And in partnership with Pat Weiss*
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Portland Real Estate Update |
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Over 70 Years Combined Experience, Since 1988 |
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Portland Market as of July, 2023 |
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The metro Portland real estate market ending June 30th, 2023 has slowed down some. When compared to June of 2022 new listings are down 23%, at the same time though closed sales are up 3.8% over May of this year. As a result the average days on market for the entire area has decreased to 33 days. This should be 180 days for a balanced market. The average sales price is up slightly over the last 12 months to $598,400 (note, this is for ALL property types, including condos). As of the end of June there were only 3,581 homes available for sale in the entire metro area, this for a population of 2,200,000 (not including the Washington side). CLICK ON THE IMAGE ABOVE TO DOWNLOAD THE ENTIRE 7 PAGE PDF FILE
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Portland Metro "Heat Map" of Sales |
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This graph is interesting. It shows the sales in the Portland metro area of all property types based on activity in certain price ranges. The redder the bar is, the hotter the market and the darker red represents the 90th percentile of all sales. So you can see the "hot" markets are in the $400,000 to $600,000 range. Interestingly the average sales price for all property types is just under $600,000 and just under $700,ooo for single family homes so this shows a strong market on condos, or less expensive homes.. |
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Lending Standards are NOT Like 2005 |
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A few people have asked me at open houses and such are we heading for a crash with easy credit. The answer is no. The chart here from the Mortgage Bankers Association shows the mortgage credit availability index and how its gone from super loose to super tight. In fact, the standards have tightened up even more just in the last three years. So while prices are stabilizing, its not anything to do with easy "fog a mirror" loans that were happening back in the mid 2000's.
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Featured Home of the Month |
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This month's featured home I am biased about its location... Desirable Arranmore nestled in Washington County between Beaverton and Portland. I'm biased because we live here too. This home has two primary suites, 2,700+ square feet and over $280,000 in upgrades done. It has a large paver patio back yard and of course all the amenities of Arranmore HOA such as a large community pool, acres of walking trails and more! Priced competitively at $899,900 You can check out the full listing here!
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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/
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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
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Thanks for checking out this newsletter, and for supporting our real estate team for all these years. We are always available for you. ROB LEVY, CAITY ABOUAF and PAT WEISS
*Pat Weiss is licensed with Oregon Referral Partners, LLC. Same address as below.
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Give Us a Call
(503) 906-1444
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Now More Than Ever, Experience Matters |
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The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker
Keller Williams Realty Professionals / Main Office (503) 546-9955
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