Spring 2020 – Portland Real Estate Market

JUSTIN’s
Market Update

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Welcome to KOVER Realty Group’s first seasonal market update for Portland Oregon.  It’s SPRING and with the new growth it’s a good time to change up our market updates!  Previously, I gave a monthly synopsis of the Portland metro market but I want to try something different for 2020.  Starting now, updates will be seasonal giving a broader view of the current real estate climate.  We also have a new nifty graphic below to click on and view the weekly report from my preferred title & escrow partner, First American Title Co.

So far real estate in Oregon has been overshadowed by the COVID-19 pandemic.  KOVER Realty Group has put a hold on Open Houses until the stay at home orders are lifted which makes listing and showing properties a bit of a challenge.  Steps we have taken are limited showings, cleaning after each showing and virtual tours becoming more common.

The actual real estate market is still moving along with lower mortgage rates fueling demand and keeping us in a Seller’s market.  Inventory of SFR houses for sale has increased just a little with smaller, more affordable houses staying very competitive.

To see a detailed market report, click below.

PORTLAND Oregon Market Report

MarketStatsPortlandOR_Spring2020

Thinking about buying or selling property in Portland or the surrounding area? I am here to help, call or text: 503.891.4725.

Thank you,
-Justin

Neighborhood Highlight – Humboldt

The Humboldt neighborhood in NE Portland is our next highlight.  This is another close-in Eastside area that is mostly SFR houses built from the 1900-1940s with apartments, condominiums and newer in-fill.  Humboldt borders on the spectacular Peninsula Park Rose Garden which has a large round water fountain in the center and seating areas to enjoy the flowers.  Portland Community College (PCC) Cascade campus is also here, bringing a vibrant energy to the neighborhood.  There are plenty of shops, bars and restaurants along NE Killingsworth St. and Albina Ave. to explore.

HumboldtNeighborhoodMapPortlandOR

The boundaries of Humboldt are NE Ainsworth St. to the North and NE Skidmore St. to the South.  The Western boundary is NE Missouri Ave. and the Eastern boundary is NE Rodney Avenue.

Want to learn more about the Humboldt neighborhood in Northeast Portland? Check out the association website HERE.

Thank you,
-Justin

March 2020 – Portland OR Real Estate

JUSTIN’s
Market Update

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Welcome to March in Portland and what a strange month it’s been.  The coronavirus is causing a National Emergency and snow falling on Friday the 13th is wild!  With everything going on I am just going to have to wait and see how the real estate market reacts and go off the numbers.  Currently the seller’s market continues and with the Fed signaling rate cuts, expect mortgage rates to drop for the short term.

March2020PortlandRealEstateUpdate

Questions about buying or selling property in Portland or the surrounding area? I am here to help with all your real estate needs, call or text: 503.891.4725.

Thank you,
-Justin

Neighborhood Highlight – Boise/Eliot

The Boise & Eliot neighborhoods in North and Northeast Portland are our next highlights.  The boundary between North and Northeast Portland is N Williams Ave. which runs through both of these small but thriving inner city neighborhoods.

The heart of the N Mississippi and N Williams boutique shopping and dining areas are located here.  Recent additions include modern high-rise apartment buildings and Condominiums set along side historic Victorian houses from the 1890-1920s.

BoiseNeighborhoodMapPortland

EliotNeighborhoodMapPortland

The Boise/Eliot neighborhood boundaries are N/NE Skidmore St. at the North and N/NE Irvington St. to the South.  The Western boundary is I-5 for Boise and the Willamette River for Eliot. The Eastern boundary is NE Rodney and NE 7th Avenues.

You can learn more from the City of Portland neighborhood website HERE.

Thank you,
-Justin

February 2020 – Portland OR Real Estate

JUSTIN’s
Market Update

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We are well into February and the latest stats show some changes to the real estate market.  If you are a seller, the lack of houses available is creating strong demand.  Supply of SFR houses is around 800 units which is only about 2 months worth if no new listings are added.  Prices are rising slightly with the median list price at $599,950 and days on market (DOM) is starting to drop again as well.

What does all of this mean to you the buyer or seller? Buyers face a competitive market for move-in ready homes priced right in the Portland metro area.  Sellers, now is a great time to list your house for sale with the low inventory and weather starting to heat up.

To see a detailed market report, click the link below.

PORTLAND Oregon Market Report

February2020PortlandRealEstateMarketUpdate

Questions about buying or selling property in Portland or the surrounding area? I am here to help with all your real estate needs, call or text: 503.891.4725.

Thank you,
-Justin

 

Neighborhood Highlight – King

The King neighborhood in Northeast Portland is our next highlight.  This inner Eastside area is mostly SFR houses built from the 1900-1940s with apartments, condominiums and newer in-fill.  There are small shops and restaurants along NE Alberta St., Killingsworth St. and MLK Blvd. The close proximity to downtown provides a quick commute by bike, car or public transportation.  A good portion of 99E/MLK Blvd. runs through the King neighborhood, providing small commercial offices, venues and grocery stores.

KingNeighborhoodPortlandOrMap

The King neighborhood boundaries are NE Ainsworth St. to the North and NE Fremont St. to the South.  The Western boundary is NE Rodney Ave. and the Eastern boundary zig-zags from NE 9th, 10th and 14th Avenues.

You can learn more from the neighborhood association website HERE.

Thank you,
-Justin

January 2020 – Portland OR Real Estate

JUSTIN’s
Market Update

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What will January and the new year of real estate in Portland bring us? Last year brought the residential real estate market back to almost neutral.  I predict 2020 will stay on the same trajectory as last year with price increases leveling off and continued low supply of SFR houses for sale.   Inventory right now is at 900 which is low even by the latest market trends.

For sellers, houses that are priced at or slightly below market value are getting multiple offers while others, priced aggressively, sit for longer than you would expect.  The median sale price is now $589,900 and interest rates are below 4%.  Buyers looking for up and coming neighborhoods are searching in outer NE, SE and North Portland.

To see a detailed market report, click the link below.

PORTLAND Oregon Market Report

January2020PortlandRealEstateMarketUpdate

Ready to buy or sell property in Portland or the surrounding area? I am here to help, call me at: 503.891.4725.

Thank you,
-Justin

Neighborhood Highlight – Vernon

The Vernon neighborhood is in Northeast Portland and is our next highlight.  This inner Eastside area is mostly SFR houses with single level apartments, condominiums and newer high-rise buildings forming an urban environment.  There is shopping close by on NE Alberta and Killingsworth Street, along with office space and restaurants.  The commute to downtown is quick and convenient by bike, car or public transportation.

VernonNeighborhoodMapPortlandOR

The Vernon neighborhood boundaries are NE Ainsworth St. at the North and NE Wygant St. to the South.  The Western boundary is NE 10th Ave. zig-zagging to NE 14th Ave. and Alberta Park & NE 22nd Ave. out East.

You can learn more from the City of Portland website HERE.

Thank you,
-Justin

December 2019 – Portland OR Real Estate Market Update

JUSTIN’s
Market Update

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Welcome to our December 2019 year end market update for Portland. The theme for real estate this year has been low inventory and I predict it will continue for at least the beginning of 2020.  Plain and simple, we need more houses for sale to bring the market back to neutral for both buyers and sellers in the Portland Metropolitan area.  I still see a market in transition as multiple price drops are becoming the norm.  Houses that are priced slightly lower than market value will receive multiple offers so demand is there none the less.

To see a detailed market report, click the link below.

PORTLAND Oregon Market Report

December2019PortlandRealEstateMarketUpdate

Questions about buying or selling property in Portland? I am here to help, call me at: 503.891.4725.

Thank you,
-Justin