Our January market has certainly been active with an increase of properties for sale along with many eager new buyers anxious to find their perfect home.
Recent industry comments from various Realtors, Lenders and Title Companies include:
- The number of average days on the market is currently much less than within the last few months. There are some properties even selling within a few days or within the first week.
- Buyers seem to be asking for more repairs from the sellers.
- We are currently experiencing an early spring season.
- The interest rates for 30 year conventional loans are hovering between the high 4%-5% range...a loan officer even saw one conventional loan last week that was at 6%
- We have not experienced as many multiple offer situations for quite some time. This week, there was an increase in multiple offers for the homes that were priced at or below what the comparable nearby sales had indicated.
This week's Title Company Altos Report Summaries indicated:
- Sellers within the City Of Portland still have a slight market advantage with a median list price of $539,450. 49% of sellers lowered their prices this week
- West Linn;s report showed a median list price of $772,450, a slight seller's advantage on the Market Index and 48% of homes listed for sale experienced price reductions
- Beaverton's numbers showed a strong seller's market, a median price of $499,000 and 46% of sellers on the market reduced their prices.
- Milwaukie was also a strong seller's market and had the least amount (37%) of price reductions. The median price in this area was $422,450
The Realtor's MLS December Market Report Showed:
- There were fewer sale pending properties in December of 2018 than in December of 2017
- The year to date summary indicated activity in 2018 was mixed compared to 2017. New listings increased by 1.2% over December of 2017, The number of pending sales decreased by 4.9% and closed sales decreased by 5.9%.
- Comparing 2018 to 2017 through December the average sales price in the Portland Metro area rose by 5.5% from $428,700 to $452,400
- Beaverton led the way in appreciation rates with a 8.6% value gain from December of 2017
- Gresham, Oregon City and Columbia County all experienced over 7% appreciation
- North and Northeast Portland along with Milwauke properties all had around 4%-5% gains
- Typically the lowest appreciation rates are located within the higher priced ranges. Lake Oswego and West Linn where the average prices tend to be above $700 came in with 0.6% appreciation rates.
OREGON IS #2 ON A RECENT MOVER'S STUDY OF TOP 'INBOUND' STATES
The United Van Lines 2018 National Movers Study shows Portland continues to be one of the most desirable places to live.
Their report indicated that we are still having more people move here than are moving out of our state.. There was a total of 63.8% inbound moves with 36.2% of outbound moves
PROPERTY UPGRADE RESOURCES
Residential Permit Nights - 1st and 3rd Thursdays of each month
Located at 1900 SW 4th
These meetings provide information on the sometimes complex Permit and Land Use Requirements https://www.portlandoregon.gov/bds/article/636377
2019 Top Color Trends
Most paint brands have released their new color choices for the year including Benjamin Moore, Sherman Williams and Pantone's 2019 color of the year, Living Coral. The spectrum of 2019 top colors include powerful aquas to a soft terracotta..https://www.elledecor.com/design-decorate/color/g24400315/color-trends-2019/
Thanks To You!
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.
As we continue through the year please consider me as your Real Estate resource. I am excited to answer any questions you might have and I welcome the opportunity to serve you, your friends and family with any housing needs.
Wishing you a safe, wonderful and fun filled 2019!