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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!

Market Update June 2019

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Our stats are here! The Portland market is still performing incredibly well and is slowing significantly less than we anticipated and actually picking up speed in some areas. I you want the full breakdown, read below!

The Portland market stayed strong through June as we continue into Summer time. Last month we mentioned that June is frequently the time that most people list their homes for sale, and while we saw some great numbers, we actually had fewer homes listed in June that we did in May. The interesting thing is that we saw many more homes go pending than they have in precious months. This means that more people are out shopping than before. If you have been house hunting, you have likely noticed this first hand. We have been experiencing multiple offers on almost all the homes we have been in to see. This also means that average days on market dropped. With more people out hunting, homes are not lasting as long before they go pending.

The average sales price went up in June while the median sales price did not change. The disparity in these changes comes from the fact that we have a denser pricing pool. There have been fewer very low or very high priced homes to affect the median, but home prices are climbing.

All in all, things in Portland are going well and we expect these trends to continue for at least the next couple of months.

If you are thinking of selling or buying, don’t hesitate to reach out and we can discuss how these stats will affect our strategies in the current market!

Market Update May 2019

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May Stats are finally out and we can look back on the past month to reflect on how healthy the Portland market is. The short answer is that we are still in a strong market and homes are still increasing in value! If you want to read about the full breakdown, continue below.

The Portland market continued to pick up through May as we head into Summer time. Historically people believe June is the best month to list their home so we should see even stronger numbers coming out next month, but we had 700 more homes listed in May than we did in April. We also had more homes close and go pending than in April so we are maintaining a healthy balance. Average days on market dropped slightly which is likely due to the home : buyer ratio dropping slightly as well as homes being priced more accurately. We are still seeing homes under the $500,000 range frequently sell in only a few days and often with multiple offers, so be sure to consult your realtor before touring homes or writing an offer.

The average and median sales prices both went up in May, showing a continued appreciation of home values in the area. Many people are reporting that the market is slowing drastically and some people are even calling it a crash. Rest assured that homes that are priced within their market range are selling and still appreciating. We are seeing closer to 5-6% over the year as opposed to the 12-15% we have seen the past couple years. This is good for everyone, we needed the market to slow and stabilize to keep us out of a bubble and that is exactly what is happening.

If you are thinking of selling or buying, don’t hesitate to reach out and we can discuss how these stats will affect our strategies in the current market!

How to Sell and Buy at the Same Time

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Many people need to sell their existing home before they are able to buy the one they want next, but how is it done?? I’ll run you through three ways we can make this happen (without you having to move twice) in the video below.

No time for the full video? No problem. Read on below!

1 – Write a Contingent Offer

If you find your dream home before your home sells, we can write a contingent offer on it. This means that your offer is contingent upon the sale of your existing home. However, contingent offers aren’t as strong as non-contingent offers, so if we are competing, the likelihood of the contingent offer being accepted is much less.

2 – Ask for Rentback

If you want to accept an offer and then find your perfect house, you can ask the potential buyers of your home for rentback. In this situation, you continue through the sale and then the new owners ‘rent it back’ to you for a specified period of time. This frees up your finances and gives you some extra time to find that perfect spot.

3 – ‘Subject to Finding a Suitable Property’

In this method, we would accept an offer with a contract clause that states that the offer is being accepted only if/when you find your new home. This one gives you as the seller the most flexibility, but is the most daunting option for the buyer, as they have no guarantee of your motivation to find something new.

As always, if you would like to chat about any of these options in more detail, we would be happy to sit down with you!

Portland Market Action – February 2019

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It’s statistics time! February’s stats came in right where I expected them to. We saw a slight softening in median home price, slightly less homes come onto the market, and slightly less inventory. This is all very typical for the end of winter here in Portland. Here is a quick glance at what the market is doing. Keep reading if you want a more in depth take!

The first thing you likely see on my graphic is that the median sales price is down nearly $15,000 in one month. That may seem like prices are tanking, but the average sales price actually went up by just over $6,000. There is such a difference in these prices because of what is happening in the lower price ranges. There were quite a few “fixers” listed in February that are really dragging the median price down. If you look at the homes that are selling throughout the Portland area, it is hard to find anything under $400,000.

The days on market dropped by only 1 day. 75 days seems like a long time to be sitting on the market, but if you are in a “hot” neighborhood and the home is move in ready under $500,000 or so, the homes are still going pending in a matter of days. Pricing is still really important in this market because buyers are well educated on the market and know when something is priced well.

March has been off to a super strong start and I expect that the average sales price will go up, inventory will go down, and we will see a ton of new listings. Subscribe to the blog to stay up to date with all the latests stats and for fun things to do around town!

January Market Update

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The January market stats are in! Everyone knows I am not much of a statistics girl, but I love these ones. They come in halfway through the next month so it allows me to reflect on whether the trends I was feeling were taking place across the metro area, or just in localized neighborhoods. For January, my market predictions were pretty accurate! The simplified version for those of you not wanting to read on: There are lots more listings, prices are still normalizing, and the market is still leaning toward a seller’s market.

For everyone wanting to get a bit more in-depth, here is my breakdown: We saw the median home price drop just slightly from December, which is something we expect after the holiday season. Almost every year between October and January we see prices fall. Seasonality effects even the strongest markets and this is certainly not a sign that the market is crashing. Despite this slight drop, we had a huge surge of new listings come on the market, more than double what we had in December. There are likely many reasons for this big push but my guess for the biggest reason is that sellers are scared. The media has been stating over and over that we are in for a crash, another recession is imminent, and housing is doomed!! Well, the good news is that nothing that drastic is going to happen. If you have been a buyer, or known a buyer in the last 3-4 years, you know that everyone has been hoping the market would slow down, pricing would stop skyrocketing, and that multiple offers would be a thing of the past. The good news is we all got what we hoped for! I find the best analogy for this is that the market is slowing like a car, we were going 100 miles an hour and now we are going 60. We are still moving forward, just not accelerating. The bad news is, we are on our way into the spring market, and things are going to pick up quickly again.

The average days on market is the most surprising number for me. 76 seems like an exceptionally long time for something to sit on the market, especially when we are seeing so many homes sell on the 3rd day. Truthfully, this number should be much lower, it is skewed primarily by homes that are overpriced with sellers who aren’t willing to negotiate. I’m looking at you, home that needs to be torn down but is listed over 600k! If a home is priced well, “pinterest perfect,” and in a neighborhood close in on the east side, expect it to be pending by the end of its first weekend with multiple offers.

I anticipate we will be in a seller’s market through the rest of our busy season and then we will see the market slow through the end of the year. We may even have a bit of time where we shift into a buyer’s market right around the end of summer. If you are thinking of buying, I would still recommend doing it now. Interest rates are low, but expected to climb, and they affect your affordability more than a slight increase in home prices. If you have questions about affordability, talk to your lender, they have lots of info and stats for you!