Portland & Vancouver: Real Estate Data & Setting Summer Expectations

As of this writing 6/30/18 only the May stats are available.  Here are a few details of note as we have whipped through another intense, multiple-offer, low-inventory Spring! The above chart showing the four-county area is of the Median Price Range for each area.
Summer of 2018 is following very closely in the footsteps of last year! An incredible spring right out of the gate, multiple offers, limited inventory and buyers that eventually are getting exasperated with the increase in costs to purchase a home and the tough emotional mentality to beat out the competition who pull out of the hunt over the summer in favor of vacation and a mental brain break. Buyers who are re-signing their leases in order to wait out the market another year are missing a tremendous opportunity to get in before interest rates climb over 5%. It’s coming. And for Millenials who look at an increase of a monthly payment of $200-$400 and respond with ‘no problem, we can afford that’, are not watching the bigger picture and that is that their housing costs are going to increase 11-15-20%. THAT’s a shocker and not surprisingly, when put in those terms, will get some kicked into gear so they don’t miss out.

SELLERS: After watching what happened last summer, I advised my sellers this year to get on the market prior to Memorial Day weekend and everyone is safely in pending status moving to closing. Yes new listings will still sell this summer–no worries about that–there is hardly any inventory. But listing and selling in May takes advantage of the spring momentum.  The next push and increase in inventory for this year will be in September. Typically the second and third weeks once everyone is back to school and the focus now hones in on moving before the holidays begin. For those who are focused and dialed in on their search–keep it going through July and August, you’ll nab your home while other buyers are taking a break! Sellers, when we go on the market this summer, having it priced right (no that doesn’t mean ‘low’) will ensure lots of activity and solid offers. It’s only the sellers who insist they are in a spring market and over price their homes that will still be on the market come September.
BUYERS: We are staying steady and ready. My buyers are pre-approved and in most cases, underwritten approved so we can write the most aggressive close-date on offers possible. It’s an incredible up-side in competing with cash offers closing in 15 days when we can close with an awesome love-letter in 21-25. Buyers who stay strong mentally and emotionally and yet balance that with not getting caught up in analysis paralysis will find and get into their homes this summer and fall.

The average sales price in the Portland-Metro area has reached $448,600. The median price is now at $399,500.
The average days on market is 37 days.
TOP 5 Areas for YTD highest increase in value: #1 spot for growth is Gresham/Troutdale at 10%, #2 is Beaverton/Aloha at 8.9%, #3 is Tigard/Wilsonville at 8.8%,  Hillsboro/Forest Grove #4 at 8.4 and Milwaukie/Clackamas is #5 at 8.3%.

Comparing the first five months in 2018 to the same in 2017, the average sale price has risen 10.6% from $348,800 to $385,600. In the same comparison, the median sale
price has risen 11.1% from $315,000 to $350,000.
Average days on market is 40
TOP 6 Areas YTD highest increase in value: #1 is Yacolt at 20.9%, Downtown Vancouver at 18.8%, West of I-5 at 18.4%, SW Heights at 18.2%, Battleground at 16.6% and Ridgefield at 16.3%

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