“How’s the market in Portland?” – we get that question all the time! Here are a couple of highlights:

1) Inventory continues to be very low. In fact, in the last month of 2017, the number of properties SOLD exceeded the number LISTED. (See graph) Wow!
2) Prices are not changing much. How can that be if inventory is so low? It must be due to lower buyer demand. If supply is short and yet prices are stable, then there must be a fairly even supply/demand relationship.

What does this mean to you? Well, if the market remains balanced, it means that neither buyer nor seller has an inherent advantage… which means having an expert advisor and negotiator on your side to find ways to get you the best deal possible is more important than ever!

Included here are a couple of graphs which illustrate the inventory and price dynamics for 2017 in Multnomah County. Can’t wait to see what happens in 2018!

What do you think about all this?

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What a pleasure to work at a brokerage with a philosophy that supports the idea that being a good human being is also good for business. Who says being confrontational or uncooperative is the way to get things done? Not us. We know from experience that the best way to get a good deal for our clients is by negotiating from a position of knowing the facts AND being nice about it. Nice really does work!

The photo below is the advertisement our brokerage took out on the back cover of Portland Monthly’s Annual Design magazine.

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We team members at H. Dwayne Davis Group love Portland. Actually, we LOVE Portland, and we want you to feel the same. So many aspects of Portland make it a glorious place to live, and here are a few to start.

DIVERSE NEIGHBORHOODS

In the Portland area you have a choice of a huge variety of neighborhoods and communities. You’ll find your place for sure in one of these areas, with their diversity of socioeconomic ranges, lifestyles, architectural styles, community spirit, and more. There’s something for everyone, and here’s just a taste. For more about neighborhoods, check out the Portland areas section of our website.

• The Pearl District, with its urban apartment buildings that are tall for Portland (but maybe not for other cities), within blocks of great restaurants, a multiplicity of stores and services, beautiful city parks—including one with a permanent summer wading fountain—and more. Wouldn’t it be nice to step out your door and walk just a few blocks to the completely absorbing, world-famous Powell’s Books?
• Laurelhurst, Mt. Tabor, and other close-in Southeast and Northeast neighborhoods that center on lovely parks. These areas feature beautiful older homes, mostly bungalows, whose inhabitants are proud of their lush gardens and beautiful landscaping. Neighbors are generally happy to stop and chat with one another as they work in their gardens on summer evenings, their cats and dogs stopping by to kibbitz and say hello.
• The Northwest, where older homes and apartments mix with newer ones. Two long commercial streets, NW 21st and 23rd Avenues, contain some of Portland’s best restaurants and stores, offering a superb urban walk-and-shop experience. Step off of the avenues, and your walk leads you to quiet residential streets.

 TYPICAL LOCAL CUSTOMS AND LINGO

• Ever heard of sun breaks? It does rain here, and Portlanders love those moments when the clouds part and the sun beams down—our “sun breaks.” There’s beauty in contrast.
• And in related weather usage, around here it’s partly sunny—never partly cloudy. When it’s clear and you can see Mt. Hood, we say “the mountain is out.”
• We call neighborhoods near the city center “close-in” (see Laurelhurst and Mt. Tabor above). These neighborhoods, and their homes, are highly valued because of their proximity to downtown, and for the fact that they are less dense, with more room for gardens and outdoor living. The weather here makes it perfect to grow nearly anything—thank that rain!
• Traffic is more laid back here. Portlanders hate to honk their horns, which is considered quite rude, and often people wait too long at four-way stops in order not be seen as the aggressor making the first move. It’s charmingly polite.
• Life is more informal than in many cities, without the kinds of class pressure often seen elsewhere. It’s okay to wear a t-shirt, jeans, and tattoos to the opera, where a sweet older woman in a mink stole will be happy to chat with you in the drinks line. Wear anything you want out to dinner. There’s a real lack of pretension.
•  Summer is truly valued here for its sun and warmth. Many people choose “staycations” so that they can enjoy the beautiful weather, maybe taking day trips or overnighters to the coast, the Columbia Gorge, or the mountains. There’s more beauty to be found up and over Mt. Hood to central and eastern, Oregon, too, and it’s all only a few hours from home.

IS PORTLANDIA REAL?

Well, no and yes. It’s thoroughly based in reality, but enhanced for humor. You’ll definitely meet many types of Portlanders that you’ve seen on TV in Portlandia. You won’t be given a certificate with the name of the chicken you’re eating for dinner, but many fine restaurants will tell you on the menu if it’s an organic or free-range bird, and they’re proud of their sources for their food. And that’s not Portland’s real mayor on Portlandia, but here’s a secret: a former mayor, Sam Adams, plays the mayor’s aide. That’s our town!

PORTLAND TRIVIA

Pronunciations can be tricky. Here are some that will make you sound like a longtime Portlander!

• Couch Street—pronounced “Cooch.”
• Glisan Street—pronounced “GLEE-sun.”
• Willamette River—pronounced “Will-AM-et.”

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Have you wondered what’s the next step for you? Do you plan on being where you are forever, or do you foresee a time when you’ll make some kind of life transition?

While it’s almost never a bad time to re-assess one’s goals and opportunities, these are interesting times. If you own a home or an investment property, chances are it’s worth a bit more than it was a few years ago. What’s your strategy?  When is the right time to take a step based on your personal goals and what circumstances will allow?

This is an incredibly valuable discussion to have with us, especially if it involves property you own or plan to own. Is it time to put retirement plans in place? Time to downsize?  Time to up-size? Helping you successfully get to your next step is what we do. Let’s talk.

Your Portland Real Estate Team.

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Have you ever wondered: Where can I find a complete and up to date list of all the open houses in Portland that are scheduled for this weekend? Well – guess what! Our new website does that for you, all you have to do is go there (PortlandRealEstate.team) and click on the “Open Houses” link at the top. This is not just our open houses, this is everyone’s open house! That’s because we are certain you want a complete list, and so you should have it. Remember: for us it’s about you.

If you think you might do this more than once, simply bookmark the page PortlandRealEstate.team/Portland-Open-Houses and BOOM! You always have it. Notice that at the bottom of the page we also have some links for other open houses in the areas surrounding Portland.  Use them!  They’re there for you!

If you have other thoughts or needs in this area, we’d be happy to create something just for you. Let us know!

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It’s March! Spring is starting to show itself, Super Tuesday is here, and the February Portland Real Estate statistics have been published.  What’s the news on the Real Estate front?  Well, let’s talk about inventory first. Yes, a lot of people continue to struggle with low inventory – and there is a lot to be said for that, but it looks like it is improving.

For the record, these charts reflect Real Estate data in the city of Portland, not including any outlying communities.

This chart is kind of small (my apologies to your eyes) but it reveals a couple of interesting things.

1) The number of listed properties in February increased by more than 100 since January and by more than 300 since December. Onward and upward!

2) This past year the gap between the number of listed properties and the number of sold properties was the smallest ever – implying that most things are actually selling. (Graphically this is shown by the gap between the red bars and the blue line.)

Not surprising, we can see here how prices in Portland have trended upward since 2011. The increase in the Avg/Median is approximately $100K, or approximately a 40% increase in value. Not a bad return on an investment, eh? 

And this graph clearly shows how Portland transitioned from a buyer’s market (where sales prices were typically lower than the list price)  in 2011 to a seller’s market which continues to today.

The moral of this story? I’d say that if you are a potential seller, life is good. At least for buyers there is one bit of good news: inventory is on the way.

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It was interesting to take a look at the inventory and sales price statistical trends over the past couple of years. If you talk to a Real Estate professional these days, something that is bound to come up over and over is the “lack of inventory.” Well… we’ve been in this trend for several years, so it seems.  Take a look at this chart:

Yes – it’s true that inventory in January was crazy low – under 600, which is half of what we had this past summer. Add to that the fact that there were just under 600 closed deals in the city of Portland in January, that means we only have 1 month’s worth of inventory! The bottom line: if you are a buyer and you find something you like, don’t wait around. If you are a seller, it’s pretty likely you won’t go stale on the market, that is unless your price is out of whack or you have a very expensive home, in which case the story will likely be different.

Now look at prices over the past two years:

Although this chart makes it look somewhat flat, it really appears that we are talking about a 10% (roughly) increase over the past two years. Not outrageous, but not shabby either, from an investment point of view. I say that because that level of appreciation is well above inflation.

Questions/comments/thoughts about the statistics and the market, let us know!  We love chatting about this stuff!

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It looks like the post office will be moving out of the Pearl District, creating lots of space for more shops, restaurants and dwellings! Take a look here.   Here is one of the options:

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