Tag: 2024 real estate market update

Portland Market Update Mid-September 2024

Posted on by Kyle Gordon



Find out what’s happening in the Portland real estate market for Mid-September 2024.

 


Hi, I’m Kyle Gordon, professional Broker and amateur drummer with Living Room Realty here to tell you what you need to know about the market for mid September 2024.


Inventory & Stats

In the Portland-metro market, we currently have 3 Months Supply of Inventory, meaning that based on the current rate of sales, it would take 3 months to sell all the homes on the market.

This is an increase from July’s 2.8 months of supply. Historically, it’s normal to see an increase in this metric as we exit summer and enter fall, but it’s noteworthy that we have seen an increase in supply when compared to this time last year. 

Digging into this further, new listings have decreased 8.1% compared to last month, and decreased 8.7% compared to August of last year. This downward trend also continues when looking at closed sales numbers – currently down 5.7% from last month and 9.2% from last year.

However, it’s not all doom and gloom for sellers – both average and median home sale values are up compared to August of last year – 2.1 and 3.5% respectively.

 


So What Does This Mean?

The number of homes hitting the market in August were down year-over-year, the number of homes sold were also down, and existing homes on the market are sticking around a little longer.

However, when we ​​compare the first eight months of 2024 to the same period in 2023, new listings have actually increased 1.4%, while both pending and closed sales decreased slightly.

So for buyers, this means you likely have more choices. Both in homes to consider and in how you choose to structure your offers.

For sellers, this means you’ll want to consider taking extra steps to prepare your home ahead of listing so that it stands out to home shoppers in this slightly more balanced market.


Looking Ahead

Adding to this, many signs are pointing to a mortgage rate decrease in the months ahead, so it’ll be interesting to see if we have a typical, slightly sleepy fall, or if we see a rush of buyers entering the market due to the increased affordability of loans.  

My prediction is that we’ll see more buyers enter the market, but not a noticeable change in listing inventory, resulting in more competition amongst buyers.

So if you’re on the fence on whether you should jump into the home-buying pool now or later, it may benefit you to go ahead and start taking steps now, as it will take some time to get your ducks in a row. 

For all you potential sellers out there, similarly keep in mind that preparing your home to list takes time – sometimes as much as a few months depending on your to-do list. Start a conversation with a trusted broker early in your process and get expert advice on where your time and money will be best spent.

 

Make A Move

If you’re ready to make a move, call us today, we would love to help you find your next Living Room. 

Vancouver Market Update Early-August 2024

Posted on by Julia Robertson

Find out what’s happening in the Portland Metro real estate market for Early-August 2024.

Hi, I’m Julia Robertson, Living Room Realty’s new Designated Managing Broker in Washington. I’m here to tell you what you need to know about the market for Early August 2024.

 

Cost Of Living

Over the last decade I’ve personally witnessed Vancouver, Camas, and Ridgefield blossom. The area has a rich history and the overall vibe is clean and safe. The cost of housing and utilities in Vancouver are below the national average, 11% lower than the state average. When we compare Vancouver to Portland, housing is 39% lower and the cost of living is 16.5% lower. Of course you have your outliers: luxury, lakeside living, and riverfront communities- but overall your dollar is stretching further here.

 

Southwest Washington Advantages

Did you know that Vancouver is an extension of Portland Metro? The two locations live differently, but at the same time, living near the Columbia River gives you the best of both worlds. 

Living in Washington has its luxuries, such as lower property taxes, no state income tax, larger parcels of land, affordability, accessibility to outdoor recreation, the ability to shop with no sales tax, and easy access to the Portland international airport. It’s what makes living in SW Washington unique! 

Vancouver itself offers a more suburban feel compared to the bustling city atmosphere of Portland. This might be appealing if you prefer a quieter, more community-focused environment. The downtown Vancouver area has a mix of historic architecture and modern developments, a vibrant public art scene, which is experiencing growth and revitalization with new businesses, restaurants, community events and farmers’ markets. Camas is another suburb with a strong sense of community and is known for its highly regarded public school system. Camas and Wahougal are the gateway to the Columbia river gorge. 

 

Let’s Talk Numbers

If there’s one thing home owners love to hear, it’s how much equity their home has earned from the previous year, so let’s talk about the market in Clark County. When we say Clark County and the greater Vancouver area, we’re talking about areas such as Camas, Washougal, Ridgefield, Battle Ground, Vancouver and everything in between. 

In a report given on August 5th by the NorthwestMLS, Clark County Washington home prices have gone up 4.58%, since this time last year. Available listings are up 37.7% and closings are up 12.12%. Active listing inventory is at the highest it has been in the last 5 years. With this much inventory, homes are still selling fast, and at Living Room our most recent listings in these areas have an offer within the first 2 weeks of being on the market. 1-2 offers are coming in at listed price or just below. This is a good market for both Sellers and Buyers!


Make A Move

 Living Room Realty is committed to connecting you with as much information to help you make an informed decision. We have dual licensed Brokers that can help you explore both sides of the river > If you’re ready to make a move to the Couve, give us a call today, we’d love to help you find your next Living Room.

Portland Market Update Mid-July 2024

Posted on by Erin Middleton

Find out what’s happening in the Portland real estate market for Mid-July 2024.

 

Hi I’m Erin Middleton licensed real estate broker with Living Room Realty here to tell you what you need to know about the Portland Market  for mid July 2024.

 

Inventory continues to rise in general… following trends from previous years that sees inventory rise from January through Summer. However we didn’t see the Spring dip we’ve seen in years prior and have continued to stay high in the mid-2s, meaning we have about 2 and a half months of inventory, likely as a result of high interest rates that don’t seem to be going anywhere and Sellers who have unrealistic expectations for the home’s sale price. More on that in a minute. 

 

Market Activity


Activity across the board is down. New Listings, Pending Sales, and Closed Sales in June have all decreased year-over-year as well as month-over-month. This coupled with the higher inventory and high interest rates means we have a very different market than we’ve had in years prior. But as one smart colleague said earlier this year, it’s a tale of two markets. Thanks Kim Parmon!

 

While high interest rates are “the captain” of this year’s real estate market, Buyers that can afford the payments are still driving multiple offer situations on well-priced, good-looking, and well-located listings. 

 

But on the flip side, unrealistic Sellers who have been sold tales of “everything sells” or “we can start high and come down later in price” are seeing their not-so-desirable listings sit –  thus pushing up inventory as new listings come to market.

Let’s Look At The Numbers

But even though inventory is up and interest rates hover around 7%, prices are still on the rise!! Comparing 2024 to 2023 through June, the average Sales Price increased 2% from $595,000 to $607,000. And the median price is up 2.3% from $530,000to $542,000. These numbers position us just shy of the market peak reached in May and June of 2022

 

What Should You Do?


So, here are my tips for Buyers & Sellers in this HOT Summer market:

 

Buyers – look at the outliers. What’s sitting? What’s been picked over and provides you with an opportunity for a deal? Go get it!

 

And Sellers – in order to not be one of the aforementioned “sitting not selling” listings, make your house look its best, price it well, and it will sell.

 

Make A Move

I hope this information has been helpful. If you’re ready to make a move, call us today. We’d love to help you find your next Living Room.

 

Portland Market Update Mid-April 2024

Posted on by Jacob Weigel

Find out what’s happening in the Portland real estate market for Mid-April 2024.

 

Hi I’m Jacob Weigel with Living Room Realty. I’m here to tell you what you need to know about the market for Mid April 2024. 

 

Let’s Dive Into The Data

Anyone who’s familiar with the 12 seasons of Oregon (or allergies) knows that we are currently in the Pollening. And with all the itchy eyes & blooming flowers and trees comes the spring market, which is heating up – but there is a tale of two listings within this data. Pending sales are up 2.8% month over month, but this doesn’t tell the full story. 

 

Let me tell you about what I refer to as “depressed inventory.” New listings are up 16.3%, new pendings are up 22.7%, and closed sales are up 22.9%. HOWEVER, total market time went up? Are days on market and a rise in pending transactions mutually exclusive data points? Nope – they are not. 

 

Listings within living room realty are currently seeing an average of 3.5-4.5 offers per week, and averaging $20-$30 thousand over asking. 

 

Stand Out & Show Value 

While more inventory is coming on the market, a ton of listings that have been sitting for many weeks. This market is a price war and a beauty contest. If you are an active seller in this market, you need to make sure your asset looks good and shows VALUE. 

 

Last week the fed signaled that our current interest rate market is here to stay longer than investors previously thought. While the buying demand continues to stay strong, buyers are less and less willing to take on repairs without seller concessions. If you are a home seller – listing prep is EVERYTHING. 

 

 

Get Your Home Ready

Reach out to a professional like myself to consult around what the highest value adds are that can be done prior to going on the market. It’s never too early to be thinking about this. I have many clients who have consulted with me on design elements for up to one year prior to their desired launch date to market

 

Any of these additions to your property should be giving you greater than a dollar for dollar return. This is exactly what a good agent can  help build a plan around.

 

 

Make A Move

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room. 


Portland Market Update Early-April 2024

Posted on by Gabrielle Enfield

Find out what’s happening in the Portland real estate market for Early-April 2024.



Hi, I’m Gabrielle Enfield, Real Estate Magician at Working Magic Group and Oregon Broker for Living Room Realty, here to give you the scoop as we enter peak real estate season here in Portland, Oregon.

A Major Shakeup?

Headlines may make you think there’s commotion happening in the real estate world. In short, the National Association of Realtors is facing a Department of Justice settlement tied to buyer agent fees and how they’re communicated, as well as the agreements that need to be in place before a buyer can tour a home for sale with a licensed agent.

While it may sound like a shakeup, it’s really just putting a bold underline on what we – as licensed agents in the Northwest – have been doing all along, especially here at Living Room Realty.

It’s tied to client advocacy and what’s in their best interests, while clearly communicating the value we, as Realtor Fiduciaries, have in one of life’s biggest decision making moments. Right now, we are in a wait and see period, with regulatory changes expected in July. If you have questions or want to discuss your options and what this means for you, please reach out, we are here to help.

Buyers

Now, onto the really juicy stuff – what’s happening in our local real estate market?

At this week’s Living Room team meeting, our agents put gobs of homes under contract, representing mostly buyers. So if you were wondering if now’s the right time to hit the touring circuit – the answer’s a big old yes! Really, anytime you’re ready to enter the real estate market is a good time, it all just comes down to the strategic levers you and your agent can pull.

Here’s the deal…. if you run the numbers on a home that you could see yourself in for the next few years, and you can afford it now, you should probably make a play for it. Rates are expected to head below six percent sometime in the future. The minute they do, buyers are going to rush forward and create a very competitive landscape. This will likely push pricing further upward and in some cases further out of reach. You being the smarty pants you are, you’ll have the option to refinance on your rad house down the line.

Let’s Look At The Numbers

Right now, at Living Room, homes under contract averaged 2 offers, and went for roughly $15,000 over asking with an average pending price is $702,000 dollars

Across Portland Metro, the market action index is hovering around 47, still tipping in favor of sellers. Median days on market is 42. The median listing price for new listings is $675k – that’s about 40 grand more than this time last year.

Get Your Home On The Market

No matter the political or economic climate, real estate operates on a somewhat predictable cycle. If you’re thinking about selling, NOW is the time for action. It’s important to have your house on the market before the first week in July. After that, we Oregonians goof off and want to be settled before fall routines kick in.

An advocate like me will help you identify your punch-list to get your house ready for its close up. You’d be amazed what changing the front door color does for a place – my favorite is saffron yellow. 3 cheers for color!

 

Make A Move

Real estate is a lot, and takes practice, precision and market intelligence. If you’re feeling like you’re ready to make a move , call us today! We’d love to help you find your next Living Room.

 

Portland Market Update Late-February 2024

Posted on by Bonnie Roseman

Find out what’s happening in the Portland real estate market for Late-February 2024.

Hi, I’m Trish Sunderland, licensed broker in Oregon at Living Room Realty, here to tell you what you need to know about the Market for late February, 2024.

 

Hang In There

Right now in Portland we are seeing two different Markets existing simultaneously.

The first being older listings that have been sitting since last year, having price drops and languishing for a variety of reasons. We’re seeing this truth in the average days on market, which is currently registering at 118 days. This is the highest it’s been since this time in 2020.

Historically, February sees the longest days on Market as we transition from the lull of the holidays to the seasonal flurry of activity in the Springtime.

If you’re one of these sellers with a lengthy time on market, don’t lose hope. Hang in with me til the end where I’ll give you a few game changing tips to help refresh that listing to get it sold.

 

Buyer Tips

Buyers, let’s talk. The lengthy time on market doesn’t paint the whole picture here. Don’t get left behind thinking you have days or weeks to think about a property you may be interested in.
When we look at homes that have had an offer accepted since January 1, the number of days on market drops significantly to from 118 to 9 – NINE!

Which brings me to the second market we’re seeing. Get ready, don’t blink. That’s the advice for all you buyers out there, eager to snatch up that well manicured, instagram-able, no-repairs-needed home. The hot ones simply are not waiting around.

Sellers are looking for serious buyers they feel confident will get them to the finish line. When they see an offer come through conveying just that, you’re not always guaranteed a window to submit an offer. It’s like one of my favorite versatile sayings, “see something, say something.”

Did you just walk through an open house and feel you’re falling in love? Did you do a drive-by of a new listing that feels perfect? Tell your agent, get in there, write your offer. If you don’t, someone else certainly will.

 

Seller Tips

Alright, sellers, what does all of this mean for you? It means that if you want to get in on the best time of year to sell, i.e. the highest chance of multiple offers, highest bids, best terms, now is the time to be prepping your home to sell.

The peak of the Spring market will be here before we know it and often fades out by Summer. Portlanders looooove the sun and that’s when we historically see the selling season slow.

Last thing, I promised you tips to refresh your listing and get it sold. A few that have worked very well for my team.. A small change like new photos, fresh paint on the front door or adding a floor plan, can be simple, cost effective ways to catch the eyes of your home’s next owner!

Make A Move

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room

Portland Real Estate Market Update Late-January 2024

Posted on by Tracey Henkels

 

Hi, I’m Tracey Henkels, principal broker at Living Room Realty, here to tell you what you need to know about the Market for late January, 2024

I don’t know about you but I’m having major de jevu!

 

2008 All Over Again?

The last few years the real estate market has felt shockingly akin to the days of the subprime mortgage crisis of 2008. Let’s look back at the stats for the Portland Metro area to see just how similar the numbers are:  In 2021, before interest rates started rising, the number of closed transactions was 35,182 – compared to only 20,941 transactions in 2023 when interest rates hit a high of 8%. 


That’s over a 40% decrease within a 3-year timeframe and nearly IDENTICAL to the contraction we saw when shit hit the fan in 2008. 


Ok, check this out: In 2006 there were 32,403 transactions closed. By 2008, it dropped drastically to 19,132. Again, a 40% decrease over 3 years.  

 

What About Interest Rates?

The good news: this year is going to be a GORGEOUS time to make a move! All signs are pointing towards interest rates continuing to drop throughout 2024 and into 2025. Many are predicting that rates could even drop below 6% by the end of this year!  

With that in mind, let’s do a quick recap of the concept of supply and demand. 

As real estate agents, we don’t set the price – in fact, the seller doesn’t even really determine the price. It is based on the “demand” in the market, driven by the volume of buyers. And “supply” which is simply the available homes for sale. With so many buyers AND sellers waiting…and waiting and waiting some more…, we are soon going to have the largest pool of buyers in U.S. history! With very little inventory to show (or sell) unless sellers finally get off the fence. 

So what does that mean for you? 

Whether you’re a buyer or seller, the longer you wait, the more competitive it’s going to be, as the inventory of homes remains low, but the demand continues to rise along with the prices. Waiting to try and time the market until interest rates drop to 5.5 – 6% may sound like a good option, but my advice to both buyers and sellers would be to get in the game now before the flood gates open. 

Make A Move

If you’re ready to make a move, call us today, we would love to help you find your next Living Room.