Portlands Residential Market Feels A Late Summer Chill

Dated: September 15 2016

Views: 372

Summer's not officially over yet, but a slight chill has visited Portland's residential real estate market, at least according to the latest numbers from theRegional Multiple Listing Service.


In its latest Market Action Report, RMLS noted that the average sale price slipped from $407,100 in July to $400,100 in August. Median price also dropped $2,000 to $353,000 in August. The month saw homes sitting on the market for an average of 34 days, a slight uptick from the 32-day market times seen in July, and the 4,203 new listings in August were a drop of about 170 compared to July.


Portland's residential market is still hot, but some late-summer cooling has crept in.


The month-to-month numbers only show part of the picture, however. Year-to-date's average sale price of $392,600 was up nearly $30,000 over the same timeframe last year. New listings were also up slightly for the year — about 330 compared to last year. Down for the year so far: pending sales (-2.7 percent), closed sales (-2.1 percent) and total market time (-26.9 percent).


Israel Hill, managing broker of John L. Scott Portland Northeast, has seen some of the latest trends unfolding in his neck of the woods.


“We are seeing more price drops in areas where sellers have been overly aggressive on their pricing," he said. "Homes priced right still sell in the first weekend but more and more homes are staying on the market past the first weekend."


The continued crunch in Portland's real estate market has also put the pinch on appraisers, who are in high demand but short in number. That's led to longer closing times and higher appraisal fees.


"There's a shortage of appraisers in Oregon right now and I see it getting worse," said Brigitte Pascutoi, managing broker, John L. Scott Real Estate Portland Sunset Corridor: "Many appraisers are raising their prices. They can call the shots because they are so busy . . . Some appraisals are taking two months . . . We recommend that buyers order their appraisals right away.”


By Jon Bell at Portland Business Journal

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

6 Home Upgrades Buyers Want In The COVID19 Era

If you imagined 2020 was the year you would finally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.But now, we’re more than six months

Read More

Builder Confidence Breaks Previous 35 Year Record High

The National Association of Home Builders and Wells Fargo Housing Market Index rose two points to 85 in October – the highest score the series has ever recorded since its inception 35 years ago

Read More

7 Simple Renovations To Coronavirus Proof Your Home

As much as we all wish we could go back to a time when social distancing was a foreign concept and masks were just something you wore with a Halloween costume, it’s clear by now that COVID-19’

Read More

The Forbearance Crash Bros Spoke Too Soon

The health and economic crisis has made 2020 a horrific year for many Americans. Added to all that misery we had terrible fires in the West and hurricanes in the East.  From my perspective,

Read More