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Unveiling Real Estate Trends in Portland: June 2023

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The real estate market in Portland is dynamic. It’s influenced by various factors, including supply and demand, economic indicators, and shifting buyer preferences. We will dissect key statistics to offer insights into the current state of the Portland real estate market. Our analysis will encompass crucial areas, including new listings, inventory levels, closed sales, time properties spend on the market, and average and median sale prices. We will examine these data points to reveal emerging trends and provide expert predictions for the Portland real estate market. As a reminder, statistics always come out one month behind, so the current market is slightly different.

New Listings:

In May 2023, the Portland real estate market witnessed 3,240 new listings—a 15.9% decrease compared to May 2022. However, a resounding 22.1% surge was observed compared to the preceding month, April 2023. These statistics signify an upward fluctuation in the availability of homes for sale in the Portland area, indicative of both changing market conditions and shifting buyer behavior. Buyers are starting to get used to the high interest rates and are entering the market again.

Inventory in Months:

The inventory in months—an essential metric gauging housing supply relative to the current sales pace—presents a compelling narrative in the Portland real estate market. Throughout 2023, the Portland market has experienced wide fluctuations in inventory levels. In January, the Portland market had a robust 2.7 months of inventory, only to decrease to 1.6 months by March. With another rise in interest rates an upward trajectory returned, with inventory stabilizing at 1.9 months for both April and May. This signals that while the number of houses being listed has remained fairly steady through the year the changes in interest rates are directly affecting how many buyers are entering the market.

Closed Sales:

Closed sales, representing successfully concluded transactions, offer a tangible indicator of market performance in the Portland real estate market. May 2023 witnessed 2,008 closed sales in Portland, registering a 31.1% decline relative to May 2022. Yet, an astounding recovery of 17.6% was experienced when juxtaposed with April 2023. This again indicates that buyer demand is tied directly to interest rates and even the seasonal spring push can’t cause us to rebound back to 2021 and 2022 numbers.

Time on Market:

The inventory level in the Portland real estate market underscores a prevailing seller’s market, where demand outstrips supply, leading to intensified competition among buyers. However, the total market time is much higher than what is expected for a sellers market. The average days a home took to sell still decreased substantially this past month to an average of just 40 days in Portland. When compared to what we are seeing on the ground day to day, this number seems high. Many homes that are priced well and presented well are selling in a week or less. So while we know demand is there, as a seller having a real estate professional is more important than ever.

market time, portland real estate May 2023
Year-to-Date Summary:

When comparing the first five months of 2023 with the same period in 2022, a slowdown in market activity emerges. New listings registered a notable decline of 23.5%. This also caused pending sales and closed sales to drop by 29.0% and 34.0%, respectively. When we consider these numbers next to the end of year numbers from 2022 we see a different story. May of 2022 was when the market notably shifted towards the downward trend. This continued into the summer before leveling out in the fall. Since the fall of 2022 we have seen a slow but steady climb in pricing, inventory and buyer demand which all point to a recovering real estate market.

Average and Median Sale Prices:

Analyzing the average and median sale prices in the Portland real estate market offers invaluable insights into the market’s overall price trajectory. Through May 2023, the average sale price in Portland decreased by 4.5%, from $615,600 to $588,200. Similarly, the median sale price had a comparable decrease of 4.4%, dropping from $549,000 to $525,000. If we compare these numbers to last month as opposed to last May we actually see an increase of 2.1% for the average and 3.8% for the median. This again points to a recovering and growing real estate market.

Average sales Price May 2023
Conclusion:

Through an analysis of the real estate statistics, we have witnessed undeniable fluctuations in new listings, pending and closed sales, inventory levels, and average and median sale prices in the Portland real estate market. While market activity has slowed compared to the previous year, month-over-month data reflects a resilient rebound. If you are thinking of selling, personal timing matters more than anything. With home prices climbing you don’t have to have a fear of missing the top. If you are on the fence about buying, the longer you wait, the more expensive things will continue to get. Interest rates do play a huge part into what the monthly payment will be, but we don’t expect them to suddenly drop. Hopefully this information is helpful as you consider whether now is the right time to jump into the real estate market or not. If you are thinking of buying and want to know what you might qualify for, We have all our favorite lenders listed HERE. And if you are ready to start looking at homes, you can do that HERE. Wondering what your home is worth? FInd out HERE

Celebrating Queer-Owned Restaurants

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Discover the vibrant culinary scene of Portland through a celebration of queer owned restaurants. In this blog post, we are excited to showcase some exceptional establishments that have become integral parts of the city’s inclusive and diverse culture. Join us as we delve into the contemporary delights of Kann and Can Font, indulge in the comforting flavors at Farmhouse Kitchen and Friendship Kitchen, and explore the fusion creations at Clark Lewis and Siam Umami. These queer-owned restaurants not only offer unforgettable dining experiences but also embody the spirit of creativity, inclusivity, and celebration that defines Portland’s culinary landscape.

Kann

kann - queer owned

Experience avant-garde cuisine at Kann, a queer-owned restaurant that thrives on innovation. With a constantly evolving menu and a commitment to inclusivity, Kann tantalizes your taste buds with daring flavor combinations and artistic plating. Whether you’re a passionate foodie or an adventurous eater, Kann promises to surprise and delight, earning its place as a beacon of queer culinary excellence in Portland.

548 SE Ash st.

Farmhouse Kitchen

farmhouse kitchen

Embark on a culinary adventure at Farmhouse Kitchen, a queer-owned gem that draws inspiration from Thai street food. With a focus on locally sourced ingredients, this cozy restaurant delivers the vibrant flavors of Thailand to the Pacific Northwest. Indulge in green curry, pad Thai, and heavenly coconut-based desserts, all while celebrating the cultural influences that shape Portland’s diverse dining scene.

3354 Se Hawthorne Blvd

Can Font

can font - queer owned

Savor the fusion of Catalan and Northwest flavors at Can Font, a queer-owned restaurant that seamlessly blends tradition with local ingredients. From the tantalizing aroma of roasted meats to the delicate balance of flavors, Can Font offers an elegant dining experience. Immerse yourself in a rich tapestry of culinary influences while celebrating the queer-owned heritage that thrives within this Portland establishment.

1015 NW Northrup St

Clark Lewis

Clark Lewis is a queer-owned culinary haven that crafts menus inspired by the seasons and local ingredients. The talented queer chef behind this restaurant combines classic flavors with contemporary techniques to create unforgettable dishes. Whether you’re a meat lover or a vegetarian, Clark Lewis invites you to savor their wood-fired delicacies and revel in their commitment to culinary excellence.

1001 SE Water Ave

Friendship Kitchen

Step into the warm and inclusive space of Friendship Kitchen, a queer-owned restaurant that celebrates comfort food from diverse cultures. With a menu featuring gourmet burgers, mouthwatering pastas, and vegan delights, Friendship Kitchen caters to all palates. The passionate queer owners ensure that each visit feels like dining among friends, fostering a sense of community that is as satisfying as the food itself.

2333 NE Glisan St

Siam Umami

Experience the epitome of queer-owned culinary creativity at Siam Umami. Inspired by the fusion of Thai and Japanese cuisines, this extraordinary restaurant captivates diners with its unique creations. From Thai-infused sushi rolls to curry bowls with Japanese flavors, Siam Umami takes your taste buds on a captivating journey. Embrace the passion and dedication of the queer-owned spirit behind Siam Umami as they push the boundaries of flavor in every dish.

4237 S Corbett Ave

Siam Umami:

Portland’s queer-owned restaurants represent a dynamic and inclusive culinary landscape, showcasing the creativity and talent of LGBTQ+ chefs and owners. From innovative menus to comforting flavors, each establishment mentioned – Kann, Farmhouse Kitchen, Can Font, Clark Lewis, Friendship Kitchen, and Siam Umami – offers a unique dining experience that embodies the essence of Portland’s diverse culture. Indulge in the culinary delights of these queer-owned gems, and let your taste buds celebrate the spirit of inclusivity, community, and culinary brilliance that thrives within the Portland dining scene.

If we missed your favorites, please let us know! If you are looking for other best of lists, you can find those HERE

Why selling your first home in Portland could be the right move

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Hey there, Portland homeowners! Are you ready to move up to a bigger and better home? Then you’re in the right place! Selling your first home can be intimidating, but don’t worry. We’ve got you covered!

With low inventory and high demand in Portland’s housing market, now could be the perfect time to sell your current home and move up to a more spacious, comfortable home. We know that making any move can be a little nerve-wracking. That’s why it’s important to work with a real estate agent who understands your needs and can guide you through the process. So, what are some of the things you need to consider when going to a “move up” home in Portland?

Step 1

First, you need to understand the current state of Portland’s housing market. In recent years, the market has been experiencing low inventory and high demand, which has resulted in rising home prices. That has slowed down with recent interest rate hikes, but the market is still competitive and prices are trending upwards. This can be a great opportunity for homeowners who are looking to sell their first home. By selling in a seller’s market, you may be able to get a higher price for your current home, which can help you afford a more expensive “move up” home.

Step 2

Second, you’ll need to decide if staying in Portland is the right move. The city has many wonderful things to offer like the best food carts in the country, stunning parks and trails, and proximity to amazing outdoor attractions like Mt. Hood and The Coast. Even still, we acknowledge that Portland isn’t right for everyone. If you do want to move out of the city, or out of the state, do a deep dive on the places you are considering to see what will best suit your lifestyle. If you need a connection out of state, we are happy to connect you with someone that can educate you on neighborhoods and current market trends.

Step 3

Lastly, you’ll need to think about what you want in your next home. We suggest making a list of the things you love about your home, and the things that you want to change. Then we will use that list as a baseline to find your next home. You want to dig a little deeper than the first time around with this list. Think about neighborhood amenities and any expected lifestyle changes when coming up with your wants list.

If you’re ready to take the next step and start exploring your options, we’re here to help. Visit HERE for an instant home valuation to see if moving might be worth it for you. You can also contact us for a free consultation if you’d like a more accurate representation, you can find our Calendar HERE. If you still aren’t sure, give us a call and we’ll be happy to answer any questions you may have.

Don’t wait to make your move. Let us help you sell so you can find the perfect “move up” home.

Dining Solo

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We recently have found ourselves dining solo in recent months. We have found that it is a really nice way to treat yourself. Now, if you’re looking for the best restaurants in Portland to dine alone, you’re in luck! Here are some great options:

  1. Davenport – A combination of nostalgic favorites, Basque-region standards, and excellent seafood, all delivered with Davenport’s characteristic casual yet attentive service.
  2. Coquine – A charming French-inspired bistro with a cozy atmosphere and delicious, seasonal fare. The bar seating and counter overlooking the kitchen are great options for solo diners.
  3. Han Oak – A Korean-inspired restaurant featuring communal seating and an open kitchen. The bar seating is a great spot for solo diners to enjoy the action while savoring the delicious food.
  4. Tusk – A stylish Middle Eastern-inspired restaurant with a gorgeous interior and a menu of vibrant, seasonal dishes. The bar seating and communal table are perfect for solo diners.
  5. Afuri – A Japanese restaurant specializing in ramen and yuzu-flavored cocktails. The counter seating is a great spot for solo diners to watch the chefs at work.
  6. Kachka – A modern Russian restaurant with a cozy atmosphere and a menu of delicious, shareable dishes. The bar seating is perfect for solo diners to enjoy a meal while sipping on a creative cocktail.
  7. Normandie – Normandie combines modern French inspiration with the bounties of the Pacific Coast. The menu focuses on small plates with big flavor. Expect a seafood heavy, flavor-forward food menu as well as an inventive cocktail program.
  8. Arden – Is an opportunity to escape, indulge and restore. Highlighting seasonal local ingredients and wines, Arden seeks to re-connect you to your community and your peace of mind.

We focused on higher end restaurants this time around so dining solo can truly feel like a treat, but if you’d like us to do a list of more causal restaurants, be sure to let us know!! If you are looking for some of our other lists, you can find them all HERE

Sweedeedee

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Looking for a cozy spot to enjoy some homemade comfort food in Portland? Look no further than Sweedeedee, a charming cafe located in the North Portland neighborhood. This little gem has quickly become a favorite among locals and tourists alike, and for good reason.

First and foremost, the food at Sweedeedee is simply delicious. Everything on the menu is made from scratch using fresh, locally sourced ingredients. You know you’re getting the best of the best. Some standout dishes include the buttermilk biscuits (a must-try!), the fried chicken sandwich, and the seasonal pies (trust us, you won’t be able to resist).

We wanted to try something new this time around so we opted for their sandwiches. They were absolutely delicious and I was glad to have branched out!!

But it’s not just the food that makes Sweedeedee so special – it’s the atmosphere too. The cafe has a cozy, vintage-inspired vibe that’s both welcoming and eclectic. From the quirky knick-knacks to the mismatched chairs and tables, every detail feels thoughtfully curated. It’s the kind of place where you can easily spend a lazy afternoon catching up with friends or getting lost in a good book.

And let’s not forget about the service – the staff at Sweedeedee are some of the friendliest you’ll find in the city. They’re always happy to chat, offer recommendations, or just make sure you’re having a good time. It’s the kind of warm, welcoming service that keeps people coming back again and again.

So next time you’re in Portland and looking for a cozy spot to enjoy some delicious comfort food, head to Sweedeedee. Trust us, you won’t be disappointed.

Why should you move to Oregon?

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Are you thinking of moving to the Beautiful state of Oregon? We put together this quick video which highlights just a couple reasons why we think you will love it here.

Oregon, known as the “Beaver State”, is one of the most beautiful places in the United States. It’s located in the Pacific Northwest and is filled with stunning scenery, a rich culture, and diverse communities. If you’re thinking about moving, here are some reasons why Oregon should be at the top of your list.

First of all, Oregon has a vibrant urban scene. Portland, the largest city in the state, is known for its lively downtown, trendy neighborhoods, and quirky culture. From craft beer to farm-to-table cuisine, Portland is a foodie’s paradise. And if you’re into biking or walking, Portland is one of the most bike-friendly cities in the country, with over 350 miles of bike lanes.

outside the city

But Oregon isn’t just about the city life. The state also boasts over 360 miles of beautiful coastline, with stunning beaches, rugged cliffs, and picturesque lighthouses. Whether you’re into surfing, kayaking, or just lounging on the beach, Oregon has something for everyone.

If you’re an outdoor enthusiast, you’ll find plenty to love in Oregon. The state is home to Crater Lake National Park, one of the most breathtaking natural wonders in the world. The lake, which was formed by a collapsed volcano, is the deepest in the United States and is surrounded by beautiful forests and mountains.

If you’re a wine lover, you’ll be happy to know that Oregon has a thriving wine industry. The state is known for its Pinot Noir, and the Willamette Valley is home to over 500 wineries. Whether you’re a connoisseur or just enjoy a good glass of wine, you’ll find something to love in the Oregon wine country.

Finally, if you’re a fan of the arts, Oregon has plenty to offer. The state is home to the Oregon Shakespeare Festival, one of the most prestigious theater festivals in the country. And if you’re more into music, the state is known for its thriving indie music scene, with countless venues and festivals throughout the year.

in conclusion

From the bustling city life to the peaceful wilderness, we truly have it all. With its beautiful scenery, vibrant culture, and endless opportunities for adventure, there’s never been a better time to make the move to the Beaver State.

Do we have you convinced? You can search for homes HERE. Or learn more about Jessica HERE. We look forward to connecting soon.

Counter Service Restaurants

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Portland, Oregon is a city with a diverse and thriving food scene. From farm-to-table fine dining to food carts and street food, there’s something for everyone. If you’re looking for a quick and delicious meal, counter service restaurants are a great option. Here are some of the best counter service restaurants in Portland that you need to check out:

Bluto’s

Bluto’s is a wood fired, greek inspired restaurant where you can find some of the best hummus in the city. You can also find unique cocktails many inlcuding ouzo.

2838 SE Belmont

Bollywood Theatre

Bollywood Theatre is an Indian street food restaurant with two locations in Portland. The menu features a variety of delicious dishes, including samosas, chaat, and curries. The vibrant and colorful decor adds to the fun and lively atmosphere.

  • 3010 SE Division
  • 2039 NE Alberta

Danwei Canting

Danwei Canting is a Chinese restaurant that serves a variety of dishes, including dumplings, noodles, and bao buns. The menu is inspired by the street food of Chengdu, China, and features bold and spicy flavors.

803 SE Stark

Grassa

Grassa is a pasta restaurant that specializes in handmade noodles and sauces. The menu features a variety of classic pasta dishes, such as spaghetti and meatballs, as well as more unique options, such as bacon carbonara.

  • 1375 SE Hawthorne
  • 1205 SW Washington
  • 1506 NW 23rd

Guero

Güero is a Mexican taqueria that serves delicious tacos, burritos, and bowls. The menu features traditional Mexican flavors with a modern twist. The fresh ingredients and homemade salsas make these tacos some of the best in Portland.

200 NE 28th

Hat Yai

Hat Yai is a southern Thai restaurant that specializes in fried chicken and roti. The chicken is marinated in a special blend of spices and served with a variety of sauces. The roti is flaky and buttery and perfect for dipping into the curry dishes.

  • 605 SE Belmont
  • 1605 NE Killingsworth

Nong’s Khao Man Gai

Nong’s Khao Man Gai is a Thai restaurant that specializes in a popular street food dish in Thailand. The dish consists of poached chicken, rice cooked in chicken broth, and a side of sauce made from fermented soybeans, ginger, garlic, and Thai chilies.

  • 609 SE Ankeny st C
  • 417 SW 13th

XLB

XLB is a Chinese dumpling restaurant that serves xiao long bao, also known as soup dumplings. The dumplings are filled with a variety of meats and vegetables and served with a side of black vinegar and ginger.

4090 N Williams

Portland has no shortage of amazing counter service restaurants. Whether you’re in the mood for Indian street food, Thai fried chicken, handmade pasta, or gourmet donuts, you’ll find something delicious in this foodie city.

Bluto’s

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This past week we revisited Bluto’s Greek Restaurant. It was opened by the same great minds as Lardo. Seeing as we love Lardo as much as we do (best sandwich in portland) we knew to expect good things from Bluto’s.

Bluto’s is a wood fired greek inspired restaurant, so don’t expect authentic, but do expect char. The restaurant is casual but elevated. The chef calls it “fast casual plus”. He sees it as the way portland is headed, Fine dining food in a casual atmosphere. Time will tell if he is correct.

The have a small but creative cocktail menu. I had the ‘Greek it to me’ which was tequila and cucumber and very refreshing. There are lots of other fun cocktails that I am excited to go back and try. If cocktails aren’t your thing, they also have greek wine and local beers to choose from.

The food

As for the food, it was truly delicious. We tried many of the things on the menu and there was only one thing that we didn’t love. The cauliflower with lentils just didn’t work for me. The dish had lots of potential, but it was too much char for me.

The rest of the things we loved. The biggest standout was absolutely the hummus. It’s silky smooth, super flavorful, and is divine with the house made flatbread. We also loved the beet salad with quinoa, it came with a black tahini sauce that was heavenly. We also tried the chicken, shrimp, and lamb skewers. The chicken was the best for me, tender, flavorful, juicy, I could go on. The lamb was a close second, especially considering lamb is a hard protein to find in Portland.

For dessert we had chocolate soft serve, which takes just like the nostalgic soft serve you are thinking of now, and baklava, which should not be skipped!

I can definitely say that I will be coming back to Bluto’s. Its expensive for counter service, but maybe the chef is onto something with his upscale fast casual theme. Have you been? Let us know what you think!