3rd Quarter 2018 Real Estate Economic Report


Click here to view this past quarter’s Oregon and Southwest Washington real estate market analysis, provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope this information helps you with making better-informed real estate decisions. Of course, if you have a question about this report or your specific neighborhood, please call or email me.

Posted on December 10, 2018 at 10:29 am
Sally Baker | Category: Homeowners, Mortgages, Portland Real Estate, real estate market activity

Market Activity

RMLS has published its latest report!


Interested in the latest real estate stats in Portland? Last month’s numbers are in. Click HERE.

Posted on December 5, 2018 at 10:31 am
Sally Baker | Category: Portland Real Estate, real estate market activity

Real estate: where are we now?

Good question and does anyone really know for sure? What I can say from observation is: houses are staying on the market a little longer and there are more price reductions and fewer multiple offers. The regional RMLS stats for September in the tri-county area also indicate the market is slowing down. The inventory levels are higher than they were in 2017, and the average time a house stays on the market is longer, but it is still a seller’s market.  Even though the interest rates are still really great they are getting higher. All of this makes it a little easier if you’re trying to buy a house and in most cases, it will take longer to sell your house.

Posted on November 20, 2018 at 8:38 am
Sally Baker | Category: Homeowners, Mortgages, Portland Real Estate, real estate market activity

RMLS Market Action Report

Market Activity
Interested in the latest real estate stats in Portland? Last month’s numbers are in. Click HERE.

Posted on November 7, 2018 at 8:39 am
Sally Baker | Category: Portland Real Estate, real estate market activity

Recent real estate market activity

Interested in the latest real estate stats in Portland? Last month’s numbers are in. Click HERE.

These are published from the RMLS Market Action Report. If you have questions, send me an email or give me a call, and let’s chat!

Posted on July 7, 2018 at 11:27 am
Sally Baker | Category: Portland Neighborhoods, Portland Real Estate, real estate market activity

RMLS’ market stats

RMLS’s latest Market Action is out!

Interested in the latest real estate stats in Portland? Last month’s numbers are in. Click HERE.

I would love to hear from you! Send me an email or give me a call, and let’s chat!

Posted on February 28, 2018 at 4:30 pm
Sally Baker | Category: Portland Neighborhoods, Portland Real Estate, real estate market activity

2018 Economic Forecast

Matthew Gardner, Windermere’s Chief Economist, recently completed his national housing forecast which details his predictions for the 2018 housing market, and here’s what he has to say:

Wondering what this means for you? Give me a call.

Posted on January 16, 2018 at 9:55 pm
Sally Baker | Category: Homeowners, Interest Rates, Mortgages, Portland Neighborhoods, Portland Real Estate, real estate market activity

Economic report

The Gardner Report  | Oregon and Southwest Washington Q3 2017

The following analysis of the Oregon and Southwest Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

ECONOMIC OVERVIEW


The State of Oregon has added 37,400 new jobs over the past 12 months, with solid gains in Construction (+11,600), Education & Health Services (+9,000), and Trade, Transportation & Utilities (+8,000) sectors. Year-over-year, employment in Oregon has risen 2.0%.

In September, the state unemployment rate was 4.2%—up from 3.7% at the end of the second quarter but down from 4.9% in September 2016. The civilian labor force continues to grow and I fully anticipate that the state’s economy will perform well in 2018, though somewhat slower than 2017.

HOME SALES ACTIVITY


  • Third quarter home sales dropped by a very modest 1.5% when compared to the same period last year, with a total of 18,724 homes sold.
  • Sales rose the fastest in Klickitat County, which had a 34.3% increase over the third quarter of 2016. There were also noticeable sales increases in Lincoln, Polk, Klamath, Clatsop, and Hood River Counties. Home sales fell the most in Tillamook, Washington, and Wasco Counties.
  • Year-over-year sales rose in 13 counties, but dropped in the other 13.
  • The low level of available inventory continues to affect the market, causing sales to slow.
Annual Change in Home Sales

HOME PRICES


  • The average home price in the region rose 9.4% year-over-year to $368,292. This is also up 1.5% from the second quarter of 2017.
  • Skamania County led the market with the strongest annual price growth. Homes there sold for 31.4% more than a year ago.
  • All counties other than Wasco County experienced rising prices when compared to the third quarter of 2016, and a majority saw significant, double-digit increases.
  • Interest rates in the third quarter dropped by one tenth of a point from Q2, which likely allowed home price growth to rise at a faster rate than earlier in the year.
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home in the region dropped by 14 days compared to the third quarter of 2016, and was down 9 days from the second quarter of this year.
  • The average time it took to sell a home in the region last quarter was 67 days.
  • Only four counties saw the length of time it took to sell a home rise compared to a year ago, but I do not see this as a major issue.
  • Homes sold the fastest in Washington and Multnomah Counties, where it took an average of just 21 and 24 days, respectively, for homes to sell.
Average Days on Market

CONCLUSIONS


The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Housing markets throughout Oregon continue to benefit greatly from the healthy regional economy.

The Oregon/SW Washington housing market remains remarkably strong and, given that inventory levels are unlikely to increase as we head toward the end of the year, sellers remain in the driver’s seat. I have, therefore, moved the needle slightly more toward sellers for the third quarter.

ABOUT MATTHEW GARDNER


Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.
Posted on December 6, 2017 at 11:01 pm
Sally Baker | Category: Homeowners, Mortgages, Portland Real Estate, real estate market activity

Portland real estate market

Here are latest stats from RMLS’s Market Action report for the Portland Metro area. Looking for another area? Contact me, and I’ll be happy to send them to you.

 

Posted on October 23, 2017 at 9:08 pm
Sally Baker | Category: Homeowners, Portland Neighborhoods, Portland Real Estate, real estate market activity

2017 economic forecast

The latest from Matthew Gardner, Windermere’s resident economist… contact me with questions!

Matthew Gardner 2017 Forecast

Posted on March 9, 2017 at 8:57 pm
Sally Baker | Category: Home Mortgage, Homeowners, Interest Rates, Mortgages, Portland Real Estate, real estate market activity