Blog Stories November 2019 Portland Real Estate Market Report

November 2019 Portland Real Estate Market Report

By Ross Seligman, November 11, 2019

We are heading into the holidays with a hot autumn market! Inventory is down from where it was last year at this time with the same number of sales. More importantly, here is how this translates to the real world. My team and I have experienced the following in the last few weeks:

1. 15 offers for a seller on a home listed around $400k in the Richmond neighborhood. I must say none of us expected this many, not even the other agents sending offers.

2. Buyer competing for a home with 2 other offers. Our buyer didn’t get the home (one of these offers went much higher). That’s ok, it just means there is a BETTER one out there for our buyer!

3. Buyer for our listing backed out of a sale in the low $8’s only to circle back a week later and get it in contract again. 

4. Buyers attempted to purchase a magnificent, historic home in NW four times with no luck only to finally get the house of their dreams on the 5th attempt! This one feels amazing and I can’t wait to post the blog with photos. Perseverance wins in real estate!

🔮

Where is the market headed in the new year? With the election upcoming and general market volatility, you would need a crystal ball  to truly say. What I can tell you currently is that the Portland Metro Area continues to be a seller’s market but still balanced enough for buyers to get the home they want as long as they have a solid team of strategists along for the ride and don’t give up no matter what comes their way.

October 2019 is a Seller’s market*

Home For Sale in October 2019: 2560 units.

Down 10.7% compared to last month
Down 12.4% compared to last year

Home Closed in October 2019: 1005 units.

Up 6.8% compared to last month
Up 1.5% compared to last year

Home Placed under Contract in October 2019: 1023 units.

Down 4% compared to last month
Up 1.8% 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 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 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

Ross Seligman

Principal Broker


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