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Weekly Report

10/15/2020

More time, more attention, best outcome.

Hey neighbor, 
 

What are you doing? How are you? We’re 16 days away from Halloween. What are you gonna be?! Maybe this is the year. I’ve never been huge on costumes, but I like projects… I’ve got two dogs, maybe I’ll dress them up! 
 

We’ll I hope you’re enjoying fall like I am. I think it’s motivating. We gotta keep moving forward. If you need anything, I’m around. Let me know how I can help. 

Have a great day! If you find anything fun, let me know!

 

Best, 

Evan Zener 
Strong|Edge Realty Team with eXp 

RMLS Portland-Metro Monthly Report- September 2020

September Residential Highlights New listings (3,264) decreased 5.9% from the 3,470 listed in September 2019, and decreased 16.0% from the 3,885 listed in August 2020.

Year-to-Date Summary Comparing the first nine months of 2020 to the same period in 2019, new listings (30,715) decreased 9.6%, pending sales (25,453) increased 5.5%, and closed sales (23,033) increased 2.8%. 

Average and Median Sale Prices Comparing 2020 to 2019 through September, the average sale price has increased 5.7% from $458,900 to $485,200. In the same comparison, the median sale price has increased 5.7% from $410,000 to $433,500. 

Pending sales (3,152) increased 17.3% from the 2,686 offers accepted in September 2019, and decreased 14.7% from the 3,697 offers accepted in August 2020. 

Closed sales (3,251) increased 36.8% from the 2,377 closings in September 2019, and increased 3.2% from the 3,149 closings in August 2020.

Inventory and Total Market Time Inventory continues to fall, decreasing to 1.1 months in September. Total market time decreased to 38 days. 

Zillow predicts home values will increase 5.2% in the next year. Can we trust it? I'm skeptical. 
Sometimes I think Zillow's future predictions are biased. They always frame the upcoming season as a good time to sell. At the beginning of the summer, they'll say the market is great but will dip into fall, then when fall arrives they say the market will continue strong. 

I looked back and found in the April 23rds email, Zillow was stating at that moment the market was in a large dip, (drop-in home value prices). That was a first. The market never ended up crashing. Average and Median home sale values have grown more in the last 3 months than they have in 4 years. I'm going to guess after the election that growth will slow. I think mid-November we'll know a lot more about the direction of where things are headed. 

I'm not sure what Zillows play was here. Try to motivate buyers to get into the market to score a deal, and motivate sellers to get in before they're looking at taking too big of a hit? I'm going to keep an eye on it. I'm on to them.
Let's Learn More About the Economy!
The Real Estate Market is a big part of the economy. To best understand the real estate market (where it's at, and where it could be headed), I think having a general/broader understanding of the economy, it's different sectors, and how they interact and affect the real estate market is vital. 

Below are 3 interesting articles going over the state of Portland's economy and it's projected revival timeframe. In future emails, I'm going to dedicate more toward Portland-Metro and all off of Oregon's economy, and in relation to the real estate market. 
 

During the past three decades, Oregon made the transition from a resource-based economy to a mixed manufacturing and marketing economy with an emphasis on high technology. Oregon’s hard times of the early 1980s signaled structural changes had occurred in the traditional resource-based economy, centered on timber. The state worked to develop new economic sectors to replace older ones. Most important, perhaps, was the state’s growing high-tech sector, concentrated in the three counties around Portland. However, rural Oregon counties were generally left out of the shift to a new economy. 

View Site 

 

What's to come of Portland's job economy?

The key economic concern today is one of permanent damage. How many firms close and how many permanent layoffs occur? While much of the damage has been temporary to date, it’s that underlying traditional recessionary dynamic that will go a long way to determining how long the recovery takes. And in past severe recession in Oregon, like the early 1980s and the Great Recession, we saw both an increase in closures and a drop in new businesses forming. This prolonged the recovery process as it takes time to replace firms and rebuild the network of employees and supply chains in the broader economy.

View Site 

 

Oregon projected to lose a quarter-million jobs in economic contraction

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see www.bls.gov/regions/economic-summaries.htm.

View Site 

 

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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
Thank you for taking the time to read my report
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 www.strongedgerealty.com or give me a call anytime, lunch is on me!


Evan Zener, Licensed Realtor 
(971)285-0847
Strong|Edge Team with eXp Realty LLC evan@strongedgerealty.com  

 
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