes or your favorite local home improvement store, you will be able to select a finish. Keep in mind the location of the room that you’re painting. Since kitchen’s are such a busy part of a home, go with a satin or semi-gloss finish.  Bathrooms should be in a semi-gloss or gloss, and all the other rooms should be in an eggshell finish.  

We have seen it many times, beautiful homes go on the market with crazy colors. Prospective buyers just can’t see past them.  Having a realtor that understands the current trends is more important than ever.  We can’t currently come to you, but, if you need some help picking out colors, we are happy to do a video chat and give you some tips. Just reach out to us!

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.

Voysey

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This week we checked out the elegant speakeasy cocktail bar Voysey! This basement bar can be found by following the red light down the stairway at the back of Loyal Legion. If you don’t have a curious mind, you may not have even known this plush cocktail lounge existed.

Voysey Portland, that portland life

Voysey is run by veteran female bartenders and bar managers serving up their own personal cocktail recipes as well as fun twists on some of the classics. As a result, everything on the menu is very thoughtful. If you are not in the mood for cocktails the menu is simple – 5 beer choices and 5 wine choices with a little something for everyone.

Voysey speakeasy in Portland

There are lots of cozy seating areas and a strong vintage vibe. Pink and red lights add to the ‘old-world’ vibe of the space. The bartender who served us was incredibly friendly, checked in on us just often enough to keep our drinks full, and was super knowledgable about all things cocktail.

We will definitely be going back to check out more of the drinks! If you want to keep current with what they are doing, check them out on Facebook!

Have you been yet? Had you even heard about it? Let us know what you think in the comments!

Blank Slate

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Hot Spot of the week is awesome craft cocktail bar Blank Slate. I visited this place on a whim after hearing that they would be projecting the Oscars on the big screen complete with specials on oysters and champagne. Over the course of the evening, it became clear that this is the bar that I have been missing in my life.

Winter’s Cup and Negroni

We started the evening with cocktails, a Negroni for me and the Winter’s Cup (Sloe gin, rosemary, soda, deliciousness) for my friend. Both were absolutely delectable and made me want to try every drink on the menu. I will have to return for that chance, as I needed to take advantage of the bubbles special next. I ended up choosing the Spanish Cava, which was bright and crisp.

After enjoying a round of a half dozen Kumamoto oysters (they were wonderful), we ordered the rest of our meal. While the menu at Blank Slate isn’t extensive, it is well-curated and perfectly executed. We were excited to see that they use Fressen bread, so we ordered the Soppressata sandwich and the Mushroom toast. We LOVED the attention to detail that went into these dishes. Even something as simple as a thin spread of high quality butter on the Fressen pretzel roll elevated that Soppressata sandwich to drool-worthy heights. The trumpet mushrooms on the toast were perfectly roasted and they made use of a phenomenal finishing salt to make it just *that* much more delicious.

The decor is worth mentioning as well. I loved the wallpaper, a black background covered in greenery and white flowers. Hanging plants in the windows and a beautifully designed bar make this place feel simultaneously chic and cozy. Our service was the same, attentive but also warm and friendly. I felt welcomed like I was a regular, which I fully plan on becoming.

Have you checked out Blank Slate? What did you think of this awesome NE bar? Let us know in the comments! If you would like some info about Blank Slate, you can find it here.

Do you know a spot we should feature next? We want to hear about your favorite places in Portland!

Valentine's Day 2020

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Valentine’s Day 2020 is fast approaching and there are so many amazing things to do to celebrate with your loved ones! You can always go the route of a special dinner out or you could perhaps take your sweetheart dancing. You could go for a walk in one of Portland’s amazing parks or you could sip a delicious cocktail in a sultry speakeasy. Check out the list below for some fun ideas to make your day or evening special!

Where to Dine

Ava Gene’s – Italian eatery serving cocktails & upscale fare, including family-style options, in a chic space.  3377 SE Division St

Blue Hour – Upscale eatery with 16-ft.-long drapes & an outdoor patio serving Mediterranean-New American dishes. 250 NW 13th Ave

Canard – Dishes take their inspiration from all over the world at this stylish venue mixing fresh cocktails. 734 E Burnside St

Davenport – A regularly changing eclectic American menu served against a warm, industrial-hip backdrop. 2215 E Burnside St

Jacqueline – Seasonal, seafood-centric New American fare is offered in an intimate setting with quirky artwork. 2039 SE Clinton St

Urdaneta – Comfortable, chic choice for creative Spanish small plates paired with craft cocktails & wine. 3033 NE Alberta St

Where to Sip

5 and Dime – Playful cocktail menu, draft wines, and yummy bar bites in a Portland-chic neighborhood space. 6535 SE Foster Rd

Box Social – Casually elegant, candlelit bar featuring creative cocktails, nibbles & light bites. 3971 N Williams Ave

Circa 33 – Prohibition-themed cocktail bar with a patio & secret back bar hidden behind a swinging bookshelf. 3348 SE Belmont St

Fireside – Striking gastropub with dual fireplaces serving New American fare, wine & cocktails. 801 NW 23rd Ave

Kask – Cool craft cocktail bar with rustic accents featuring clever, hearty small plates & a nightly punch. 1215 SW Alder St

Wonderly – Classic and creative craft cocktails in a chic, colorful space, featuring a focused but delicious bar menu. 4727 NE Fremont St

Where to be Different

Take your sweetie for a soak at one of Portland’s many soaking pools. Kennedy School, Common Ground, or Knot Springs are all good options.

Challenge your cutie to a puzzle-solving extravaganza at a fun escape room. Both Escapism Portland and Escape Games PDX are top-notch for a brain-bending good time.

Take a hike with your honey within the city limits. Forest Park, Mt. Tabor, or Tryon Creek are all beautiful spots to take in nature and each other’s unique beauty.

Dance the night away with your darling at one of the great dance parties around town. The Goodfoot, Holocene, and Dig-a-Pony all have delightful get-downs going on this weekend.

Does your baby like beer? Take them to Zwicklemania on Saturday for free tastings and brewery tours all over the city!

Where do you plan on celebrating this Valentine’s Day 2020? Let us know in the comments!

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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Lechon

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Our hot spot of the week is Lechon! We headed to this fabulous wood-fired South American tapas restaurant recently to finally check it out. Located in SW Portland, this place will blow you away. The flavors, the decor, and the presentation were all spot on when we visited recently, and we are excited to go back!

Check out this incredible jellyfish tank!

Most of our group opted for bubbles to drink (surprise, surprise) but another of Lechon’s great drink options is the Old Fashioned bar, where you can choose your spirit, sugar type, and bitters to really customize your cocktail. We found the wine list and beer options were also well-curated, so we had many options of bottles to share.

When it came to the food I have a confession: We devoured everything so quickly that I completely spaced on snapping many pictures to showcase how lovely and delicious the food was. That being said, the food really was wonderful! Their take on Peru’s quintessential dish, Lomo Saltado, was easily the best version of it that I have ever eaten. Considering I lived in Peru for over 2 years, that says a lot!

Best ever Lomo Saltado

We also loved that there were options from so many South American countries! Argentine asado, Peruvian ceviche, and even some dishes that can usually be found in Spanish tapas restaurants, like Patatas Bravas. These worldly dishes were blended seemingly effortlessly with others more familiar in the Pacific Northwest, like in the Dungeness Crab Astoria.

Now, normally I don’t have much of a sweet tooth, but as a group we decided that we had to try the banana caramel pie and the pina colada pisco cake. They were both totally delicious and left us scraping the plates for any remaining morsels.

Don’t skip dessert at Lechon!

We are so excited to go back and try everything else on the menu! Their happy hour looks fantastic, and maybe next time I’ll even remember the pictures. You can check out the menus and location here.

Where should we check out for our next hot spot? Let us know in the comments!