Portland Real Estate Monthly Update 9/16

By
Real Estate Agent with Keller Williams Realty Professionals OREA# 201211562

If you're thinking of selling or buying Portland Real Estate, you may be asking a few questions. What's happening in the Portland Real Estate market? Do I sell my Portland home now or wait? Where are real estate prices headed?

While making predictions can often prove unreliable, a solid grasp of the current trends can be very helpful in showing the direction we're headed. And this month's RMLS numbers continue to show a changing market for Portland home sellers and buyers. 

 

RMLS 8-16 I

 

The above numbers include the Portland metro area (full RMLS report) and show several continuing developments. 

1) The number of new listings for sale is rising. At the current pace, the total number of homes for sale will soon show an increase over the prior year, which has not happened for a very long time.

2) Pending sales (homes in escrow) are dropping. A drop has occured in five of the last six months, and the single up month (May) was a modest 0.5% increase.

3) Closed sales are declining. It's a five month trend, -19.6 in July, -3.1% in August, and -2.1% for the year now.

 

Yes, the market is shifting and cooling a bit. However, the Portland real estate market is still robust: closed sales continue at/above closed sales in 2012 - 2014. 

 

RMLS 8-16 II

 

It's likely the strong housing market will continue in Portland for now because the supply is still limited and the demand remains strong. Where is that demand coming from? Job growth. According to a report from the PSU Center for Real Estate, "Job growth in the Portland MSA since 2010 has been heavily weighted towards high-wage positions, with nearly 70 percent from those earning $75,000 or more per year, and 35 percent from those earning $100,000 or more." (PSU report here) And that job growth encourages population growth. 

  

RMLS 8-16 III

 

What does this mean for home sellers? For many, it's a slightly more balanced market, where the proper preparation, pricing, and marketing of your home are the key factors in selling quickly for the highest amount. And the time to sell can take a bit longer now.

 

And for buyers? Take heart, it means greater selection than there's been recently and less competition. However, in certain areas and the lower price ranges, it's still a competitive market.  

 

The Portland Real Estate market is changing and the numbers show a shift is well underway.      

 

 

Thank you for reading the Portland Real Estate Market Update 9/16

Find your home's current market value...

visit: FastFreeHomeValuation.com

 

John Van Hogen - Principal Broker - Licensed in Oregon

Keller Williams Realty Profes.   9755 SW Barnes Rd #560   Portland OR 97225

Each Office Independently Owned & Operated - 503.546.9955

Comments (3)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, you sound like you have a good sense of the market for Portland, and potential buyers and sellers should give you a call.

Sep 14, 2016 11:57 AM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

John, very informative market report. I am amazed at how your inventory has changed in just a few years.

Sep 15, 2016 08:34 AM
John Van Hogen
Keller Williams Realty Professionals - Hillsboro, OR
Serving Sellers / Buyers / Investors 503-680-9390

Appreciate your thoughts Joan.

 

More is on the way Kathy...Portland is on the cusp. Expect profound change and growth in the next two decades. Very exciting.

Sep 15, 2016 12:31 PM