Blog Stories June 2019 Portland Real Estate Market Report

June 2019 Portland Real Estate Market Report

By Ross Seligman, 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!

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 is known for his passion for people and real estate. He is 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 as well as release you from the unpredictable rental market and secure your dream home as a buyer. Ross will answer any questions about the Portland real estate market and process, all while making you feel part of a strong team. Click here to read more client testimonials
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  • T: 503-862-9075
  • F: 503-961-8224
  • ross@ownitportland.com

Ross Seligman

Principal Broker


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