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Construction is pushing forward. New building on SW 1st in China Town being constructed.

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Weekly Report

11/12/2020

More time, more attention, best outcome.

Good afternoon neighbor,

How are you? I hope you've been well. Did you get a chance to get out and do something fun over the weekend? Sunday turned out to be a beautiful day. That could have been my first correct weather prediction, haha. It was a great day for a long walk at the Sandy River Delta with the dogs! They get me outside a lot. 

Well, what are you looking foward to? Anything fun coming up? Are you working on anything? If you need help, let me know. Maybe you're bored and want to come join me for an Sunday morning dog walk? Give me a call, I'm always looking to build community. 

Have a great rest of your day. I want to say thank you for supporting and following my weekly emails. I'm always trying to make them as valuable as possible. If there is anything you would like to see more of, let me know. Thank you again!

Best Regards, 
Evan Zener 
Strong|Edge Realty Team with eXp 
971-285-0847

 

What is going to happen to the Oregon Real Estate Market? I'v had suspicions that a market crash was looming. With everything that has taken place it seems likely and there has been a bit of buzz around the topic. 

As I continue to research, it does seem like many who were predicting a crash have pushed that prediction out further. Historically low mortgage rates have seemed to soften the blow, pulling buyers back into the market. It now sounds like the end of the mortgage forbearance might not be enough to cause a crash, which was a large concern with many. For more information, check out the article below by Mashivisor.

Portland Metro 
Numbers continued to rise through October, both compared to the previous month (September) and previous year, October 2019. 

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. 

Northern Coast 
I would like to retract a statement I made last week, where I said active listings at the coast are down. New active listing are up 8.9% from the previous year, but overall inventory is down to the lowest point the RMLS has recorded. 'New Listings' show the amount of new listings to hit the market that months. Inventory represents the overall total amount of properties that are either active on the market, or at some point of the sales process before completely closing. 

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.

Year-to-Date Summary
Comparing the first ten months of 2020 to the same period in 2019, new listings (1,884) decreased 15.4%, pending sales (1,775) increased 11.7%, and closed sales (1,598) increased 6.5%. 

Average and Median Sale Prices
Comparing 2020 to 2019 through October, the average sale price has increased 11.6% from $366,900 to $409,500. In the same comparison, the median sale price has increased 7.8% from $329,000 to $354,500. 

Zillows Real Estate Market 1 Year Forecast- 
If you follow this email you've heard me talk about my skepticism with Zillow and their predictions. They seem to always frame the upcoming season as a great time to buy or sell. Early spring they'll say it's going to be a great season but will die off heavily toward fall. Then toward the end of the season they'll tout continued growth after summers. 

Zillow has a graph depicting Portland's past and projected home value growth, that seems to change with time. I cannot remember any of the other graphs they've released of Portland looking like this. I don't believe this graph is accurate, showing Portland's home value growth plateauing from 2017-2020. I think Zillow is exaggerating that plateau to further make it seem like a one of a kind time to sell, coming up. Not that it couldn't be a great year, but I question their intentions. 

I will always be truthful and act in my clients best interest. PERIOD. 
RMLS- 7 Year Real Estate Market Snapshot-
Here is what I would say is going to be a more accurate graph depicting past 7 year price growth, released by the RMLS. I don't see the same kind of plateauing here that you see in Zillows graph.
Fun things to do!
Check in every week for new fun things to do coming up in your area! It is a weird year and there is not as much to do as normal, that's why I'm going to work overtime to keep us entertained! If you find anything fun, let me know! 
 
The City of Portland decided to help these restaurants create dining spaces using public streets and sidewalks: is it getting too cold to still enjoy them? I'm not seeing too much sun in the forecast but I think we still have time. Layer up people, and go eat!

Here is one restaurant/pub I used to go to. I'm glad they're still doing well.


McPeet’s

This Fremont pub has closed off a chunk of 45th for outdoor seating, pouring mojito slushies and frose and slinging mozzarella sticks and burgers to the groups seated on the street’s picnic tables. 

 
Keeping a food business alive in 2020 is a distinct challenge: Transforming a business to a takeout-friendly model, buying the necessarily equipment to keep things safe and sanitary on an already-low budget, and running a business with a fraction of the usual take-home pay makes the simple act of staying afloat a feat.
 
Here is a great website I found featuring local jobs, events, restaurants, services and more. 

"PDX Pipeline- Portland’s best job resource! Listings including creative jobs, tech, design, advertising, service industry, kitchen, construction, trades, office, temp jobs, and more!"
View Jobs
Don't feel like cooking for Thanksgiving this year? Farm to Fit, is offering a 7 course meal, Thanksgiving food delivery service here in Portland. Deadline is noon November 19, 2020. Click the link below to check out the full list of things coming up from pdxpipeline.com.
View Nov Events
View Event

Some people who predicted a housing market crash in 2020 have since retracted their forecast. Others, however, have simply pushed their predictions to 2021 and are now saying that the US housing market will crash next year.

So will the housing market crash in 2021?
 

View Article 

More info on this next week, but if you are interested in a reverse mortgage, I've got a lot of good info for you. Are you interested in a reverse mortgage but would like to downsize homes first? A reverse mortgage for purchase may be right for you. Downsize into a smaller, less expensive home, while netting the difference and still being in a reverse mortgage. For more info you may contact me directly, or wait for next week!

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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