July '22 Portland Realty Update

The Rob Levy Team

Rob Levy and Caity Abouaf

Portland Real Estate Update

July '22 Update

One of Portland's TOP Real Estate Sales Teams Since 1988

Portland Market as of End of June

The latest numbers are out and the MLS report for the Portland, Oregon metropolitan area ending end of June, 2022. (Click on the image on the right to see the entire seven page PDF). The information shows a continued increase in home and condo prices in the Portland area with the "inventory in months" moving up from 1.0 to 1.4 months which reflects more inventory hitting the market at the same time higher interest rates are cooling things a bit. (Keep in mind a "balanced" market where its equal for buyers and sellers is said to be about 6 months of inventory, and we are at only a month). The average sales price for the metro area is now at $618,500, up 9.9% when compared to the same month in 2021 with the median sales price up 10% at $550,000 during the same period.

Why You Might Better NOW to Buy?

You might be surprised by this video. In the first part I share with you forecasts from experts in relation to interest rates and inventory resulting in expected increases in housing prices through 2022. BUT - YOU NEED TO WATCH THE 2ND HALF! In this part I share my thoughts on a what if you bought a house now that you were going to buy, but didn't get just a couple of months ago and how you most likely are better off buying now vs then.

Mortgage Rates and Recessions

This chart is interesting...... We are all getting worried about a recession, but sometimes in a recession there is opportunity and this shows that in most previous recessions mortgage interest rates dropped. So if you watched the video above, and "bought the house but dated the rate" as I mentioned, then if/when a recession hits, there could be an opportunity to refinance and save even more money. With the average American staying in a home less than 10 years now, this can easily make sense.

Search ALL Portland Area Homes

Click on the link below, or the image to search the Portland area MLS for all single family, condo, or multi-family homes in the Portland metro area. The site also includes some pre-defined common searches on the right side, and also always shows the most recent 20 listed properties in the metro area. Be sure to SAVE your search, that way you will always be notified of any new matches as they happen. www.allarealistings.com/

Search Palm Springs Area Homes

As many of you know, Rob Levy is also licensed in California with Keller Williams Realty and sells investment and vacation homes to many of his Portland area clients. You can check out all the homes and condos in the Coachella valley cities of Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Bermuda Dunes, Sun City and Indio by clicking on the link below or the picture. www.AllDesertListings.com

Photo by Cody Board on Unsplash

Thanks for checking out this newsletter, and thanks for supporting our real estate team for all these years. Many of you have reached out to me to talk about your real estate concerns. I love catching up with my clients and welcome your calls. Stay safe , ROB LEVY and CAITY ABOUAF

Give Us a Call

(503) 906-1444

Now More Than Ever, Experience Matters

The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker

Keller Williams Realty Professionals / Main Office (503) 546-9955