By Living Room Realty, June 10, 2019
June 2019 Portland Real Estate Market Report
The hot Spring/Summer 2019 market continues it’s upward climb with inventory, pending, and closed sales increasing! It’s a hot market but, comparatively from last year, a bit easier for buyers. You can see that we are at about the same volume of pending and closed sales from this time last year but that inventory is higher. It’s a sign of a healthier, sustainable market when there are still robust sales along with more actual homes for buyers to buy. We are still seeing multiple offers and heavy competition but it is a case by case basis instead of a given.
Some experiences my team has had this month:
1. Winning a very competitive multiple offer situation and NOT being the highest offer. This is my favorite thing to happen and is usually the result of relationships (the other agent and, therefore, the seller knows that my team will always look for the win-win) as well as having lovely people on both sides and being able to humanize the transaction (not just money matters all of the time).
2. Great friends moved back from the east coast and had to back out of a sale on an older house but ultimately bought a gorgeous new one. They did not have a multiple offer situation and this house is an absolute gem that they (and I) LOVE. Regarding the older house, inspections cost around $900 for the big 4 (main inspection, sewer, radon, tank locate). When you back out of a sale, you will be out $900. But, I prefer to think of it as saving around $100k! This is precisely WHY you have inspections.
3. Had a couple of closings of off-market homes. In 15 years I haven’t had many of these and yet, this year, I’ve had more than a few.
We are still in this very low interest rate window of time so buyers have a lot of buying power right now coupled with many more homes on the market to see and consider than in years past. This is a reason to buy but also to sell since buyers are out to lock in these low rates for the next 30 years. Bottom line: We are still in a seller’s market but a kinder, gentler one than in the past few years.
May 2019 is a Seller’s market*
Home For Sale in May 2019: 2682 units.
• Up 11.7% compared to last month
• Up 17.7% compared to last year
Home Closed in May 2019: 1155 units.
• Up 14.8% compared to last month
• Down 2.9% compared to last year
Home Placed under Contract in May 2019: 1328 units.
• Up 10% compared to last month
• Up 6.1% 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
TO SEE THE FULL MARKET REPORT, CLICK HERE!
