You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Analysis: The $1.0 to $1.5 million Westside of Portland price point boast possibly the most balanced market segment in town. There's a very healthy amount of inventory that typically means a balance between a buyer and seller market and the sale price to list price is close with some wiggle room.
Analysis: The 'Ultra-Luxury' condo market in Portland continues to see a slide in the number of homes sold. This trend stretches back into 2018 with units over $1.5M languishing for long market periods or not selling at all. With more units hitting the market this spring, our guess is that sales will be flat and pricing will have to be adjusted. If you're in the market to purchase a top end unit, the time has never been better, but be diligent in reviewing all HOA documents and doing the research to make sure the long term plan for the building is a fit.
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Analysis: The Lake Oswego and West Linn markets continue to be the strongest areas for 'Ultra Luxury' home sales ($1.5M+). With 9 months of inventory, there is still plenty to choose from for even the pickiest home buyers. And while that would tend to indicate a possible shift to a buyers market, home sales continue to grow year over year. With strong schools and quality infrastructure, Lake Oswego and West Linn continue to lead the pack in this price segment.
Analysis: The $1.5 Million and above price range on the Westside has seen a somewhat significant slowing over last year. While inventory has increased, the number of 'ultra luxury' home buyer's has not kept pace. We saw this slowing begin during the 2nd and 3rd quarters in 2018 and it continues into 2020.
Analysis: The $650k to $1M price point on the Westside continues to move along at a fast pace. The months of inventory and Sale Price as % of List Price both indicate a strong market that still skews slightly to the seller.
The year over year comparison of all price points on the Westside is an interesting one. A definite slowing has emerged with divergent markets in Tigard and Hillsboro. Tech continues to push the Washington County market with new inventory surging. Overall, this is the best showing in the Portland Metro marketplace.
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Analysis: While other segments of the Portland Condo market have cooled off, this price range has not been one of them. When these units do come on the market, they go fast and usually for full price.
The 5 year price change has seen a significant slowing in the last few years, especially in the luxury segment. Larger and higher priced units have seen a significant increase in inventory that, coupled with a decrease in buyers, has left the larger and pricier segment flat or even negative. Don't plan on this changing as more luxury inventory will be hitting the market in 2020. Selling in the $750k+ price range will require a pro-active approach that targets out of town buyers.
Analysis: Portland Metros smallest inventory for this price range is in Lake Oswego and West Linn. Because of attempts to push the market price, we also see the areas longest days on market. By far the areas most competitive area and price range with fewer and fewer available homes by the month.
Average sale price was outstanding, but significantly less than the rest of Portland Metro over the last 10 years as other areas capitalized on the need for affordability.
Analysis: Like the rest of Portland in the $400,000 to $650,000 price range, the Eastside has an extremely low number of homes available that are selling for almost full price. Competition in the price range continues to be fierce for the majority of homes.
The 10 year price change has been historic with North and Southeast Portland showing staggering increases.
Analysis: The Westside has kept up its white hot pace in the $400-$650k price segment. With 1.6 months inventory and homes selling for 99% of asking price, there is no more competitive price point and area to be trying to find a home. Conversely, selling a home in this price range will happen fast, but be careful to position to maximize while not over reaching.
Average Sale Price changes for all price ranges over the last 10 years is as impressive as any area in the US. Hillsboro and Beaverton continue to see very significant appreciation due to the Technology sectors continued growth and more options for $750,000+ homes.
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4 Tips to Improve Your Home and Save on Your Energy Bill
As a homeowner, it’s important to keep your home running efficiently, not only to save money, but also to help the environment thrive. October 2nd is Energy Efficiency Day, a perfect time to think about making some key upgrades that will improve the efficiency of your home. If you’re looking to sell your house and increase the pool of potential buyers in your market, the upgrades below are truly a must.