Weekly Report

More time, more attention, best outcome.

Hi Neighbor,

Happy Thanksgiving! I hope you have a fun, relaxing day ahead of you with people you care about. I don’t want to distract you from your day, so today’s email will be shorter, but I don’t want to miss a week! 

Enjoy today, if you need anything, I’ll be back working tomorrow. It looks like we've got cloudy/rainy weather through the weekend. Sunday we might get some sun, but mid next week it looks like it could start getting nice! That's what my weather app is saying!

Have a great day and rest of your week! If you need anything, let me know!

Best Regards, 
Evan Zener 
Strong|Edge Realty Team w/eXp 

Portland Metro- 

When I wrote last weeks email, I didn’t realize today was Thanksgiving. Next week will be a new month and some of Novembers numbers will be released. Longer report next week.

Looking at October, new listings are up compared to the previous year/month, but overall inventory in October is at 1.1 months which is an RMLS record low. Total market time is at 38 days. In October 2019 total days on market was 57, so, homes are selling about 20 days faster this season than last.

Many are saying inventory will continue to drop another 30-40%. We are rolling into into winter. If it does, it will be interesting to see how that effects prices. I think the single largest factor that caused prices to rise to as high as they have this past 6 months was low inventory. The pandemic has definitely discouraged more people from trying to sell their property than from buyers getting in. I don't see the buyers going away so if inventory continues to fall, prices could keep above normal.

New listings
(3,515) increased 14.7% from the 3,064 listed in October 2019, and increased 7.7% from the 3,264 listed in September 2020. 

Pending sales
(3,199) increased 24.2% from the 2,575 offers accepted in October 2019, and increased 1.5% from the 3,152 offers accepted in September 2020. 

Closed sales
(3,155) increased 21.9% from the 2,588 closings in October 2019, and decreased 3.0% from the 3,251 closings in September 2020. 

Inventory and Total Market Time- 
Inventory held steady at 1.1 months in October, and continues to be the lowest on RMLS™ record. Total market time held steady at 38 days. 

Year-to-Date Summary
Comparing the first ten months of 2020 to the same period in 2019, new listings (34,307) decreased 7.5%, pending sales (28,518) increased 7.2%, and closed sales (26,298) increased 4.8%. 

Average and Median Sale Prices
Comparing 2020 to 2019 through October, the average sale price has increased 6.5% from $459,000 to $489,000. In the same comparison, the median sale price has increased 6.1% from $410,000 to $435,000. 

Looking back 2-years on the market- zoom in to view
Olympia Provisions Pubic House Eatery is Open for online orders, and retail shopping. Face masks are requried. To place an order over the phone please call (503) 384-2259. You can also call in food for take out or order for home delivery via Caviar here. Check back for news and updates including expanded hours, online ordering, and holiday specials.

These Portland restaurants are serving turkey dinners to-go.

If anyone's thinking about throwing in the towel last minute on cooking this year, here is a good list of restaurants that could be your plan B! Or maybe you didn't cook enough, or want to have Thanksgiving dinner two days in a row? I might actually do it! Check them out!

Last week I said I would go through a few different walking areas that would be great for our current lockdown situation, if anyone is looking to stretch there legs. These areas are open and have been very easy to keep distance from others at all times. They are large and open areas!

1,000 Acre Dog Park-  I think it would still be a great place to walk, even if you didn't have dogs. 1,000 Acre Dog Park is a 1,500 acre park where the Sandy River meets the Columbia River, surrounded by trails and fields.

Broughten Beach Park- Also known as Ditlers. I enjoy walking this stretch along the Columbia River more in the fall and winter months than the summer. It's so much quieter. There is rarely many people on the beach or trail in the off season. Layer up though because it is windy!

Powell Butte National Park- Is a large open park with trails and fields located in SE on an extinct cinder cone volcano. Powell Butte is open, beautiful and has not been crowded in my experience going there. 
If anyone is interested in refinancing their home or looking into the different types of reverse mortgages, I've got a lot of good new information. Either reach out to me and I can more info/pdf's on the matter, or feel free to contact Mark Eshelman below who specializes in reverse mortgages.

If you are 62 or older, instead of paying all cash you could buy a home using an FHA-insured† Home Equity Conversion Mortgage (HECM) for Purchase loan, and still have the option of no monthly principal and interest payments. (You’ll need to keep current with property taxes, insurance and maintenance.) With this option, you can buy a home by combining a one-time investment of your own funds with HECM loan proceeds to complete the transaction. The cash required typically ranges from only 45% to 62%* of the purchase price, depending on your age. (This down payment range assumes closing costs will be financed into the loan.)

Portland Property Search

  View by area code

If your area code is not listed below, when directed to Zillow, edit the area code in the search bar to view your desired area. To switch from "sold listing" to "recently listed", edit filter directly to the right of the search bar.

97211, 97212, 97213, 97214, 97215, 97216, 97217, 97218, 97219
Hey, thanks for checking out this week's Portland-Metro Market Report. Please let me know if there is anything I can do for you! Fall is here! If you need help getting your home ready for the winter season, give me a call!

For more information, you can check out my website at or give me a call anytime, lunch is on me!

Evan Zener, Licensed Realtor 
Strong|Edge Team with eXp Realty LLC  

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