Where has the time gone? Summer is coming to a close but it’s not too late to get out and enjoy the last few weeks of sunshine! In case you are looking for some inspiration for things to do with friends and family, we thought we would share some of our favorite things to do in the Portland area. And, of course, we’d also like to provide you with a summary of market trends in June and July along with Kathy’s insight.
BY THE NUMBERS
If you’ll recall in our last Newsletter, I noted that May continued the trend occurring all spring of robust demand checked by low inventory (especially in the below $800,000 price range) resulting in an average year to date appreciation rate of 9.3% as of the end of July for Portland Metro Area Residential Real Estate. I also noted that the number of new listings increased in May and was hopeful this trend would continue. However, stats now show that while new listing inventory increased by just over 5% in June, new inventory declined by 11% during the month of July. Pending and closed sales declined both in June and July as buyers took an unexpected breather. However, appreciation as indicated by closed sales continued at a steady pace. Thankfully, all signs point to a rebound in pending and closed sales in August as buyers have come back into the market and have started to buy again. When the statistics are available for August, I predict that the only geographical area that will show declines in sales and perhaps a notable decline in the month over month appreciation rate will be SW Portland. Why has this area cooled somewhat? I’m not sure but my hunch is a combination of lackluster inventory with some overpricing taking its toll. My prediction for the Fall is that it’s going to be a good one at least through October!
Please click on the image for the full RMLS July Market Action Report.
OUR FAVORITE SUMMER ACTIVITIES
Visit a Winery
Our favorite winery to visit is Beaux Freres. They have the best Pinot Noir in the world! (at least in our opinion, #3 according to Wine Spectator). Plus Porkchop, their resident pig, recently gave birth to 4 adorable piglets. Be sure to make your appointment ahead of time.
Stand-Up Paddle Board
We enjoy spending the weekend at Sellwood Riverfront Park and see all of the paddle boarders gather there for a day out on the river. Who wants to try this with us?! Click here for an article with information on classes in the Portland area.
Did you know that Oktoberfest begins in mid-September? Don’t miss out! As the beer capital, Portland will be celebrating with events throughout town including a kid-friendly festival at Oaks Park with authentic food, live oompah music and Paulaner beer. Click here for more info and here for a list of other Oktoberfest events in the area.
A FEW OF OUR SUMMER SALES
456 NW SKYLINE BLVD
5 beds | 5 baths
3021 NE 29TH AVE
4 beds | 2 baths
We’d be so glad to talk to you or your friends about our Concierge Real Estate Services and how we can make a difference with any of your upcoming real estate needs.