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Business as (Un)Usual – Buyer Shift?

We hope you are continuing to practice social distancing as Oregon starts the reopening process on a county by county basis. We are so grateful that we’ve been able to continue to work and help our clients achieve their real estate dreams during these difficult times.


MARKET UPDATE
from Breylan Deal-Eriksen

For the month of April inventory was down in all areas by as much as 30% compared to April 2019, with the exception of outer ring suburbs including Beaverton, Aloha, Hillsboro, and Forest Grove to the west, and most of Clackamas County to the east, which all saw an increase in overall inventory compared to 2019. Inventory for the entire metro is hovering around two months, meaning if no new listings were to hit the market in the entire metro, we would run out of homes to sell in approximately two months.

Closed sales for the metro area in April sold within approximately 1% of list price on average. Some areas are experiencing high demand, mostly due to low inventory levels and low mortgage rates for buyers looking to finance. Inner Portland including NE, SE, and SW saw an average sales price of 0.8% above list price. Not too shabby when coupled with the data showing listings on average in these areas were listed 6.4%, 7.5%, and 1.9% higher than they were in 2019, respectively. If you’d like a copy of our ‘By The Numbers’ report, further detailing data across the metro by area and zip code, let us know. We’d be happy to share!

We are dying for inventory in close-in locations! Recently we heard of 17 offers on a home in Kenton, we currently have many buyers searching all close-in eastside and westside Portland neighborhoods. We also have active buyers shopping in close-in suburbs, including Beaverton, Lake Oswego and Milwaukie, that are growing desperate.

Bottom line, the Portland area real estate market is still bustling! If you’re considering selling, now might be a great time to start preparing your home for the market. Breylan or Kathy would love to help you identify a list price, and assist in coordinating any recommended market preparation. We’re all in, for you!

Below are a recent statistics showing new listings, pending listings, and sold listings in the past week and since March.


BUYER SHIFT?
from Kathy MacNaughton

Lately, economists, futurists, CEO’s and, well, lots of people have been talking about preferences as to where home buyers may want to live due to pandemic-related concerns and other factors. A move to lower density environs bodes well for Portland and Oregon as a whole, in my opinion. First of all, if you currently live in a very high density city such as NYC, Chicago or the San Francisco/Bay Area, by comparison, our city’s high density locations seem much less crowded compared to what apartment or condo dwellers are experiencing in mega cities. Buyers now know that many of us can work effectively from our homes, so their options of where to live have opened up. Plus, if you are hankering for an even lower density life-style than, let’s say, living in the Pearl District while still enjoying Portland’s urban amenities of arts, professional sports, theaters, etc., Portland’s close-in residential neighborhoods are a great option. On the flip side, if you are ready for an even lower density life-style, you can sell your Portland condo or single family home, move to smaller cities like Milwaukie, Lake Oswego, Sherwood, or outer east-side and west-side neighborhoods and save a bucket load of money while releasing much desired close-in Portland housing inventory for others to buy.

Any demographic shifts take time to manifest, but this is a change I will be keeping my eyes on, and I will be reporting back to you on this from time to time. I am also very interested in your thoughts about all this. Please reach out to me!


MONDAY’S WITH MATTHEW

In last week’s episode of Mondays with Matthew, Windermere Chief Economist Matthew Gardner kicked off a series of episodes in which he answers questions from his followers. This first one deals with how COVID-19 will impact buyer behaviors, especially in more urban markets.


SOUTH PORTLAND: PORTLAND’S 6TH SEXTANT

It’s official, as of May 1st, Portland is now divided into six sextants with the creation of the new South Portland sextant. The Portland Bureau of Transportation collaborated with Portland Fire & Rescue, the Portland Police Bureau and Multnomah County to improve wayfinding, 9-1-1 dispatching and emergency response in the former area of Southwest Portland east of SW Naito Parkway and SW View Point Terrace. Due to the eastward curvature in the Willamette River, east-west addresses in this area were previously addressed with a leading zero address to differentiate them from addresses west of this dividing line.

About 8% of Southwest Portland addresses prior to the creation of South Portland were in this leading zero addressing area. Multiple databases and information technology applications have difficulty with the leading zero address or simply do not support leading zero addresses. To eliminate this problem, an address such as 0715 SW Bancroft Street has become 715 South Bancroft Street.

View an online interactive map of South Portland here.


NEIGHBORDS IN NEED: CAMPAIGN UPDATE

We’re so excited to announce that we surpassed our goal of raising $500,000 for our local food banks to support our Neighbors In Need! Thank you to all those who donated to this amazing cause with us. We’re so proud to have made such an impact on our local communities through this challenge and we couldn’t have done it without you!

 

 


OUR RECENT PENDING SALES

Below are 2 of our listings that recently received accepted offers and were both on the market for less than 7 days!

2922 NW PINNACLE DRIVE
PORTLAND, OR 97229
4 beds | 2.1 baths
2,633 sq. ft.

 

 

1075 NW NORTHRUP STREET #1215
PORTLAND, OR 97209
2 beds | 2 baths
1,557 sq. ft.

 

 


We are here to help you with your real estate needs. More than ever, our Concierge Real Estate Services truly set us apart and define our commitment to you and your family.

Please continue to practice physical distancing, but keep in touch with me socially! Call me and let’s talk!

Kathy