Welcome to the PortlandMarketWatch.com Blog

2019-05-17 14:18:03
Market Update :: May 2019

Portland’s real estate market is starting to show several chinks in the armor – most notably prices.  Prices are down 5.1% from the same time last year and the trend appears to be heading lower.  Inventory is hovering at 2.2 Months – not bad on its own – but the highest May recording since 2014.  Inventory appears to be building.  Finally, volume is down 7.5% year to date.  Declining prices, rising inventory and lagging sales are 3 large indicators that trouble is ahead.

Fundamentally speaking, it is hard to say the cause of concern as interest rates remain incredibly low (4% for a 30-year fixed rate mortgage.)  One concern we feel is the investors are very cautious on any purchases.  We hardly see anyone buying single family homes as investments anymore.  Investors may be skittish to buy into a city and state where rent controls and tenant protections will continue to tighten.  House Bill 608 passed recently which incorporated a 7% + CPI maximum annual rent increase.  Unfortunately, in the short term, landlords have reacted by raising rents – quite often at the maximum allowable amount.  In fact, rental rates in Portland are at their highest level ever with the Median House Rent in Portland at $2,250/month.  If the sales market continues to weaken, we could see a good opportunity to buy into long term real estate investments.

Whatever the reasons, Buyers now have more leverage and Sellers need get their expectations in check.  40% of homes on the market have reduced their price at some point.

 
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BrianSpear
(503) 515-9374
Spear@JMAProperties.com
Licensed Real Estate Brokers in the State of Oregon

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