Blog Stories October 2019 Portland Real Estate Market Report

October 2019 Portland Real Estate Market Report

By Ross Seligman, October 9, 2019

September 2019 is a Neutral market*

Here’s what I have to say…

The numbers say it is a “neutral” market and no longer a seller’s market. My experience is saying that it is not any different than it has been for the past 4 or 5 months – a more balanced market that may fluctuate between being neutral and slightly leaning in the seller’s favor. What does this mean for you? Negotiation is back in force. Buyers are paying market value for homes (good for sellers) but sellers also need to make sure their home for sale is in its absolute best presentation state and priced correctly (good for buyers). 

If you’re a seller wondering what that price range is for your home, let me know and I will send you data, not zata. That’s an estimate as opposed to a zestimate. For buyers it means that you have room to ask for some repairs and, with your agent, find a win-win solution to issues that come up during a transaction, not just feel obligated to accept a sinkhole or that the house is built on a đź‘» haunted ancient burial ground (Carol Anne!) like the old days. Indeed, we have compromise happening and it’s a better and more sustainable market for everyone.

Home For Sale in September 2019: 2866 units.

• Up 0.1% compared to last month
• Down 8.8% compared to last year

Home Closed in September 2019: 884 units.

• Down 21.1% compared to last month
• Down 3.6% compared to last year

Home Placed under Contract in September 2019: 1097 units.

• Up 6.5% compared to last month
• Up 21.9% 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

 

CLICK HERE FOR THE FULL REPORT!

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  
Read More
  • T: 503-862-9075
  • F: 503-961-8224
  • ross@ownitportland.com

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