Blog Stories January 2020 Portland Real Estate Market Report

January 2020 Portland Real Estate Market Report

By Ross Seligman, January 10, 2020

This month is a huge change from the last 15 months. It is the lowest inventory by far in the last 15 months but with more closed and pending sales than a year ago at the same time. So what? It means there just aren’t a lot of homes for a buyer to see currently. I believe this is because people are waiting to list and we will see a large number of sellers get on the market by March and April. They will want to take advantage of AT LEAST one more great year.

2020 will be HOT, at least until we get closer to the election when people may pause to see how things go. But still, we are in Portland, a city people are flocking to in large numbers. The housing market here will likely not be able to satisfy the demand anytime soon. But, sellers, if you are thinking of selling, this is the year. You should get in front of it and call me now so we can be ready for the Spring. Buyers, notice from this report how the average price and average price per sq ft is bouncing along at roughly the same level. Between that and low interest rates, you should also be hustling to secure your property with a low rate for the next 30 years.

I know I keep saying it is a great time to SELL and to BUY and how that seems like a sales pitch. I’m not selling real estate, I’m guiding people to get them what they want. (I don’t believe you can actually sell real estate. People either want a house or they don’t.) Specifically what I mean is – This has been a window of time like I have not seen in 15 years of doing this where there are substantial benefits to sellers and different, but substantial, benefits to buyers at the same time. The only thing that I know for certain is that this will change. It always does. We will see it tip more in the favor of one or the other at some point. We don’t have a crystal ball so there is no telling who it will benefit or when. But 2020 is great for both so call me and let’s get moving.

January 2020 Portland Real Estate Market Report

Click for the full report! 

December 2019 is a Seller’s market*

Home For Sale in December 2019: 1610 units.
• Down 26% compared to last month
• Down 23.6% compared to last year

Home Closed in December 2019: 904 units.
• Up 3.2% compared to last month
• Up 14.4% compared to last year

Home Placed under Contract in December 2019: 725 units.
• Down 22.5% compared to last month
• Up 20% compared to last year

*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales

 

Ross Seligman

Principal Broker

Ross Seligman moved to Portland in 1999 after accidentally discovering this oasis of a city in a nationwide desert of strip malls and sprawl. Ross likes to call Portland the "land of opportunity." Why, you ask? Where else can you be a successful real estate broker while simultaneously leading a double life as a musician? That would definitely be a bizarre combination in New Jersey but, in Portland, quite ordinary. In Portland, one expects that their straight-laced accountant is secretly oil painting between Yoga classes. From the moment he arrived in Portland, Ross quickly fell in love with the vibrant energy of the people, gorgeous homes and neighborhoods, and exploding arts scene. Deciding to embrace it all, Ross became an active real estate broker and quickly immersed himself in the city culture. Working with premier Portland boutique company Living Room Realty, Ross is well known for his accessibility, integrity, professionalism, knowledge of the market, and passion for Portland. When he is not busy representing clients or studying market trends, you can find Ross playing music around the city, hiking and camping in the unparalleled beauty of the Pacific NW, and spending as much time with friends and family as possible. Ross Seligman also appeared on Broadway at the Lyceum Theater in NYC as Janis Joplin's guitarist in "A Night With Janis Joplin".
Ross and his "Own It Portland" team are known for their passion for people and real estate. They are enjoying Portland's growth and expansion all while embracing the quirks that make this city so special. Ross and his team can help sell your house for the highest possible price, release you from the unpredictable rental market and secure your dream home as a buyer. They will answer any questions about the Portland real estate market and process, all while making you feel part of a strong team. With hundreds of home sales closed representing buyers and sellers all throughout the Portland Metro Area, Ross and The Own It Portland team have a proven track record of outstanding, top level service and results. Whether it is receiving keys in your hand or top dollar for your home sale, Ross and and his team are the go-to real estate pros for Portland and would love to help you achieve your goals, surpassing expectations every step of the way.
Click here to read more client testimonials  
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  • T: 503-862-9075
  • F: 503-961-8224
  • ross@ownitportland.com

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