Summer 2020 Newsletter: KairosPDX

Greetings and Happy Summer!

2020 continues to be a year like no other. An election year, a global pandemic, and global calls for equity and meaningful inclusion continue to dominate the news. This newsletter, like all before it, highlights a local nonprofit, known for their pursuit of equality, inclusion, and education.

As we have told you, we are not just inspired, but committed to Black Lives Matter, in spirit AND action. We wish to sustain the momentum of this movement and assist in the goal of true progress towards equity in Portland.

We are thrilled to introduce you to Kairos PDX.


KAIROSPDX

KairosPDX is an organization focused on closing racial opportunity and achievement gaps by delivering excellent, equitable education to underserved children, their families, and their communities.

“KairosPDX is more than a school.  As an organization, our work is about building a movement to center the rehumanization of children in education, understanding the power that lies in our children.

This also means ensuring that Black, Brown, and Indigenous children and their families are seen, supported, and valued. It means providing and supporting educational practices that are actively anti-racist.”

KairosPDX fulfills its mission and has systemic impact through a multi-pronged approach that includes:

  • A K-5 Learning Academy
  • Family Connections Programming
  • An Early Learning Network
  • Policy and Advocacy Work
  • Professional Development and Training.

To learn more and to donate resources to this excellent local non-profit, please contact Kairos at:

4915 N. Gantenbein Avenue
Portland, OR 97217

Postal Address:
P.O. Box 12190
Portland, OR 97212
Phone: 503.567.9820

Email: info@kairospdx.org


MARKET UPDATE
from Kathy MacNaughton

As I am sure you have heard and/or read via other sources, it’s been a very busy past 8 weeks for most segments of our real estate market due to interest rates that are lower than I have ever experienced in 4 decades (ha!-I was just a teenager when I started my real estate career) of approximately 3% and eagerness on the parts of many to just make a change. Buyers are loving the rock bottom interest rates and Sellers want to take advantage of a current market that favors most Sellers rather than waiting to sell down the line and risk a change in economic conditions.

Comparing 2020 to 2019 through July, the average sales price in the Greater Metro Area has increased 3.7% from $458,300 to $475,400. In the same period, the median sales price has increased 4.5% from $408,000 to $426,500.

Here are my best answers to common questions I receive:

  • Are nightly civil rights protests and incidents of vandalism by some protesters slowing the real estate market in Portland? No, unless you own a downtown condo.
  • Who are the Buyers? First time homeowners who want out of their apartments, homeowners who have significant equity in their first, second or third home and want to move up. Out-of-staters of all ages who want to relocate to Portland.
  • Are more people looking to move outside of Multnomah County than those who want to move into the county? Right now there is equilibrium between these two except when it comes to the above $1,000,000 market. However, I think the primary reasons a little more Buyers and Sellers are moving out to Clackamas and Washington County than moving into or up in Multnomah County has more to do with lot sizes, availability of nice garages, luxury appointments at a better price and school quality over property taxes or protests.
  • What are the slowest segments of the market? Condominiums – all over.
  • What is the most brisk? Any single family home under $600,000. Inventory, compared to demand, grows the higher the list price is but even in the above $2,000,000 market, it is just under 5 months. See the chart below for more detailed information about this.
  • What does the future hold real estate-wise? I believe the market will continue to be vigorous with demand exceeding supply through the end of this year, though sales could slow down a bit in November and December as they traditionally do. I don’t see market values increasing much higher than they currently are, however. Residential real estate in 2021 will be stable but not as brisk as it is right now. Inventory will remain tight because the number of homeowners ready and willing to sell will decrease since overall economic conditions will likely make most of us cautious to buy or sell.

Below is a chart summarizing inventory by price point in Portland as of August 11th.

 

Below is a recent snapshot of listings and sales for Portland when compared to the same week last year.

The following two graphs show active listing and pending sale data year-over-year in Portland and 3 other major West Coast markets for comparison since the onset of COVID-19 in the United States.

Please click here to visit the website and use the interactive graphs and to change the US cities they show, if you would like.


ZILLOW NATIONAL HOUSING MARKET FORECAST

In early May, Zillow published their projections for the national real estate market. They forecast that housing prices will fall 2-3% through the end of the year from pre-coronavirus levels but will slowly begin to recover to baseline levels by the end of 2021.

To read Zillow’s full article click here.

 

 


LOCAL SOCIAL DISTANCING ACTIVITIES

COOKING AT HOME

Hipcooks offers a wide variety of public virtual cooking classes several times a week or schedule a private virtual cooking class for your and your friends!

Go to local chef Gabriel Rucker’s instagram to learn how to make dishes from Le Pigeon and Canard. Find recipes and videos on his IGTV to follow along while he makes these dishes at home.

 

WINE TASTING AT HOME

Several of our favorite Willamette Valley wineries are offering virtual tasting experiences by purchasing wines to taste at home and scheduling a virtual appointment.

Ken Wright Cellars
Beaux Frères
Domaine Roy & fils
Archery Summit

 

LOCAL RESTAURANTS AT HOME

Le Pigeon offers a weekly Bird Box which includes a generous meal for two.

Laurelhurst Market offers a Butcher Box twice weekly with a selection of meat cuts, sauces, and salad.

Ava Gene’s is offering meal kits to pick-up and cook at home.

Skip the usual long line and call in an order ahead of time at Apizza Scholls for a scheduled pick-up time.


OUR RECENT SALES

4515 NE 19TH AVENUE
PORTLAND, OR 97211
3 beds | 2.1 baths
1,554 sq. ft.

 

 

7415 SW 53RD AVENUE
PORTLAND, OR 97219
2 beds | 1 bath
785 sq. ft.

 

 

4281 SE MANEWAL LANE
MILWAUKIE, OR 97267
3 beds | 2 baths
2,206 sq. ft.

 

 

3750 NE MAYWOOD PLACE
MAYWOOD PARK, OR 97220
3 beds | 2 baths
2,840 sq. ft.

 

 

10042 NE MASON STREET
MAYWOOD PARK, OR 97220
3 beds | 1.1 baths
2,568 sq. ft.

 

 

1930 S RIVER DRIVE #W104
PORTLAND,  OR 97201
2 beds | 2 baths
1,171 sq. ft.

 

 

2446 NE 7TH AVENUE
PORTLAND, OR 97212
4 beds | 3 baths
3,346 sq. ft.

 

 

1618 SE ELLIS STREET
PORTLAND, OR 97202
2 beds | 1 bath
1,381 sq. ft.

 

 

5227 SE 32ND AVENUE
PORTLAND, OR 97202
3 beds | 2.1 baths
2,386 sq. ft.

 

 

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

 

 

10042 NE SKIDMORE STEET
MAYWOOD PARK, OR 97220
3 beds | 2 baths
2,171 sq. ft.

 

 

4825 SW 98TH AVENUE
BEAVERTON, OR 97005
4 beds | 4 baths
3,938 sq. ft.

 

 

1809 NE KLICKITAT STREET
PORTLAND, OR 97212
3 beds | 2.1 baths
2,601 sq. ft.

 

 

2475 NW OVERTON STREET
PORTLAND, OR 97210
4 beds | 2.1 baths
4,474 sq. ft.

 

 

2527 NE THOMPSON STREET
PORTLAND, OR 97212
5 beds | 3 baths
5,875 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