June 2016 Portland Real Estate Market Report

Here is a chart of all homes for sale, pending for sale, and sold in Portland, Oregon for the last 15 months:

In May 2016, inventory, pending, and closed sales all grew.  It continues to be a seller's market in Portland.  In May, there were 1199 homes on the market, 995 homes sold, and 1205 were pending for sale.

Homes for sale (Inventory):
Up 17% compared to last month.
Down 14.3% compared to last year.

Home sales closed:
Up 7.8% compared to last month.
Down 13.1% compared to last year.

Homes pending:
Up 5.8% compared to last month.
Up 3.3% compared to last year.

Chart for average price per square footage:

In the past 15 months, the average price per square foot in Portland, Oregon has been between $196 and $239. In May 2016, the average price per square foot in Portland was $239.

Price per Sq. Foot in Portland, OR:
Up 4.8% compared to last month.
Up 16.6% compared to last year.

Days on market and sold/list price %:

This chart is showing us two things.  First, how many days on the market that a home is spending, on average, before being sold.  In all of Portland, in all price ranges, a home is taking, on average, 20 days to sell. Secondly, this chart shows us at what percentage of listing price the home, on average, is selling.  This is a great indicator of pressure on prices.

In May 2016, sellers were getting, on average, 103% of their original asking price.

Average Days on Market:
Down 9.1% from last month.
Down 33.3% from last year.

Sold/Original List Price Ratio:
Up 1% from last month.
Up 2% from last year.

Average price for sale vs. average price of sold:

In May, 2016, the average price of a home that sold was $458,000. The average price of a home that was listed was $603,000.  This does not mean that a home that was listed for $603,000 sold for $458,000.  The listed homes didn't necessarily sell.  For the sold/list price percentage average, look at the 'Days on Market' graph. In May 2016, this figure was 103%.

Average Price of a Home Listed:
Down 2% from last month.
Up 14.2% from last year.

Average Price of a Home Sold:
Up 6.8% from last month.
Up 17.7% from last year.

Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyer's market, 3-6 Months is a balanced market, below 3 months is a seller's market. In May 2016, this figure was 1.2 months based on closed sales.  This does NOT mean that it will take, on average, 1.2 months for your home to sell. That number was, on average in all price ranges, 20 days.   It means that, if not a single new listing were to come on the market in Portland, it would take 1.2 months for all available homes to sell before there would be none left.  It is a very strong seller's market.

Months of Inventory Based on Closed Sales:
Up 9% from last month
No change from last year

This is a comparison of the past 15 months (including a percentage change analysis for the last 12 months) for all of Portland and are taken directly from the RMLS. What follows is my own analysis of these statistics. For our purposes, I thought it best to analyze Portland as a whole. Each neighborhood, however, is a little micro-universe and has its own market. Changing the parameters of the zip codes, price variables, or time periods can lead to very different results. This analysis is of all homes sold in all price ranges in Portland, Oregon. If you have any questions about specific zip codes, or any questions about the market in general, please reply to this forum with those questions or feel free to contact us.

This information doesn't matter if you have a particular neighborhood in mind since Portland neighborhoods are their own micro-markets. If you have one in mind to buy or are selling your home, please request a report for that neighborhood and I am happy to send it to you.

Search all listings in Portland on our website:

 www.searchportlandhouses.com

May 2016 Portland Real Estate Market Wrap Up

May 2016 Portland Real Estate Market Wrap Up

Thank you ladies from "Broad City" for exemplifying my gratuitous use of GIFs.  Won't stop. Can't stop. (This is really my way of trying to make boring data that I find very exciting interesting to everyone else.  Does it work?)

On to the report:  

May looks a lot like April.  It is still a strong seller's market with low inventory and endless demand to live in and around the Rose City.  We are now in the heat of the selling season and, fortunately for all, more homes are coming on the market (great for buyers - more to see!) but also more buyers to compete with (see the spike in pending sales below since December).  

The trend continues for homes to be selling faster (average of 22 days which is a decrease from last month's 28 days) and for more dough (see average price per square foot and percentage of listing price a seller is getting - 102%!).  However, this increase in inventory has been a ray of sunshine for our buyers who are happy to see many more great homes come on the market.  

 So, buyers... how do you compete?  First of all, take your broker's advice.  I know that sounds self-indulgent coming from me, a broker, but I mean it.  Every market is completely different.  This Portland market is wildly different than it was a year ago, 5 years ago, 20 years ago.  We are in the trenches every day and see what is working.  

Ok, the next thing to do is to never give up.  I say this every month and I will continue to.  The only buyers of ours who have not ended up with keys in their hands are the ones that gave up.  A colleague here at Living Room Realty sent an inter-office email with a great graphic illustrating this.  It was essentially 20 "no's" in a row and then a final YES!  Perseverance is the key to keys, y'all. 

So, tune into this monthly report for A) a Portland Market Report and B) a Pep Talk.

Email me if you there's a specific topic you'd like me to explore next month at:  Ross@livingroomre.com

By the way, this is how keys work:

Also, Portland fun fact: Which primary influencer of Bob Dylan lived in a small apartment in Lents and wrote 30 songs back in 1941?  Click here for the answer.

Here is a chart of all homes for sale, pending for sale, and sold in Portland, Oregon for the last 15 months:

In April 2016, inventory grew, closed sales decreased slightly, while pending sales continued it's upward climb.  In April, there were 1025 homes on the market, 852 homes sold, and 1187 were pending for sale.

Homes for sale (Inventory):
Up 19.2% compared to last month.
Down 18.9% compared to last year.

Home sales closed:
Down 9% compared to last month.
Down 21.5% compared to last year.

Homes pending:
Up 18% compared to last month.
Down 3.8% compared to last year.

Chart for average price per square footage:

In the past 15 months, the average price per square foot in Portland, Oregon has been between $189 and $229. In April 2016, the average price per square foot in Portland was $229.

Price per Sq. Foot in Portland, OR:
Up 3.2% compared to last month.
Up 10.6% compared to last year.

Days on market and sold/list price %:

This chart is showing us two things.  First, how many days on the market that a home is spending, on average, before being sold.  In all of Portland, in all price ranges, a home is taking, on average, 22 days to sell. Secondly, this chart shows us at what percentage of listing price the home, on average, is selling.  This is a great indicator of pressure on prices.

In April 2016, sellers were getting, on average, 102% of their original asking price.

Average Days on Market:
Down 21.4% from last month.
Down 40.5% from last year.

Sold/Original List Price Ratio:
Up 1% from last month.
Up 2% from last year.

Average price for sale vs. average price of sold:

In April, 2016, the average price of a home that sold was $430,000. The average price of a home that was listed was $615,000.  This does not mean that a home that was listed for $615,000 sold for $430,000.  The listed homes didn't necessarily sell.  For the sold/list price percentage average, look at the 'Days on Market' graph. In April 2016, this figure was 102%.

Average Price of a Home Listed:
Down 0.6% from last month.
Up 16.9% from last year.

Average Price of a Home Sold:
Up 1.7% from last month.
Up 10.3% from last year.

Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyer's market, 3-6 Months is a balanced market, below 3 months is a seller's market. In April 2016, this figure was 1.2 months based on closed sales.  This does NOT mean that it will take, on average, 1.2 months for your home to sell. That number was, on average in all price ranges, 22 days.   It means that, if not a single new listing were to come on the market in Portland, it would take 1.2 months for all available homes to sell before there would be none left.  It is a very strong seller's market.

Months of Inventory Based on Closed Sales:
Up 32.7% from last month
No change from last year

This is a comparison of the past 15 months (including a percentage change analysis for the last 12 months) for all of Portland and are taken directly from the RMLS. What follows is my own analysis of these statistics. For our purposes, I thought it best to analyze Portland as a whole. Each neighborhood, however, is a little micro-universe and has its own market. Changing the parameters of the zip codes, price variables, or time periods can lead to very different results. This analysis is of all homes sold in all price ranges in Portland, Oregon. If you have any questions about specific zip codes, or any questions about the market in general, please reply to this forum with those questions or feel free to contact us.

This information doesn't matter if you have a particular neighborhood in mind since Portland neighborhoods are their own micro-markets. If you have one in mind to buy or are selling your home, please request a report for that neighborhood and I am happy to send it to you.

Search all listings in Portland on our website:

 www.searchportlandhouses.com

The Best Deals in Portland This Week: May 2nd - May 9th

In the news this week...Summer in Portland means great music!  This week, We bring you:

The Complete Guide to Summer Concerts in Portland and Oregon 2016

"Our summer music guide covers concerts across the state and up into Washington, with fantastic festivals, outdoor venues that open their lawns for the summer season, and arena shows both in Oregon and over the border at Ridgefield's renamed Sunlight Supply Amphitheater. There are classic rock gods saying farewell, some of pop's freshest stars, a smoky and legal-in-Oregon hip-hop tour, a brand-new folk supergroup, blues masters, reggae icons, indie favorites, and much, much more..."

Click here for the full lineup

Click on the images below to see full listing information

Search all listings in Portland on our website:

www.searchportlandhouses.com

Just Sold! Buyers Looked "Out of Box" in Tigard

"After a couple months of house hunting in the cutthroat market of Portland & 2 unaccepted offers later, Our clients, Natalie and Scott became open to the idea of looking just a smidge out of the box — in Tigard, Oregon. And by smidge, I’m talking 15 from downtown and now we are so excited to share the news that they just got the keys to their new home!"

Click on the image to see the full article on our Website

Search all listings in Portland on our website:

www.searchportlandhouses.com

The Best Deals in Portland This Week: April 11th - April 18th

Click on the images below to see full listing information

Search all listings in Portland on our website:

www.searchportlandhouses.com

April 2016 Portland Real Estate Market Wrap Up

Search all listings in Portland on our website:

 www.searchportlandhouses.com

Hello happy home sellers and brave home buyers, welcome to the new Portland Real Estate Wrap Up for April 2016. The March numbers are in and I can't remember seeing a chart that looked quite like this.  Pending sales are through the roof while closed sales and current listing numbers are about even. So, what does this mean?

It means we are now in, perhaps, the most competitive real estate market that Portland has ever experienced.  Why is the case? Easy - everyone wants to live here.  Seriously.  Check this article from CNN Money from a few months ago about it.  Some blame Fred Armisen and Carrie Brownstein.  But hey people, Carrie has left the city for Los Angeles, so I don't know what to tell you.

At the beginning of this post, I called sellers happy.  Indeed they are.  On average, homes are selling in Portland for 101% of listing price.  This is an average so, of course, some are selling for 17% higher and some for 10% lower but this still gives an indication of pressure on prices --- UP. 

Some ask, are we in a bubble?

Natalie Wood looks convinced but I am not as fundamentals are strong.  Buyers are either all cash or extremely well qualified for loans.  This is unlike back in the old days where, if you could fog a mirror, you could have a loan for as much as you want.  Plus, we are talking about supply and demand.  During the Great Recession, construction all but stopped in Portland while people continued moving here.  Now we have very low supply and huge demand.  Check out Portland super real estate lawyer Phil Querin's thoughts on the subject of a Portland real estate bubble.

So buyers be brave.  It wouldn't be so competitive if this wasn't the greatest city you could possibly live in (It's my opinion.  But also, coincidentally, a scientifically proven fact).  I love this place and it is for good reason.  Mountains, Ocean, Food, Music, Art, and unlimited hipster sports.  

Pep talk time: Buyers, do not despair!  Us agents know how to craft offers that are really compelling for sellers to accept.  Sometimes other terms are more important than money.  We often have buyers winning competitive situations where they aren't the highest offer.  We also frequently have sellers who choose buyers who aren't the top $-wise.  Hire an incredible agent and create an offer that is a massive win-win for both sides and you will have keys in your hand.  By the way, this is how keys work:

Good luck out there and go for it.

Here is a chart of all homes for sale, pending for sale, and sold in Portland, Oregon for the last 15 months:

In March 2016, inventory remained steady (low!) and closed sales jumped while pending sales spiked.  In March, there were 860 homes on the market, 855 homes sold, and 1062 were pending for sale.

Homes for sale (Inventory):
Up 4.8% compared to last month.
Down 35.5% compared to last year.

Home sales closed:
Up 34% compared to last month.
Down 4.8% compared to last year.

Homes pending:
Up 21.9% compared to last month.
Down 8.9% compared to last year.

Chart for average price per square footage:

In the past 15 months, the average price per square foot in Portland, Oregon has been between $188 and $223. In March 2016, the average price per square foot in Portland was $223.

Price per Sq. Foot in Portland, OR:
Up 3.7% compared to last month.
Up 13.8% compared to last year.

Days on market and sold/list price %:

This chart is showing us two things.  First, how many days on the market that a home is spending, on average, before being sold.  In all of Portland, in all price ranges, a home is taking, on average, 28 days to sell. Secondly, this chart shows us at what percentage of listing price the home, on average, is selling.  This is a great indicator of pressure on prices.

In March 2016, sellers were getting, on average, 101% of their original asking price.

Average Days on Market:
Down 28.2% from last month.
Down 34.9% from last year.

Sold/Original List Price Ratio:
Up 1% from last month.
Up 2% from last year.

Average price for sale vs. average price of sold:

In March, 2016, the average price of a home that sold was $425,000. The average price of a home that was listed was $619,000.  This does not mean that a home that was listed for $619,000 sold for $425,000.  The listed homes didn't necessarily sell.  For the sold/list price percentage average, look at the 'Days on Market' graph. In March 2016, this figure was 101%.

Average Price of a Home Listed:
Up 1.8% from last month.
Up 22.3% from last year.

Average Price of a Home Sold:
Up 9.5% from last month.
Up 15.2% from last year.

Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyer's market, below 6 months is a seller's market. In March 2016, this figure was 1 month based on closed sales.  This does NOT mean that it will take, on average, 1 month for your home to sell. That number was, on average in all price ranges, 28 days.   It means that, if not a single new listing were to come on the market in Portland, it would take 1 month for all available homes to sell before there would be none left.  It is a very strong seller's market.

Months of Inventory Based on Closed Sales:
Down 23.3% from last month
Down 33.7% from last year

This is a comparison of the past 15 months (including a percentage change analysis for the last 12 months) for all of Portland and are taken directly from the RMLS. What follows is my own analysis of these statistics. For our purposes, I thought it best to analyze Portland as a whole. Each neighborhood, however, is a little micro-universe and has its own market. Changing the parameters of the zip codes, price variables, or time periods can lead to very different results. This analysis is of all homes sold in all price ranges in Portland, Oregon. If you have any questions about specific zip codes, or any questions about the market in general, please reply to this forum with those questions or feel free to contact us.

This information doesn't matter if you have a particular neighborhood in mind since Portland neighborhoods are their own micro-markets. If you have one in mind to buy or are selling your home, please request a report for that neighborhood and I am happy to send it to you.

Search all listings in Portland on our website:

 www.searchportlandhouses.com

March 2016 Portland Real Estate Market Wrap Up

Search all listings in Portland on our website:

 www.searchportlandhouses.com

Hi buyers and sellers!  What is happening in March?  Exhausted from all of your friend's stories of real estate madness?  Writing offers on 17 houses before getting one?  Sellers asking to stay after closing for free for 90 days?  Naming rights of your first born child?  Buyers giving sellers free pizza for life?  Yes, this actually happened.     When will it get any easier for Portland homebuyers???  WELL - Let us be your Portland real estate oracle and tell you!  We are keeping a close eye on the stats so you can be INFORMED!

So, what's going on this month?  It is still an extreme seller's market out there with historically low inventory.  Demand is through the roof while supply is low.  However, in our own business, we are seeing some changes.  Regarding homes for sale, we have received far more listing calls this year than the past two years, indicating to me that sellers are starting to feel that the time is finally right to sell.  They all seem ready to go active in June or July.  Many, but not all, of these sellers calling us are actually moving OUT of Portland.  We are still getting calls from growing families needing more room or people looking to downsize but am noticing some are leaving town for new jobs elsewhere or to be closer to family out of state. Regardless, I expect a busy Spring and Summer 2016 and hope to help bring many more properties to market to bring happiness to struggling buyers looking for their new home.

As far as buyers are concerned, we are going into BATTLE for them!  We are still finding multiple offers on most, but not all, properties we are writing on.  We have developed a list of non-monetary terms to include in an offer that are helping us win these competitive situations but they are competitive nonetheless.  When they don't work out, we pick ourselves up, dust ourselves off, and go for the next one!!  Nothing feels better than winning these for our buyers, though!

When I say 'but not all' it is because there are still deals to be had in Portland if you are flexible and not needing to be in walking distance of a Salt and Straw or Barista or other bastion of Portlandia hipness.  Trust me, though, they are both worth the bike ride (I can't say car-drive in Portland or my cred will be diminished.  I just can't have that.  You understand.).

Looking at the chart below, you will see the details of the market.  I like my clients to actually see what I'm describing and not just take my word for it.  I plan on updating this every month so keep checking back.  If you wish, I can also provide you with market reports for single neighborhoods (Alameda? Montavilla?  Pearl?) or even specific types of properties (condos? Detached single family?).  Just let me know what you are interested in and I will send a personalized market report to you.  I'm a nerd for this stuff so don't hesitate to ask.  Now, I will finally shut up and bring you the data:

Here is a chart of all homes for sale, pending for sale, and sold in Portland, Oregon for the last 15 months:

In February 2016, inventory and closed sales dropped slightly while pending sales spiked.  In February, there were 821 homes on the market, 600 homes sold, and 913 were pending for sale.

Homes for sale (Inventory):
Down 5.5% compared to last month.
Down 40.2% compared to last year.

Home sales closed:
Down 7.1% compared to last month.
Down 4.9% compared to last year.

Homes pending:
Up 23% compared to last month.
Up 11.2% compared to last year.

Chart for average price per square footage:

In the past 15 months, the average price per square foot in Portland, Oregon has been between $187 and $215. In February 2016, the average price per square foot in Portland was $215.

Price per Sq. Foot in Portland, OR:
Up 4.9% compared to last month.
Up 13.8% compared to last year.

Days on market and sold/list price %:

This chart is showing us two things.  First, how many days on the market that a home is spending, on average, before being sold.  In all of Portland, in all price ranges, a home is taking, on average, 40 days to sell. The other thing that this chart shows is what percentage of listing price the home, on average, is selling at.  This is a great indicator of pressure on prices.

In February 2016, sellers were getting, on average, 100% of their original asking price.

Average Days on Market:
Up 17.6% from last month.
Down 24.5% from last year.

Sold/Original List Price Ratio:
Up 1% from last month.
Up 2% from last year.

Average price for sale vs. average price of sold:

In February, 2016, the average price of a home that sold was $391,000. The average price of a home that was listed was $608,000.  This does not mean that a home that was listed for $608,000 sold for $391,000.  The listed homes didn't necessarily sell.  For the sold/list price percentage average, look at the 'Days on Market' graph. In February 2016, this figure was 100%.

Average Price of a Home Listed:
Up 3.4% from last month.
Up 24.1% from last year.

Average Price of a Home Sold:
Up 0.5% from last month.
Up 9.5% from last year.

Months of inventory:

Months of inventory gives a timeline of how long it would take for all of the current listings to sell. Anything above 6 months is considered a buyers market. In February 2016, this figure was 1.4 months based on closed sales.  This does NOT mean that it will take, on average, 1.4 months for your home to sell. That number was, on average in all price ranges, 40 days.   It means that, if not a single listing were to come on the market in Portland from this moment, it would take 1.4 months for all available homes to sell before there would be none left.

Months of Inventory Based on Closed Sales:
Up 7.4% from last month
Down 36.8% from last year

This is a comparison of the past 15 months (including a percentage change analysis for the last 12 months) for all of Portland and are taken directly from the RMLS. What follows is my own analysis of these statistics. For our purposes, I thought it best to analyze Portland as a whole. Each neighborhood, however, is a little micro-universe and has its own market. Changing the parameters of the zip codes, price variables, or time periods can lead to very different results. This analysis is of all homes sold in all price ranges in Portland, Oregon. If you have any questions about specific zip codes, or any questions about the market in general, please reply to this forum with those questions or feel free to contact us.

This information doesn't matter if you have a particular neighborhood in mind since Portland neighborhoods are their own micro-markets. If you have one in mind to buy or are selling your home, please request a report for that neighborhood and I am happy to send it to you.

Search all listings in Portland on our website:

 www.searchportlandhouses.com