Real Estate Information Archive

The Portland metro area saw some mixed real estate activity this April, while the year to date still remains cooler compared to 2016.  New listings, at 3,759, fared 4.3% better than last month in March 2017 (3,604), but fell 7.9% short of the 4,082 new listings offered last year in April 2016.  Similarly, pending sales (3,088) were 10.0% cooler than in April 2016 (3,432) but showed a modest 1.5% gain over last month in March 2017 (3,043).  Closed sales, at 2,219, fell 11.0% short compared to last month’s 2,494 closings and 15% short compared to the 2,611 closings recorded last year in April 2016.  Inventory crawled upward in April, ending at 1.7 months. Total market time decreased by four days, ending at 42 days. There were 3,753 active residential listings in the Portland metro area in April.  

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($406,500) with the average price of homes in the twelve months ending April 2016 ($365,200) shows an increase of 11.3%. In the same comparison, the median has increased 11.6% from $318,500 to $355,500.

Our home of the month is a condo off Macadam just south of the south waterfront in the coveted RiverPoint condo community.  This fabulous home is two bedrooms plus a den, and overlooks the river, downtown and Mt Hood, and its on the ground floor with a two car garage!  Check it out here at http://www.roblevy.com/Property/6116-SW-RIVERPOINT-LN-Portland-17683285

This article in the Oregonian last week talks about even though the Portland area has grown, we have recently been leapfrogged by both San Antonio, Texas and Orlando, Florida in population.  The Portland metro area's population now is over 2.4 million, up 1.7% from last year.  You can read the article here, which has information on other area cities and within the arcticle there is a fascinating link to the US Census bureau statistics which rate fastest growing areas all around the USA.  Its interesting reading!

This article in the New York Times recently talks mostly about the boom in Denver (a city with similar price increases and inventory woes as Portland)  But I can tell you as a Realtor for almost 30 years now in Portland while we have always been known as "pot friendly" and I have always had 3-5 people a year asking me about grow operations this last 12 months or so its coming up all the time!  Oregon has some specific laws on what you can do personally (grow up to four plants) but we have had several real estate sales recently for buyers in the cannabis industry.  You can see the article here...

March Residential Highlights The Portland metro area hada sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.  Pending sales (3,043) warmed 28.5% over last month in February 2017 (2,369) but fell 1.1% short of the 3,076 offers accepted during this month last year in March 2016.  Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month. Total market time decreased by four days this March, ending at 58 days.

Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.  Average and Median Sale Prices Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%.  In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

This months chart shows the inventory of available homes in the Portland Metro area dating back to January of 2015. A "balanced" market as defined by HUD and the National Assn Realtors is 5.5-6 months of inventory, and as you can see we are far short of that with only 1.3 months of supply right now.  If you have been considering selling your home, now might be the time to do so.

This months featured home is an amazing estate on the Willamette river in West Linn.  This 4,436 square foot custom built home sits overlooking the river with a huge great room with Brazilian cherry floors, and an incredible gourmet kitchen with a massive island and American cherry cabinets and much more.   There is a formal dining room plus a small master and office on the main floor.  Upper level has the spacious master suite, plus two additional bedrooms and a bonus room too. All bedrooms have their own balconies. This home also sits above a five plus car garage, with a pull through door leading to a boat ramp the river, and has a dock too!  Check it out at http://www.roblevy.com/Property/4993-MAPLETON-DR-West-Linn-17380137

This article in the Oregonian last week talks about even though the Portland area has grown, we have recently been leapfrogged by both San Antonio, Texas and Orlando, Florida in population.  The Portland metro area's population now is over 2.4 million, up 1.7% from last year.  You can read the article here, which has information on other area cities and within the arcticle there is a fascinating link to the US Census bureau statistics which rate fastest growing areas all around the USA.  Its interesting reading!

This article in the New York Times recently talks mostly about the boom in Denver (a city with similar price increases and inventory woes as Portland)  But I can tell you as a Realtor for almost 30 years now in Portland while we have always been known as "pot friendly" and I have always had 3-5 people a year asking me about grow operations this last 12 months or so its coming up all the time!  Oregon has some specific laws on what you can do personally (grow up to four plants) but we have had several real estate sales recently for buyers in the cannabis industry.  You can see the article here...

March Residential Highlights The Portland metro area hada sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.  Pending sales (3,043) warmed 28.5% over last month in February 2017 (2,369) but fell 1.1% short of the 3,076 offers accepted during this month last year in March 2016.  Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month. Total market time decreased by four days this March, ending at 58 days.

Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.  Average and Median Sale Prices Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%.  In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

This months chart shows the inventory of available homes in the Portland Metro area dating back to January of 2015. A "balanced" market as defined by HUD and the National Assn Realtors is 5.5-6 months of inventory, and as you can see we are far short of that with only 1.3 months of supply right now.  If you have been considering selling your home, now might be the time to do so.

This months featured home is an amazing estate on the Willamette river in West Linn.  This 4,436 square foot custom built home sits overlooking the river with a huge great room with Brazilian cherry floors, and an incredible gourmet kitchen with a massive island and American cherry cabinets and much more.   There is a formal dining room plus a small master and office on the main floor.  Upper level has the spacious master suite, plus two additional bedrooms and a bonus room too. All bedrooms have their own balconies. This home also sits above a five plus car garage, with a pull through door leading to a boat ramp the river, and has a dock too!  Check it out at http://www.roblevy.com/Property/4993-MAPLETON-DR-West-Linn-17380137

At the Rob Levy team we are proud of our new iPhone and Android APP, and have had many clients download and use the APP.  Surveys show people love the fact they can pull up in front of any house and it shows most of the MLS stats on any house around them.  On the app you can also search homes and save the search, as well as contact us directly.

You can download the iPhone version here.... CLICK HERE

You can download the Android version here....  CLICK HERE

Note, read this newsletter on your phone to download directly onto your phone.  The address 

It's no secret that home improvements, no matter how big or how small, cost money. So, it is only prudent to consider if the renovation will be financially worth the time and money it will require. So, instead of a full-blown remodel, consider a simple facelift on what's already there.

Some other bank-account friendly home improvement alternatives that still boost your home's overall value and appeal include, but are not limited to, the following:

Polish the shell

The exterior of your home is what will make the all-important first impression on potential buyers and anyone else approaching your home. Make sure to stay on top of seasonal maintenance, replace or repair siding and windows, and keep your yard free of clutter, such as toys, bikes and refuse.

It's easy being green

Energy efficiency is easily achieved and can reduce your monthly utility bills. Replace old appliances with energy-efficient models, and consider adding low-flow faucets and toilets.

Stick to your current layout

If you know from the planning stages of the process that you're going to utilize the current blueprint of your home, you can minimize your costs. Typically, the most expensive part of a renovation project is major undertakings, such as removing existing doors, ceilings or walls and replacing them with new ones in the newly made areas of the house.

Furniture: re-imagine before replacement

Replacing furniture can cost several thousand dollars, and the fact is you probably don't need that new loveseat (for example). Maybe it just needs a new cover. So, prior to selling your furniture, take the time and effort to determine if reupholstering would have an equally pleasing result.

Look for new item discounts

If you've determined you need new granite countertops but are naturally concerned about the expense, just ask the manufacturer for the cheapest pattern. Also, ask about stone pieces that may have small imperfections.