Market Update

Q1 2019 Portland Housing Market Update

The Portland housing market is continuing to slow down, which is a welcome relief after the crazy ride we’ve all been on the best few years. Between the skyrocketing prices and super-tight inventory, it’s been years since being a homebuyer in Portland was a walk in the park. Is that starting to change? I’ll break down this first quarter of 2019 for you.

Price

The median sold price for homes in Portland was $395,000 during the first quarter of the year, which is actually down from the nearly $425,000 we saw during last summer. In fact, median Portland home prices saw the first drop in nearly 7 years this past January. This was a huge milestone after so many years of frenzied price increases.

Home values are still on the rise, but they’re also rising at the slowest pace in several years. But if you’re a homeowner here in Portland, you don’t have anything to worry about. Home values are still 24% higher than they were during 2008’s peak and 79% higher than they were during the housing crash. If you’ve owned a home in Portland for a while, you’ve almost certainly built up some substantial equity.

Speaking of price changes, are you curious about how prices have changed in Portland over the past year? This awesome heat map shows you exactly how prices have changed all over the city. You can see that there have been increases in many parts of the city but that there have also been decreases in a few.

Days on Market

More listings mean that homes are sitting on the market a little bit longer—around 28 days on the market is the median right now. We also saw a 36% increase in home inventory here in Portland during this past quarter, which might be part of the reason homes are sticking around for more time.

However, it’s still a good time to be a seller! Many homes, especially the ones that are on the lower end of the price spectrum, still go fairly quickly due to the lack of affordable inventory.

Homes Sold

There were 5, 531 homes sold during the first quarter, which is a slight decline over last year. It’s just another indication that things aren’t as fast paced as they have been over the last several years.

Portland’s Hottest Markets

I always enjoy looking at this info about Portland’s hottest markets. This method takes inventory, days on market, and sales price into account to rank the city’s hottest areas. Here are the top five for the first quarter of 2019:

Beaverton/Aloha
Multnomah Village
West Linn/Lake Oswego
Tigard/Metzger
Wilsonville

Ready to Buy or Sell?

Buying or selling in a market like ours comes with plenty of good and bad. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan.

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Words of Praise

I highly recommend Marika and her team. We had an aggressive time frame in which to sell our home and Marika Feibel absolutely crushed it! From market analysis to open houses and everything in between, Marika was a true professional and always available to communicate via our preferred medium. We will definitely look to her for our future real estate needs.

Steve Inaudi

During the summer and early fall of 2017, Marika was my real estate agent for the sale and also purchase of a house in Portland. What impressed me the most about Marika is that she was very responsive and available when needed or a question came up. Marika’s list pricing strategy was wise and resulted in many over asking offers. Marika was on site and arranged many of the details needed to get our house sold. She is efficient and keeps the ball moving forward and remains calm and professional throughout the entire process. Marika did a great job keeping me informed about the details and what to expect next. I would not hesitate to use Marika’s services again.

Sylvia Baltzer

Marika came to us as a reference from a close friend who moved to Portland from the LA area late last year. Being in a similar circumstance to him (eg. No strong connections to the area, no idea as to reputability, first-time home buyers), we were grateful for the reference for someone he obviously trusted impeccably. Any and all expectations/preconceptions we had were entirely blown away. Marika was a paragon of professionality. She remained patient, amiable, flexible and always smiling despite the grueling amount of properties and questions we threw at her. She even took the time to scout out potential listings up to 3 months before our big listing visit days to better direct our focus and optimize yield for a limited time frame. When we finally found a property, Marika held our hand each step of the way: from offering to escrow. She was there during the inspection, and there for the assessment. She was always there for us and our future home.

Finding a home can feel like a pitched battle. Everything has weight. Everything is time sensitive, urgent, and profound. It’s easy to stress out to the point of shutting down. Had it not been for Marika’s organizational skills, advice, and guidance, my wife and I honestly don’t know how we would have found our way through this process.

So, with all of that being said, I would recommend Marika without hesitation to any and all potential clients. She really made it a good experience.

Eric Schub

Marika has worked with our family on several projects. In each instance, she has demonstrated that she is Professional, Knowledgeable, and Competent. She has the ability to communicate in a clear and concise manner addressing all of our concerns. The very first time that I was able to work with Marika she was assisting our family with a difficult situation. Her guidance and direction were key to bringing about a quick and positive resolution for our family. The most recent instance involved providing research and guidance concerning the selling of our family home, her input allowed us to understand what we should expect for our property and what to expect from the process ahead of the family. I do not and would not hesitate to use Marika Feibel as my Principal Broker.

John Mikkelson

My wife and I recently had Marika Feibel do a comp check for our house in SE Ladd’s Addition and were very satisfied with her help and assistance during the process. Marika is a great communicator and helped walk us through the process in a way that was very easy to follow and understand. The comp check that she ran came in very close to the appraiser’s value and we left feeling good about the agreed-upon sale price. Marika was also the real estate agent that helped us find the house back in 2010 and we’ve also selected her to help us with the sale of our condominium on SW Jefferson St. We would highly recommend her to anyone.

Tony Tranquilli

I highly recommend Marika and her team. We had an aggressive time frame in which to sell our home and Marika and her team absolutely crushed it! From market analysis to open houses and everything in between, Marika was a true professional and always available to communicate via our preferred medium. We will look to her for our future real estate needs.