Portland Real Estate Market News

Portland Real Estate Market

Our local Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse. We write Portland housing market forecasts twice a year, an annual best month of the year to sell or buy a home article, population growth articles, Portland development articles, articles on real estate market trends, housing affordability, articles on Realtors themselves, and much more. Enjoy!

new construction rates portland

New Home Construction Dropped in Portland 2020, Will it Recover in 2021?

November 2, 2020

Like everything else this in 2020, new construction in Portland was hit by the pandemic, but signs are already pointing to a healthy recovery in 2021.  To understand what’s going on with the new construction market, let’s take a look at new construction permits that have been issued, under review, and finaled (meaning the building was completed) in Portland, and compare those to previous years.  Here are the new residential construction permit numbers for the first nine months of 2020, direct from the City of Portland database. So far this year: 540 new residential construction permits have been issued 294 are under review 714 have been finaled As you can see from the chart below, 2020 will be a five-year...

real estate delayed closings

19% of Home Sales are Delayed in Escrow

October 23, 2020

Delayed in escrow? You’re not alone. According to the National Association of Realtors’ most recent Confidence Index Survey, only 77% of homes close escrow on time. Another 19% are delayed but close eventually. In 4% of home sales, the contract is terminated and the home does not close.  Escrow begins at the moment the seller accepts an offer on the home and the buyer deposits earnest money. It ends at the “closing”, when the final paperwork is signed and the sellers hands off the keys to the buyer. Generally, real estate agents and their clients try to avoid moving this date, but sometimes pushing it back is the only alternative to having the deal fall through.  Why would escrow be...

additional dwelling units ADU portland

Portland ADU, Additional Dwelling Unit Guide 2021

October 16, 2020

Accessory Dwelling Units, or ADUs, are a popular form of housing in Portland. They can be created in a variety of spaces, from a converted garage or basement to a new structure in the backyard. For some homeowners, they’re the secret to home affordability in the metro area, while for others, they create a vital space for a family member or aging in place.  Whatever the case, the good news is that ADUs are now allowed in every city in Oregon. In this article, we’ll dive into the types of ADUs we typically see in and around the Portland metro area, how you can use them, and what the regulations are for the different cities and counties that make up...

sell portland home fast

How Fast do Portland Homes Sell?

October 9, 2020

The Portland real estate market has been widely considered a seller’s market, at least for the last six years or so, and that means that Portland homes on average sell fast! But how fast do the homes sell? How fast is fast? Typically home sales are considered fast, and the market is considered a seller’s market, if the average home sells in 60 days or less. As you can see from the below chart, homes have sold in less than 60 days on average in the Portland real estate market since 2014. (Portland, in this article, refers to the tri-county metro area of Multnomah, Washington, and Clackamas counties.) The chart below reflects the number of days it took to sell...

portland rental law landlords

Portland Rental Law: What Landlords should Know in 2021

September 18, 2020

The Portland real estate rental market was pretty eventful for rental owners in Portland in 2020. For long-term rental/investment property owners, the contentious FAIR ordinance went into effect city-wide in March, but was soon overshadowed by COVID and the subsequent ban on evictions. Short-term property owners saw a dip in bookings as well, but the situation resolved itself more quickly. Let’s review what the changes were for rental owners in the Portland real estate market this year, and what you need to do to be a successful rental owner in Portland in 2021 and beyond. Before we get started, we should say that we are not lawyers and that this blog post is not intended to be a complete guide...

sell a vacant home or occupied

What Sells a Home: Vacant, Seller, or Tenant Occupied?

September 1, 2020

2020 Real Estate Market Update. You’re getting ready to sell your home and you wonder, should I move out and vacate the property for the real estate market, or should I stay and not worry about it? Or let’s say you’re getting ready to sell your investment property with tenant inside. Should you wait until they leave to put it on the real estate market, or is it better to sell with a tenant inside? A lot of articles we write might have a 10% – 15% impact on selling a home, such as picking the right time of year to buy or sell. Even a 10% difference in being able to sell a home is huge. But occupancy, who...

portland real estate forecast 2021

2021 Portland Real Estate Market Forecast

August 25, 2020

The 2021 Portland real estate market is full of uncertainty, but we’ve experienced enough of the post COVID19 housing market to have some confidence in creating a solid forecast. We will follow up with a second housing market projection in Jan. 2021, but this should be a good guide to any home buyer or seller in the Portland real estate market today. First we will start with a collection of real estate industry predictions: 2021 National Real Estate Market Predictions -1.5% Housing Price Drop, Zillow -6.6% Housing Price Drop, CoreLogic 2021 Portland Real Estate Market Forecasts -2% Housing Price Drop, Zillow +1% Housing Price Increase – My Prediction Will my Home Increase or Decrease in Value in 2021? Honestly that...

how many showings to sell a house

How Many Showings on Average to Sell a House? – 2020 update

August 21, 2020

2020 is a year that will go down in Portland real estate market infamy. We had a massive drop in showings, over 60% in March when COVID first hit the real estate market. The rebound in our market was about as fast as the decline, about 100% market rebound in July 2020. Typically the real estate market in Portland peaks in April or May, this year it peaked in July and has been cooling a touch since then. Average Number of Showings to Sell a Home COVID has changed our world in many ways. It has also changed how many showings it takes to sell a home, but not as much as one might think. Real estate agents are trying...

portland real estate bubble housing market crash

Portland Real Estate Bubble – Housing Market Crash 2021

August 19, 2020

How did we get here? After COVID the Portland real estate market has been wonky. We had a 60% plus buyer traffic drop in March in 2020, then a full rebound by the end of July. Now in August the real estate market here is still hot but cooling some (which aligns with a normal seasonal trend). What will happen next in 2021? When I wrote my analysis of the Portland market in early 2020 before COVID hit, our housing market here was on FIRM footing. At the start of 2020 Portland wages rates were up, Portland employment rates were fantastic, new construction rates were down (keeps inventory tight and the market is less likely to crash), and Portland housing...

average real estate commission report

Average Real Estate Commission, Buyers Agent Rates – 2020 Report

July 24, 2020

When people think of real estate commission, they often think of 6%, 5%, or 4.5% (what we charge as our max. rate). The public is not generally in their mind dividing commission between the sellers agent and buyers agent. But in the vast majority of real estate transactions the commission is split between those two agents, and it is not typically split 50 / 50 like many would assume. No, each area has its own majority commission rate that is offered to the buyer’s agent. All real estate commissions are negotiable, what I’m providing here is research on the local commission rates offered in Portland, Oregon using the data available from RMLS, our local MLS provider where buyers agent commission...