Portland Real Estate Market Report – December 2017
Happy New Year to all the readers of PDXListed.com. Wrapping up the end of 2017, I am thankful for all my clients and the opportunity to live and sell real estate in Portland.
The numbers are out for December 2017. December market for real estate is very very slow and this year is not an exception. At least we didn’t have a crazy amount of snow as we did last year and the numbers do seem to reflect increased listing activities compared to 12 months ago. So, for December 2017, the median sold homes in Portland including both detached single family homes and townhouses/condos, it’s $390,000. This number is 4.4% higher than 12 months ago when the median was $373,000. Listings have increased quite a bit this year by almost 200 more listings compared to December 2016. This may be a combination of the better weather but also the trend in our housing market, which seems to show a slowdown. What does Portland 2018 housing market look like? Read my forecast for 2018 Portland real estate market. The article talks about which neighborhoods are still hot and not for 2018 as well as factors influencing the housing market. To give you a simple one sentence answer, 2018 real estate will appreciate slow but still healthy without any recession in the forecast.
If you’re a buyer in 2018, you will have lots of options for your home. We won’t have bidding wars like we have seen in the last few years! However, there will still be homes priced aggressively to sell and for those homes, you will see competition in 2018. Moreover, mortgage rates are expected to climb quite a bit by the end of 2018. This means you need to get your ducks in a row soon and lock in that rate with your loan officer. Having a pre-approved letter will help you understand your limits but also empower your home search with a real estate agent.
If you’re a seller in 2018, do expect more days for your home to sell. If you’re selling a detached single family homes, the good news is that these type of assets are still highly sought after in Portland compared to townhomes and condos. More younger generations are forming households and having a private backyard is still a lot of people’s dream. As buyers have more options, your real estate agent need to pay more attention to marketing. Buyers look through photos and videos to put your home on a “maybe” list along with 10 other homes. Your home must have amazing photos, videos and also market more aggressively in 2018 then previous two years.
I hope everyone has a wonderful new year and wish the best for 2018. What an exciting time of the year!