April 2019 Portland Real Estate Market Was HOT – Low Rates & High Demand
After a hot start in March, the start of the spring real estate season, April is just getting hotter. The good news is that the prices are not appreciating like 2016. It’s staying where it’s at and compared to the sold median price in Portland from April 2018, the price is actually down a little. It may just be due to different data fluctuating but home prices are not on a trend of going down. It’s about the same level as last year, which is good news for home buyers coupled with low mortgage rates. Portland real estate market is still very healthy. Demand for purchasing a home is still very very high. In April 2019, the median days on the market was 12 days whereas the average was 38 days. In March 2019, the median was 21 and the average was 50. In April 2018, the median was 7 days and the average was 28 days. 2018 was definitely hotter than 2019. Last year, the momentum of seller’s market propelled through the market despite higher interest rates. 2019, things are actually better for buyers as the market is slowly shifting away from what it was. There is no more this urgency among buyers to get a piece of the action like before. However, if buyers do come across a really good listing, it’s still a blood bath. For all other listings, it takes a bit longer this year to sell.
Throughout the Portland metro, I’ve been seeing an interesting trend. In the city of Portland, the east side of the river west of 205 is still hot. On the west side, SW Portland neighborhoods priced under $500K are hot. As for the luxury markets, the east side is much hotter than the west side. For example, Alameda, Irvington, and Laurelhurst neighborhood homes are selling quicker than Southwest Hills or Hillside. As for Portland suburbs, the west side wins the hotness hands down. Beaverton and Hillsboro housing market is hotter than Portland east of 205, Gresham, and Happy Valley. Additionally, regardless of the neighborhood, lower end priced homes are HOT. Houses under $400K are seeing a lot of demand and often there are still bidding wars.
It’s important to price your home right in this market. Over-priced homes sit on the market for a lot longer. If your home is priced more in the median range or less in the Portland market and it has sat on the market for more than two months, it might be over-priced. It’s very helpful if sellers prepare their home to sell in this market. Permit those unpermitted improvements in your house; Repair and upgrade undesirable conditions; and price it to sell.