With a maddening 1.1 months of inventory, the Portland Eastside market in the price range is exceedingly challenged by low inventory. While new listings are up, demand has far exceeded it. Sellers can maximize their net proceeds by making sure their homes are in top shape before hitting the market as the discount for deferred maintenance can be steep. Buyers should have a professional watching hourly (daily won't do it anymore) and be ready with all the tools available to snare their desired home. Experienced professional representation is a must here.
The available inventory does not improve as you move up in price on the Eastside with this price segment only having 1.8 months available. Remodels and homes with significant updating move extremely fast. Milwaukie and SE Portland continue to see big jumps in appreciation. Sellers should be careful of competing against the remodels and in-fill new construction in pricing when entering the market. Buyers can find hidden gems, but need to be diligent and not afraid to pay what a few years ago would seem to be 'too much money'.
Inner NE and SE continue to thrive in this price point with professional remodelers and home owners alike not afraid to turn older large homes into show pieces. A record 95 homes were sold in the last 12 months while getting an impressive 96.5% of list price at closing. Sellers who aggressively prepare their homes in this segment are handsomely rewarded. Buyer's will find SE slightly less competitive than NE, but both areas continue to be seller's markets and speed to the offer is key.
The rush in the Eastside $1M to $1.5M market has pushed some sellers into the $1.5M and above, but that has mostly been a bad idea with only 17 homes sold in the last 12 months and almost 30 months of inventory. Sellers should be sure to get professional consultation when pricing in this luxury segment. Buyers can often find sellers eager to make a deal. Market knowledge, insight and negotiating skills can come in handy here.
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