The PDX Real Estate Market, Winter Update

Portland Real Estate

I’ve noticed a lot of talk lately among industry professionals and the general public about the real estate market heading into a bit of a slowdown. Looking at trends on the national level this has been more or less true. Granted, what many people would call a slowdown I would much rather refer to a normalizing. The days of homes being snatched up with all cash offers after only a few days on the market seems to be behind us and in many ways, that’s a good thing.

Looking at the Portland housing market, as things stand in November of 2018, things have stayed pretty steady. Appreciation rates are still high, particularly in Portland but also across Beaverton, Hillsboro and Lake Oswego. Prices are what we would expect in the winter market, more days on market and lower prices than in the Spring, Summer or Early Fall. However, the percentage of  “List” price to actual “Sales” ratio is still between 95.2% (in the $2m+ market in unincorporated Washington County) to 103.5% in the $200k range (single family homes).
So, what we have right now is a slightly better situation for buyers than we’ve seen in recent years in that there isn’t such a mad rush, as all slows down during the holiday season, when prices are lowest. Time will tell if that situation will continue after the first of the year or if inventory will once again tick back down or hold steady as we approach spring in 2019. With the interest rates increasing, and the supply of homes on the market (i.e. new construction) increasing, buyers won’t have as much competition as they have in the past few years.

The biggest takeaway right now however is that nothing indicates prices going down in the near future. According to Zillow home prices in 2019 are expected to rise 8.1% across the entire nation and 4.3% across the Portland metro area on average. This is significantly lower than the double digit percentage increases we’ve seen in the recent past but I don’t think it will be a surprise to anyone that such massive growth was not destined to hold steady over the long term.

The big x-factor still remains interest rate levels. Right now they are holding steady around 5% which is historically low, though higher than we’ve seen in recent years. It remains to be seen which direction interest rates will go in the coming month or even the coming year which can make a big difference to buyers, particularly first time home buyers or buyers with less than perfect credit.

Andrew Kaiser

My name is Andrew Kaiser, welcome to my site! I have a passion for making images wherever and whenever I can. I seek to capture humanity and the world around me with a focus on the figure. Film, digital, pinhole, and instant photography are all fair game for me.

I grew up in the California Bay Area and started taking photography seriously in High School. I was one of the lucky few who had a chance to go to a high school with a working darkroom and a teacher who understood that making images was an art form – care and patience was a necessity in the image making process from start to finish.

Later in life I attended the University of California in Santa Cruz where I received a Bachelors Degree in the History of Art and Visual Culture. After having my fill of the California sunshine I packed up my life and moved to the Pacific Northwest. I quickly found the overcast skies, lush forests, cooler temperatures, and creative communities to be a perfect match for my work.

Over the years I have exhibited my photographs in several galleries and art shows including the Seattle Erotic Arts Festival and Cascade AIDS Project. I’ve published a few books and taught workshops up and down the west coast of the United States. Through this site I’m hoping to share my work and perhaps inspire others along the way.