Weekly Report

More time, more attention, best outcome.

Hey Neighbor,

Good afternoon, how are you? The weeks are going by so fast, every time I turn around it's email day. What have you been up to? You know, I love the sun and I talk about summer a lot, but fall is my favorite season. I like projects and working on stuff. I'm getting a sewing machine! Are you working on anything? Let me know if I can help!

Have a great Thursday, Friday and weekend! If you need anything, give me a call. My number's bellow. 

Stay healthy & say hi to the family for me! 

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

The RMLS still has not released all of Novembers data. It usually comes out the 9th or the 10th. The graphs presented below, depicting inventory and average total market time show through October. Next week I will have more graphs showing Novembers numbers. What's going to happen? I'm hearing inventory is supposed to drop another 40% over the winter (or now), which is already at an historic low. Could this make total average market time drop even further? It's a weird Real Estate off-season. Stay tuned more info.

Multnomah County 
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Multnomah County- Many counties are tracking alike. Similar to previous years, new listings to hit the market dropped considerably from October 1,1554 to Novembers 917 active units (posting full data below). Sales are up at 1,070 units, which look to be around +150 more than your average November. Days on market increased +7 to 45 days in Nov, which is 18 days less then the prior year/month November 2019’s average of 63 days on market. Prices are up exactly 10%, which has been slowly dropping from our most recent high, a 13.85% price increase in September. Still, 10% is good and looking back, outside the most recent months, we hadn’t seen that kind of a spike since Feb 2018 where prices rose 11.80%. So we’re looking good on those numbers. 
Clackamas County 
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Clackamas County- although smaller, has experienced similar market activity. Their active listings have also been dropping, taking their biggest dip from 776 in Oct to 528 in Nov. Sales have dropped from 743 to 595 total units sold in November, which is only a few above the 563 sales that were seen in Nov 2019. Unlike Multnomah county, prices have continued to rise, hitting 17.16%. Clackamas county has not seen a price increase this large since January 2017, where prices rose 18.83%. 

North Coastal Counties
The Northern Oregon Coast still has not released all Novembers info. They're behind. More on November for Multnomah, Clackamas and the Northern Coast next week. I'll include some highlights of Octobers market. 

New listings (184) increased 8.9% from the 169 listed in October 2019, and increased 15.7% from the 159 listed in September 2020. Pending sales (219) increased 42.2% from the 154 offers accepted in October 2019, and increased 9.0% from the 201 offers accepted in September 2020. Closed sales (216) increased 25.6% from the 172 closings in October 2019, and increased 4.9% from the 206 closings in September 2020. Inventory and Total Market Time Inventory decreased to 1.3 months in October, the lowest on RMLS™ record. Total market time decreased to 66 days. 
zoom in to view 
If anyone who used to flip homes in Portland saw these graphs back in the day, they might have held those properties and became landlords. I was a little young when I was doing that work. I didn't see it. 

The good news is that mortgage rates are unlikely to rise in December. The bad news is why: The United States faces much economic uncertainty.

At least three expiration dates are coming up in December, with no guarantee that they will be addressed or extended:

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Multiple closely watched mortgage rates receded today. The average rates on 30-year fixed and 15-year fixed mortgages both trended down. Meanwhile, the average rate on 5/1 adjustable-rate mortgages also sunk lower.

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Here are 13 food spots making special Holiday Meals through the month. I'm going to try the Christmas Mexican Posada spot. That sounds amazing. I'll report back! Let me know if you try any!

-Christmas Mexican Posada- Verdigris -
- Stacked Sandwich Shop - Bark City BBQ -

View Full Article

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