Now is a perfect time to check out the many homes on the market with these mild temperatures. In addition to enjoying many property tours I have loved spending time in my yard as well as enjoying the beautiful scenery on nearby hikes with friends!
SEPTEMBER MARKET ACTION
The latest Realtor's report included some interesting information regarding the Portland Metro are market:
Home prices are adjusting as they head towards a more healthy and balanced market
Although it is still a slight seller's market we are transitioning into more of a buyer's market due to a large increase in the inventory of homes for sale within the last few months
Columbia County (around Scappoose) experienced the highest appreciation rate within the last 12 months coming in with a 10.9% gain in value
Buyers are moving further East and West into the more affordable areas
Within the Portland Metro area the lowest average days on the market were found in Gresham with 33 DOM and 32 DOM in Beaverton
The highest appreciation rates continue to be in the less expensive areas away from the inner city core
The Tri County areas showed Gresham leading the way with a 9.5% gain in value over the last 12 months
NE Portland's average prices appreciated by 3.8%. Beaverton,Tigard and Hillsboro came inbetween 6%-7.9% and the rest of the West Side neighborhoods all reflected under 4% appreciation rates since September of 2017.
The average sales price (comparing September of 2018 to September of 2017) rose by 5.8% to $453,800
CURRENT MARKET REFLECTIONS
Our Broadway RE/MAX meeting in mid-October included interesting observations from my fellow agents, along with comments from a Lender and a Title Company representative that was in attendance:
- The market is changing as the inventory of homes for sale continues to creep up
- Most felt the market is not headed for a nose dive
- Because of last week's stock market adjustment, rates have fallen on the 30 year conventional loans from over 5% last week to currently just below 5% in many cases
- The Feds are expected to raise rates again in December with another potential adjustment at the beginning of the new year
- There seems to be more repairs being requested of the Seller based upon the home inspections.
- One agent stated that 50% of her sales that were in escrow had failed prior to closing. She indicated that all of the 'sale fails' were on transactions where the buyers had offered over the asking price.
- More buyers are entering the market as the interest rates are expected to rise, although we are still experiencing historically low rates
PORTLAND AT THE TOP OF ANOTHER LIST
The New York Times recently released the results of a study by the American Council for an Energy-Efficient Economy. Portland was included in the top of this short list as one of the most energy efficient American cities! The list was compiled based upon action within 5 categories that cities are taking to conserve energy: transportation policies;.energy and water utilities; building policies; local government operations and community wide initiatives.
TOP ELEMENTARY SCHOOLS
Catlin Gable, Oregon Episcopal Elementary and Riverdale Elementary came in as the first three on Portland Monthly's Top 35 Elementary Schools in Oregon and SW Washington. To view a slide show and check out the rest of the story visit:
Please don't hesitate to reach out to me with any questions on the market or if I can help you in any way.
I want to express my deepest gratitude to those Clients who took the time to fill out Portland Monthly Magazine's client satisfaction survey. This resulted in my being chosen for their Five Star Realtor award for the 8th year! I never take your dedication and referrals for granted and am extremely honored that I was your Realtor of choice!