Portland Real Estate Statistics 2019
Happy New Year everyone. We are into the next year, the next decade, and we believe the next cycle in Portland Real Estate. The numbers for all of 2019 were surprisingly boring. After a decade of turmoil in the ups and downs of the recession, and post-recession recovery and boom of the last few years. In the second half of 2018 things cooled off and continued to be rather stable throughout 2019. Prices were overall up only 2.5% (median sales price) for the aggregate Portland Metro region as tracked by RMLS. When compared to the 5.2% median sales price increase in 2018 (1.5% average sale price increase). Like I reported in December, there is a better understanding of market movement in watching the median sale price and NOT the average sale price.
Portland Neighborhood Update 2019
Diving deeper into specific areas of the city we see mixed results. The SE Portland area saw a small increase in the sales price of just .5% for the year. Tigard, Tualatin, and Wilsonville were the same.
The West Portland, and NW Washington County areas both saw negative numbers in the average price summary of -2.2% and -.8% respectively. That’s noteworthy and a little concerning if you live in those areas. I don’t think it’s enough of a change to be a statistical trend. But, I do think it’s a shifting of market dynamics. More new construction is affecting areas like Hillsboro, which is pulling buyers away from NW Washington County, into other areas close to the Tech sector employment. Another factor we observed is a slow down in all-cash buyers, which tends to push prices higher as they often outbid financed buyers.
Portland Real Estate Update for 2020
So what’s next? Well, my crystal ball is in the shop so I’ll wing it. Interest rates are projected to stay around 4%. We think 2020 is going to be a great year for Real Estate as we enter a period of predictability of prices and time on the market for sellers. The time on the market is going to be a few weeks for most sellers, not the few days we saw on in the past. Some homes will still sell faster, but it’s all about the micro-market of what else is for sale at the same time, and what neighborhood you are in. We are here to help when the time is right for you to make a move. We can look at those micro-factors and put a plan in place to maximize your exposure and minimize your time on the market.
PS: While we feel our marketing of homes for sale is second to none, we do limit it to Earth, and Near-Earth Orbit, no interplanetary marketing yet…