Portland Market And Neighborhood Updates
I hope you are getting out and finding time to experience some of the many Summer activities our area has to offer! Portland has such a variety of exciting things to do including visiting one of the many new parks, enjoying some delicious cuisine or looking for a more lively atmosphere with all the special breweries and outdoor concerts!
I have really been enjoying working with many fun clients while selling some great homes! One of my favorite leisure time activities is sneaking off for a couple of days to enjoy some tent camping at nearby Lakes where I can get in some distance swimming, fishing and hiking!
It seems that for the last few weeks we have been experiencing the typical July market cool down as people are taking advantage of the warmer weather and having vacations. Many of us in the industry are reporting that new listings and other homes currently on the market seem to be only getting 2-3 buyer tours a week.
Another thought among professionals is that we had an early start to the spring market, therefore, even the month of June had somewhat less activity. The realtor's June Market Report included the following:
- There were 4.7% less new listings than in June of 2017, but there was an increased amount of inventory of homes for sale from May-June of this year.
- The average YTD sale price for June 2018 rose by 6.2% to $453,400, compared to June 2017 YTD where the average sale price was at $427,000.
- Closed sales (which went pending in April or May) increased by 5.1% over last month
- The overall average market time remained steady at 37 days before properties went sale pending.
- The highest YTD appreciation rates were found in the Tigard/Wilsonville & Gresham/Troutdale areas where there was an average of a 9%-10% gain
- West Portland (more expensive market) came in with a 1% average increase followed by NW Washington County with a 5.2% average appreciation rate.
- There was an average of 6.6%-7% appreciation in the Milwaukie, SE Portland, and North Portland neighborhoods.
Historically the overall trend for the highest appreciation rates seem to be found in the transitional areas where more trendy commercial 'walk to' amenities are being added. I really enjoy sharing the latest predictions on where the next 'hot' hoods might be found, so be sure to contact me if you would like more information.
Also, please be sure to contact me if you would like a monthly copy of the Realtor's Market Report!
Von Ebert East Brewing Company
had a grand opening party on July 16th at their new Glendoveer Golf location on 140th and Glisan. This is where the Ringside East had been until they closed their doors last year. They say that this new East side location is suppose to include the "recognizable and innovative" aspects of their Pearl District location. https://brewpublic.com/beer-news/von-ebert-brewing-east-will-open-on-july-16-2018/
Over 1800 homes that currently do not have access to a park will enjoy these nearby new Parks...
- Gateway Discovery Park On NE Halsey between 104th and 105th Set to open in August, this fun place is on 3.2 Acres and includes accommodations for events such as festivals and farmer's markets along with picnic and play areas. I believe there are already special events such as plays and concerts lined up for each night of their opening month! https://www.portlandoregon.gov/parks/66064
- LuuWIT View Park On NE 126th and Beech This 16 acre park is in NE Portland's Argay neighborhood next to Shaver Elementary. In addition to a great view of LuuWIT (native American name for Mt St Helens), this peaceful place offers an off leash dog area, soccer field, basketball court, play and picnic areas. https://www.portlandoregon.gov/parks/65392
Please remember that I am happy to share information about up and coming neighborhoods along with helping you or your family or friends with any real estate needs you might have.
If you would like a copy of this report please be sure to contact me.
Portland Population Growth Climbing The Charts
Portland Business Journal's list of Cities with greater than a 1% population growth showed Portland has a current annual increase of 1.36%. They predicted that by 2040 our population will have risen to 3,347,096 from the current number of 2,453,168 residents.
There is always so much more to tell about neighborhoods and our current market. Be sure to contact me with any questions you might have.
In closing I would like to encourage you to reach out to me for any questions you might have. I am happy to be here for you and those you know as a real estate resource. Also, don't hesitate to contact me if you would like to receive the RMLS Monthly market reports or a list of properties that will soon be coming onto the market.
Warmest wishes for a great rest of your week!