Portland Homes For Sale: Market Seems To Level Out As Prices Jump $ 1,000 Per Month



Some brokers in the Portland area are facing lower impressions, longer lead times and returns of contract residential properties to the market despite anemic levels of homes for sale and average fixed rate on mortgages 2.86%… Have panic buying and zealous bargaining finally reached a stopping point?

The third quarter “seems to be leveling off,” said Adriana Focke, chief broker and owner of the company. Check Point Realty in Portland.

Monthly surges in selling prices are diminishing. According to the latest report from the Regional Multiple Listing Service (RMLS), the average selling price in July in the Portland metro area rose $ 1,000, or 0.2%, from $ 521,000 in June to $ 522,000 last month.

That’s a significant decline from May to June, a jump of $ 6,000, or 1.2%, and from April to May, when the average selling price rose $ 15,000, or 3%, according to RMLS. The average selling price is the point in the middle where half of the property is sold at a higher price and the other half at a lower price.

Sale in Portland

This RMLS chart represents the average and median sales price for all homes sold in the Portland, Oregon metropolitan area.RMLS

Focke explains the recent change in pace by pointing to one of his properties for sale: a 1905 two-story home with 2,693 square feet of living space and a fully authorized basement on 443 NE Thompson St.

Asking price: $ 829,950, which Focke estimated based on recent sales of comparable properties at ZIP code 97212. “It’s in close proximity, in a desirable area, has great appeal and lots of updates,” she said.

The 4-bedroom home on a 3,920-square-foot lot went up for sale on Friday August 6th.

“I was expecting a busy weekend with exhibitions in a row, but … the house is still available,” she said on August 18, concluding, “This is more like a pre-COVID market.”

Focke said other real estate agents have similar experiences with their new offerings, including prices under $ 500,000. “Over the past two weeks, I have seen several withdrawn listings,” she said, adding that Altos Research is reporting a decline in market activity.

Redfin Real Estate Market Shows 30 Newly Built Portland Homes price reduction, including a $ 100,000 discount to $ 2.15 million for a 0.41-acre modern Northwest home in 6796 SW Canyon Dr. Asking price for triplex in 2524 SW Spring Garden st. near Multnomah village has been cut from $ 25,000 to $ 574,900.

Interest rates on 30-year fixed loans remained unchanged after falling from 3.02% at the end of June to 2.8% of range

Also in favor of home buyers: the number of homes and condos added to the market has slightly increased, but the level of properties for sale – measured in 0.9 months in July – remains near the lowest level in the 30-year history of RMLS, which reached its lowest in May at around 0.7 months.

“While the Portland market is still intense, buyers may find some relief because there is not much to compete with from the previous year,” said J. Lennox Scott, chairman and chief executive officer of the company. John L. Scott Real Estate in its monthly existing home sales report. “In addition, the number of new offers is slightly higher than the number of houses under contract.”

If sales continue at the same pace, the 0.9 month inventory of homes for sale as reported in July means it will take about four weeks to zero all available homes on the market.

The market is considered balanced between buyers and sellers when stocks are between four and six months.

“We need at least three months of inventory for buyers and sellers to finally feel comfortable in our market,” said a real estate broker. Dustin Miller from Windermere Realty Trust on Lake Oswego. “Giving the buyer the opportunity to see 10 homes of their liking before making a decision is really good. This pandemic market demands that buyers stay awake and pay far more than the list price to win their dream home. ”

While some agents are seeing a slowdown in growth, the average time it took a Portland metro residential property for sale last month before receiving an acceptable offer fell to 20 days.

Owners are concerned that they will not find a replacement in this highly competitive market, and this will affect the number of homes for sale. moratorium on foreclosure, which has put on hold what is usually a stable supply of distressed properties for sale, postponing monthly mortgage payments. The postponement has been extended until December 31, 2021.

New announcements: According to the latest report from RMLS, 4,267 homes in the Portland metro area marketed in July saw a 0.7% decline from 4,298 new offers in June. However, new listings last month were 0.7% more than homes for sale in July 2020, when homeowners were extremely reluctant to sell homes in the early months of the coronavirus pandemic.

In July, the number of homes for sale increased slightly from 0.8 months in June and 0.7 months in May. According to RMLS, the offer of houses for sale has been idle for about a month since June 2020.

The inventory is calculated by dividing active listings of homes, which include homes on offer and under construction, at the end of the month by the number of closed sales for that month.

Pending sales: In the Portland metro area, the 3,354 homes that received an accepted offer in July were down 5.1% from June and 8.3% from July 2020, according to the report.

Closed sales: In July, 3439 residential real estate objects in St. Portland subway were sold – 1.1% less than the 3,477 closed in June, but 1.4% more than the 3,391 closed in July 2020, the report said.

According to the RMLS report, closed sales in 2021 each month were as high or higher than in the last four years.

Portland Subway Closed Sale

This RMLS graph shows closed sales for the past five calendar years in the large city of Portland, Oregon.RMLS

– Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

Learn more about the Portland and Oregon real estate market:

These hot houses in Portland have been sold for far more than asking, one owner has $ 605,000 more than expected.

What is the advantage of a house price below the fair value? Trade wars. A Tale of Twin Townhouses

“Really Tan Portland Ken” lists glass mansion for sale for $ 9,495,000


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