Oregon and Southwest Washington Real Estate Market Update

Posted in Oregon and Southwest Washington Real Estate Market Update byMatthew Gardner, Chief Economist, Windermere Real Estate 

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 your Windermere agent.

ECONOMIC OVERVIEW

The State of Oregon has added 30,400 new jobs over the past 12 months, representing a reasonable annual growth rate of 1.6%. It is clear, however, that job growth in Oregon has started to taper, with the annual rate dropping below 2% in the early spring of this year. This is no great cause for concern as the state has essentially reached full employment, which tends to slow employment growth.

The Southwest Washington market area added 5,580 new jobs over the past 12 months, representing an annual growth rate of 2.7%.

Oregon’s unemployment rate was 4.0% in June, marginally below the 4.1% rate seen a year ago. In Southwest Washington, the unemployment rate was measured at 5.3%, marginally lower than the year-ago rate of 5.4%.

 

HOME SALES ACTIVITY

  • Second quarter home sales dropped by a modest 2.8% compared to the same period last year, with a total of 17,156 transactions occurring.
  • Sales rose the most in Skamania County, which saw a 40% increase compared to the second quarter of 2017. There were also noticeable increases in Cowlitz, Klamath, and Linn counties. Home sales fell the most in Tillamook, Klickitat, Crook, Josephine, and Jefferson counties.
  • Year-over-year sales rose in 10 counties and dropped in the other 16 counties contained in this report.
  • Sales continue to be a mixed bag in the region. I am not overly concerned by the drop in sales in several counties as they are all small markets that are prone to substantial swings. Inventory remains tight and this can drag home sales lower.

 

HOME PRICES

  • The average home price in the region rose 7.9% year-over-year to $391,725. That number is 6.6% higher than the first quarter of 2018.
  • Clatsop County led the market with the strongest annual price growth. Homes there sold for 22.6% more than a year ago.
  • All but four counties saw price growth relative to the second quarter of 2017, with 10 of them experiencing double-digit increases.
  • The takeaway from this report is that, in aggregate, price growth has started to slow but remains above the long-term average.

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the region dropped by four days compared to the second quarter of 2017 and was down by 17 days from the first quarter of 2018.
  • The average time it took to sell a home in the region last quarter was 71 days.
  • Nineteen counties saw the length of time it took to sell a home drop or remain static when compared to a year ago. Seven counties saw market time rise.
  • Homes again sold the fastest in Washington (20 days), Clark (26 days), and Multnomah (26 days) counties.

 

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 and Southwest Washington continue to benefit greatly from the healthy regional economy. Home sales remain solid; however, we are seeing some slowdown in prices, which I consider to be positive as affordability issues could start to taper. That said, housing inventory is still well below balanced-market levels. Sellers remain in the driver’s seat, but I am hopeful that inventory levels will start to increase, which will be a relief to home buyers. Because of this, the needle remains the same as last quarter.

 

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residentialmarket 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 August 10, 2018 at 10:30 am
Windermere Community Realty | Category: City of Portland, Finance, Market Trends, The Gardner Report

Brewery & Pub for Sale

 

Portland, OR (Multnomah County)

Asking Price: $1,599,900

Established: 2015

Business Description:

Real estate, brewery, pub and FFM&E for sale in this facility, ready-made for your brewing talents. This is a sale of the facilities only and no value has been attributed to Good Will. The location could be described as fairly high-end niche.

>> Real estate listed for sale at $1,599,900.
>> FFM&E associated with the pub for sale at $320,000
>> FFM&E associated with the brewery for sale; value yet to be determined.

For further information, inquire with broker. For fastest response text your full name, email address and this listing’s header to 503-740-6300. Seller requires a Non-Disclosure Agreement be signed by all interested parties before disclosure of any further details.

Real Estate: Owned; Not included in asking price
Building SF: 4,000
Facilities: Inquire with broker.
Support & Training: Minimal.

Posted on August 9, 2018 at 3:13 pm
Windermere Community Realty | Category: City of Portland, Just Listed

Just Listed in SE Portland

Portland Area Multifamily

 3355 SE 10th Ave
 Active
 $499,900
4 Bed / 2 Bath
 Open House
  • Thursday, May 17 4:00 pm – 6:30 pm
  • Saturday, May 19 12 noon – 2:00 pm

Cumulative Days on Market: 2
MLS #:   18474672 Taxes:  $4,928
Lot Size: Type:  Multifamily
Year Built:  1972 Style:
Views: School District:
County:  Multnomah County Community:

Comments

Side by side duplex with 2 CAR GARAGE across from Brooklyn Park. New tear-off roof and all new exterior paint. New kitchen flooring in front unit. Imagine converting the attached 460 sf 2 car garage into a huge master suite?! Walk score 87, bike score 89! Close to 85 restaurants, bars & coffee shops – Aladdin Theatre, Pok Pok, Papa Haydn’s & Arm Chair Books. Short walk to the Orange Max line. Grout, Hosford & Cleveland schools.

School Information

  • Elementary School: Grout
  • Middle School: Hosford
  • High School: Cleveland

Lot Information

  • Gentle Sloping

Heating and Cooling

  • Baseboard

Utility Information

  • Sewer: Public Sewer
  • Fuel: Electricity

Subdivision

  • Brooklyn

Basement Information

  • Crawl Space

 

holly hummel real estateListed by Holly Hummel

Licensed Broker in Oregon

503-232-4450

holly@hollyhummel.com

Posted on May 15, 2018 at 9:10 am
Windermere Community Realty | Category: City of Portland, Just Listed, Open House

Price Reduced on Mississippi Jewel!

$1,437,900
4 Bed / 5 Bath
MLS #:   18390336 Taxes:  $3,945
Type:  Multifamily
Year Built:  1909
County:  Multnomah County

$62,000 PRICE REDUCTION!! Mississippi Jewel. LOW PROPERTY TAXES! Owner occupant quality. Extravagantly restored w/no expense spared. Refinished wood floors, custom cabinets & AC in 2 units, food prep islands, gas stoves, designer tile. 2 car garage w/alley access. Private yard with Zen garden. Walk score 93, bike score 89! .4 miles to max. Walk to 134 restaurants & coffee shops. Grant School District.

School Information

  • Elementary School: Boise-Eliot
  • Middle School: Boise-Eliot
  • High School: Grant
Subdivision

  • Mississippi Arts
Lot Information

  • Level
Heating and Cooling

  • Forced Air
  • Heat Pump
Utility Information

  • Sewer: Public
  • Fuel: Gas
Basement Information

  • Full Basement
Exterior Features

  • Roof: Composition

View All Information

holly hummel real estateListed by Holly Hummel

Direct: 503-232-4450

holly@hollyhummel.com

 

Posted on April 26, 2018 at 11:06 am
Windermere Community Realty | Category: City of Portland, Just Listed

How Tax Reform Affects Homeowners

 

New tax legislation was signed into law at the end of 2017, and it included some significant changes for homeowners. These changes took effect in 2018 and do not influence your 2017 taxes.  Here’s a brief overview of this year’s tax changes and how they may affect you*.

 

The amount of mortgage interest you can deduct has decreased.

Under the old law, taxpayers could deduct the interest they paid on a mortgage of up to $1 million. The new law reduces the mortgage interest deduction from $1 million to $750,000. These changes do not affect mortgages taken out before December 15, 2017.

 

The home equity loan deduction has changed.

The IRS states that, despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled. The Tax Cuts and Jobs Act of 2017, enacted December 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

 

The property tax deduction is capped at $10,000.

Previously taxpayers could deduct all the state, local and foreign real estate taxes they paid with no cap on the amount. The new law limits the deduction for all state and local taxes – including income, sales, real estate, and personal property taxes – to $10,000.

 

The casualty loss deduction has been repealed.

Homeowners previously could deduct unreimbursed casualty, disaster and theft losses on their property. That deduction has been repealed, with an exception for losses on property located in a federally declared disaster area.

 

The capital gains exclusion remains unchanged.

Homeowners can continue to exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling their primary residence as long as they have lived in the home for two of the past five years. An earlier proposal would have increased that requirement to five out of the last eight years and phase out the exclusion for high-income households, but it was struck down. Find out more about 2018 tax reform.

 

How does tax reform affect your plans for buying or selling a home?

The changes in real estate related taxes may change your strategy. Contact your Windermere agent to learn more. If you need help finding an agent, we’re happy to help.

 

*Please consult your tax advisor if you have any questions about how the new tax reform impacts you

Posted on March 30, 2018 at 11:59 am
Windermere Community Realty | Category: City of Portland, Finance, Home Improvement, Market Trends

‘Parking Kitty’ Takes Portland

Portland’s *NEW* Mobile Meter Maid

parking kitty pdx

Parking Kitty is Portland’s new mobile app that makes your parking experience simple because that’s the way it should be. Park, pay, and be on your way.

Source: PBOT

For more: https://www.portlandoregon.gov/transportation/article/637828

Posted on July 11, 2017 at 4:14 pm
Windermere Community Realty | Category: City of Portland, Technology Trends

Portland’s Winter Lights Festival

 

Fun event for all ages! Visit the Portland Winter Lights Festival website for more details including  scheduling and artisit information. 

map_website

Posted on February 5, 2016 at 12:21 pm
Windermere Community Realty | Category: City of Portland, Community Events & Classes

Portland AIDS Walk

We need your help! On September 12th, at The Fields Park we are uniting with 10,000 people from around Oregon and SW Washington to walk in, and fundraise for, AIDS Walk Portland. Please help us out by either joining the Windermere Community Realty team and walking with us on September 12th or by making a donation of any size.  

One donation from you can transform the life of someone living with HIV/AIDS—or help prevent someone else from contracting the virus.

The news media gives the impression that HIV/AIDS is no longer a serious threat. Despite advances in treatment, HIV carries a huge emotional and financial burden. Plus, for most HIV-positive Oregonians, HIV is only one challenge they face among many. The harsh reality is that there is still no cure, and HIV infection rates remain steady in Oregon and Southwest Washington.

You can simply register today at www.AIDSwalkPortland.org and join team Windermere Community Realty or go to http://aidswalkportland.org/teampage.asp?fundid=4454#.Ve8vKvQ_uXg and make a donation.

Thank you for your support!

Posted on September 10, 2015 at 4:41 pm
Windermere Community Realty | Category: City of Portland, Community Events & Classes

MAX Orange Line, opening this weekend!

Posted on September 10, 2015 at 3:55 pm
Windermere Community Realty | Category: City of Portland, Uncategorized