Hot Market with Steady Prices – June 2016 Portland Real Estate Market
Portland housing market report is out for June 2019. June is an important month because it’s usually the last month of the spring and pre-summer selling season because starting from July, the market slows down. June has shown another hot real estate market with shorter average days on the market compared to 2018. Prices are overall steady. Prices fluctuate from month to month but overall they are same as last year. Portland has been showing a slowdown in the real estate market since 2018 and the drag is still there although it hasn’t seemed to escalate in any meaningful ways. One important thing to notice is the fact that 30 year mortgage rate is really low at this point being around 3.75%, which is about the same rate as in 2017. However, the real estate market has not ignited again. Things are going steady this time with the low rates and I expect the continued steadiness in the next few years unless the mortgage rates shoot up. The job market is doing great and many home buyers are finally able to purchase a home with low rates with steady home prices. The only challenge in the Portland metro market is the lack of inventories.
June 2019 real estate market data is below.
Overall (Detached single family homes & townhomes & condos)
Median Sold Price: $432,000
Average Days on the Market: 29 Days
Median Days on the Market: 12 Days
New Listings: 1462
Detached Single Family Homes
Median Sold Price: $450,000
Average Days on the Market: 24 Days
Median Days on the Market: 9 Days
New Listings: 1164
Detached single family home market is still performing very strong. Compared to the data from June 2018, single family houses are selling faster than last year. The number of new listings have gone down a little bit from 12 months ago and we are still faced with a low level of supply. The demand is still stronger than the supply overall. However, for homes over $500,000, it’s not so much of the case. Homes over $500K are more on the unaffordable side by many and the demand is a lot lower than it used to be two years ago. Buyers are still there for every price range but they are choosier than ever. Detached single homes below $450K are more in demand because more people can afford them. You can get a nice 3 bedroom 2 bath house for $450K or under in a lot of good neighborhoods including Beaverton and Hillsboro where qualify if life is better for young families (unless of course you define it by walkability and entertainment options).
Starting from July to the end of the year, things will continue to slow down due to real estate being highly seasonable. It will be interesting to see just how slow it will get compared to 2018 fall and winter market when the 30-year mortgage rates were around 5% high. I suspect the rates will continue to stay low towards the end of the year at least. If the US economy gets a second booming, then the rates will go up but it seems like that’s not the case. Things are very stagnant.