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!

portland real estate foreclosure rate

Portland Real Estate Foreclosure Rate – 2020 Report

July 10, 2020

Over the past five years, the foreclosure rate in the Portland real estate market has been dropping, from close to 4% of total sales in 2015 to just under 1% this year. Even though the total number of foreclosures in Portland has gone down, we’re not back to zero foreclosures, which was the case prior to 2008. Last year, homebuyers successfully closed on just over 100 foreclosure deals (according to RMLS, our local MLS system) and 47 foreclosures have closed already in 2020. But the COVID-19 pandemic prompted lawmakers this spring to prohibit banks from pursuing new foreclosures until at least October. What will this mean for the Portland real estate foreclosure market? We can take a look back to...

portland real estate condo market

Portland Condo Buyers’ Guide 2020

July 6, 2020

Summer 2020 Portland real estate market provides an excellent opportunity to invest in a condo in Portland. We’re seeing a decrease in buyer activity and falling prices in response to COVID-19. Whether you’re a first-time buyer, a homeowner looking to downsize or in search of your perfect second home, here’s our definitive Condo Buyers’ Guide for Portland.  What is it like to live in a condo?  Condo owners enjoy many more amenities than the typical homeowner, from killer views atop high-rises to the privacy of a gated community with swimming pools and tennis courts. However, buyers must enter into HOA agreements carefully, and check the HOA’s financials to be sure that all of the shared costs will be covered.  From...

portland real estate market stories

Top 5 Portland Real Estate Market Stories of 2020 (so far)

July 3, 2020

The COVID-19 pandemic has impacted real estate transactions in unprecedented ways in 2020, so it’s no surprise that most of our top news articles this year are related to that topic. But there have been a couple of other important stories that you may have missed in the crisis. Read on for everything you need to know about Portland real estate market in the first part of 2020. 1. Pandemic causes short Portland real estate crash, with near instant recovery. Starting in March, people began losing jobs at an alarming rate, many others lost savings when the stock market plunged, and the need for social distancing seemed to make buying and selling real estate impossible on a practical level. On...

average hoa cost portland real estate

Average HOA Cost in Portland Real Estate – 2020 Report

June 19, 2020

The average HOA or home owners association fee amount in the city of Portland isn’t easy to obtain. Sure, we have access to all the sold data as real estate agents, but HOAs are wildly different from one another. Some HOAs have no fees, they simply exists to enforce certain building standards or conditions of the homes in their area. Some HOAs cover very little, like a once a year $50 fee to maintain a community sign. Other HOAs cover all or most utilities, exterior maintenance, internet, pools, club houses, private parks, and much more. So it is tough to get an average cost, but it can be done. HOA Cost Formula Criteria In order to give the public an...

single level home portland real estate ranch

Single Level Homes Sell Faster and for More in Portland – 2020 Report

June 12, 2020

Portland homes come in a dazzling array of styles and layouts, from historic Craftsman bungalows to zero-energy modern homes. But recent sales data makes it pretty clear that Portland home buyers have an architectural favorite: It’s the humble single-level home, also known as ranch style. Singe Level Homes Sell for 19% More per Sq. Ft. According to the most recent RMLS statistics (June 2020), single level homes sold for an average of $289 per square foot, compared to just $235 per square foot for homes with two stories or more (looking at all home sales under 1 million in the previous four months). Single Level Homes Sell 25% Faster Single-level homes also sold more quickly than multi-levels: 36 days on...

portland home value estimate sellers

Portland Home’s Values Higher than Owners Think – 2020 Report

June 8, 2020

The common perception of home sellers is that they are al too attached to their homes, and always overestimate value. This is not true! Sellers actually both over-value and under-value their homes depending on market conditions. When the real estate market is stable, sellers tend to estimate their homes value fairly accurately. When the market is dropping fast, sellers tend to lag behind and think their homes are still worth more than they are. When the market is increasing fast, sellers lag behind and often think their home is worth less than it is. Quicken Loans has been putting together a yearly report on the difference between seller estimated value and actual appraisal value and the results are illuminating. Portland...

portland real estate market covid19

Portland Real Estate Market COVID19 Update – Major Rebound – Buyer Traffic Down ONLY 20%

May 29, 2020

When COVID19 hit Oregon hard in March of 2020 local home buyer traffic dropped over 60% in the Portland real estate market. In April buyer traffic increased about 40% from March. Now every year buyer traffic normally increases from March to April (but not by 40%!). So in April we were down about 30% from April of last year, 2019. Now that May is about over it looks like June 2020 will start at 20% down off typical June numbers. This is a huge recovery! The reader must understand that there are also now less showings per sale, less tire kickers, and so even a 20% drop in showings isn’t a 20% drop in sales. When all the numbers come...

buyer portland real estate home

Buyer Traffic Up 42% after COVID19 63% Drop – Portland Real Estate Market Report

May 8, 2020

What happened: After home showings decreased a whopping -63% in March 2020 (versus March 2019 numbers), when the initial impact of COVID 19 hit the Portland real estate market, home buying traffic is bouncing back – and in significant numbers. April 2020 saw a 42% increase in home buyer traffic from those bottomed out March numbers. Now typically April buyer traffic increases over March every year, but certainly not by those drastic of numbers. Where are we now? We are still down about 31% from 2019 May traffic numbers, but this is no where near the 63% drop from expected March traffic – a huge improvement for the Portland real estate market. Also keep in mind that home tours are...

is zillow zestimate accurate

Is the Zillow Zestimate Accurate? 2020 Update

May 1, 2020

Anyone buying or selling a home in 2020 will frequently come across Zillow’s listing platform and the home-value estimation tool it uses: The Zestimate. Most take the Zestimate as a semi-accurate prediction of the home’s final sales price. But how often is that true? And what goes into creating the Zestimate? Off by $20,000 to $50,000 in most cases. Using Portland, Oregon as our subject for testing the Zillow Zestimate we look closely at the data. First we should note, Zillow has never claimed that the Zestimate is perfect. In fact, Zillow’s website clearly states that the Zestimate “is not an appraisal and it should be used as a starting point.” The disclaimer encourages buyers, sellers and the merely curious...

portland housing affordability

Portland Housing Affordability in 2020: More Homes Needed

April 20, 2020

Housing affordability is a big question facing presidential candidates as well as local decision-makers here in Portland, including those who are looking to buy or sell a home in the metro area. While some worry that the coronavirus or COVID 19 situation will crash the Portland real estate market, our current prediction is that it will not. Demand is still too high and our low inventory is about to get even lower. While we will see a major drop in overall real estate transactions, our real estate market will continue forward. For all the reasons why this is the case, or for the latest updates, check out our most current Portland real estate market news section. Taking a look at...