Welcome to the Fall Season!
What a fun and gorgeous time in Portland, as the festivals and outdoor activities continue along with the landscapes transitioning into those gorgeous golden colors!
I thoroughly enjoyed the summer with BBQ's, my distance swims in nearby lakes, hiking, biking and even a short camping trip!
With all of that, I was honored to help so many referred or returning clients with their real estate needs. This allowed me to keep on top of what is happening in our ever changing market!
Recent updates in the Portland Metro Real Estate world include:
RECENT AGENT NETWORKING, MEETING AND TOUR COMMENTS:
- We are getting back to a more traditional market
- Multiple offers still exist in all price ranges, but it is '"super house specific" depending on the area, appropriate pricing and the condition of the home.
- In July and August we were in the 'seasonal headwinds" which has existed for the last 6 years with vacations and back to school distractions
- Buyers are becoming more selective
- The overall time on the market has increased for the majority of properties
- Title companies have been less busy as the amount of refinances have decreased.
AUGUST REALTOR'S MARKET REPORT SHOWED:
- New listings were up compared to August of 2017
- Closed sales increased 8.4% from July, but were 2.2% less than in August 2017. Note: This year we had experienced an earlier start to the spring market than last year. The number of January 2018 pending sales outpaced the number of January 2017 pending sales by 16.1% The number of new listings from December through January increased by 12.4% over the one month improvement of inventory in January 2017
- The YTD average sales price rose to 454,500 from $429,000 in August of 2017
- The highest YTD appreciation rates were found in the Gresham, Beaverton and Tigard areas with an 8% - 10.5% gain
- The neighborhoods in SE Portland and in Oregon City had an average price increase of 7.3%-7.7%
- N and NE Portland, Milwaukie and the West Linn/Lake Oswego communities had an average increase of 4.1%-5.2%
- Prices increased an average of 3.6% in the more expensive pockets of homes which are located in West Portland.
THE SEPTEMBER 12th ALTOS REPORT SHOWS:
- "The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in the Market Action Index (MAI), we’re in a Seller’s Market where significant demand leaves little inventory available."
- The median house rent is $2,135/month
- The report shows there is a "slight seller's advantage" at this time
CHIEF REALTOR ECONOMIST REVIEWS MARKET 10 YEARS AFTER THE GREAT RECESSION
- 10 Years of lender policy reform has strengthened the lending standards resulting in "record low defaults and foreclosures" which contributed to the last recession
- The largest challenge in today's market is the insufficient inventory of homes for sale accompanied by unsustainable home price increases
- Prices grew due to lack of inventory rather than buyer demand
- Home value appreciation should remain strong in most markets with an average of 5% increases
Based upon what various Lenders are currently saying rates seem to be in the mid to high 4% range and are inching closer to 5% for those 30 year conventional loans. There are some great programs out there which offer down payment and/or closing cost assistance. I am happy to provide you with the contact information of a few good lenders who have a variety of these types of loans.
One of the newer programs is currently offered by Guild Mortgage's 3-2-1 Home financing package. This requires a 3% down payment, but includes a $2,000 gift card from Home Depot, and $1500 towards the buyer's closing expenses. For more information on this loan contact Carol Flanagan at 503-528-9800
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!
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 Day!