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Breaking Down the November 2020 Market Action for PDX Metro

 

The recently released November 2020 Market Action Report for the Portland Metro area held few surprises for those currently looking to purchase a home in Portland or one of its surrounding suburbs. In fact, it reinforced what we already know: inventory is extremely low, while the average and median sale prices of homes are continuing to slightly rise based on the amount of competition out there.

It doesn’t help that the amount of new listings took a drastic dip of 36.3% from October, though they were up 5.7% from November 2019. One might speculate that perhaps this was impacted by the election and COVID, or maybe simply a traditional holiday slow down, but I don’t think this is necessarily the case.

To get a better grasp, let’s look at some of the other metrics in play. Similar to  active listings, the amount of pending listings also dropped in November, down 20.1 percent from October, and even the amount of closed listings decreased 13%, though closed sales were up 25.3% from November of 2019.

What also saw an increase? The year to date average sale price, which has risen from $459,300 up to $492,000. Similarly, the average median home price has increased from $410,000 up to $438,000.

November 2020 logged the lowest amount of inventory recorded in RMLS history: 1 month. This means that if all the homes that were currently on the market were to be gobbled up by everyone looking to buy a home out in the PDX Metro Area, it would take one month for all of the homes to be gone. This is severe, especially considering that in November 2019 there was 2.4 months worth of inventory, and 2.8 in November 2018. That is an additional 1.4 months worth of inventory gone.

So why are we seeing the numbers that we are? Though the initial pause we had in real estate at the beginning of the pandemic contributed to creating a pent up demand for housing, the demand has yet to abate. In fact, with many remaining at home to work or oversee distance learning, there has been an increase in buyers looking for homes with more room. Low mortgage rates have also given an extra push to those on the fence, edging them into the buying pool. Add these factors to the low inventory we normally see at this time of year plus the fear from potential sellers of not finding a place to move to once their home goes pending, and you have an anemic market.

It will be interesting to see what January brings, whether the amount of homes to come to the market will significantly rise or not. I believe that while we will see more sellers come to the market, there will still be a noticeable deficit between what is available and the amount of Buyers still looking.

Looking for advice on how to make your offer irresistible to Sellers and stand out from the crowd? Or are you considering selling your home but are uncertain about the best way to do so in this competitive market? Check out the About page on Beckspacnw.com for ways to contact me to schedule a consultation today!Market Action (3)

 

 

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Hillsboro Is One of the Best Places to Live

When it comes to Hillsboro being one of the best cities to live in, I’m a little biased. Having lived in the area for the majority of my life, I love what this city has to offer, and I am thrilled that others are seeing the value of this community as well. In fact, Money Magazine recently released their “Best Places to Live 2020” list, and Hillsboro came in at #29.

It was no surprised that the first thing that Money Magazine mentioned about Hillsboro was the “Silicon Forest” that everyone has heard of. Intel, IBM, Salesforce, Oracle, and Genentech are several heavy hitters that people around the nation keep an eye on, and are consistently in the news here in Oregon, especially with the amount of jobs they provide. The number of breweries you may find also was not too much of a shock, as one of the fun facts about Oregon is that Portland alone has more breweries than any other city in the world. With Hillsboro being within 30 minutes of Portland (longer if during rush hour, shorter if the stars and moon align), one has access to not only the breweries like Vertigo, Ambacht, and 3 Mugs that are within Hillsboro’s city limits, but everything that Portland has to offer as well.

These are all lovely aspects of residing in Hillsboro, but here are a few more observations that may be added to the justification of why Hillsboro is one of the best places to live:

  1. Parks and Nature Preserves: One of the things I love most about the Hillsboro area is its walkability, not only in the neighborhoods, but in the numerous parks in the city. Hillsboro has over 1500 acres of designated green space, including the Jackson Bottom Wetlands Preserve, Orchard Park, Noble Woods Park, Rood Bridge Park, and so much more.
  2. Home of the Hillsboro Hops and Portland Timbers 2: Hillsboro is home to the only Portland Metro Area professional baseball team, the Hillsboro Hops. Hops games are generally always packed and are such family friendly events that you would be surprised if you went and didn’t see anyone you know there. Within the last year or so, Hillsboro also came to an agreement to be home to the Portland Timbers secondary soccer team, opening up new opportunities for Hillsboro residents to enjoy one of their favorite franchises without making the trek to Providence Park.
  3. Growth: Hillsboro has grown to be the state’s 5th largest city (home to over 100,000 residents), and has the 4th largest school district in Oregon. Not only am I a graduate of a Hillsboro School, but my children attend school in Hillsboro as well. Having the opportunity to be an active participant in the school district, I get the privilege of viewing how decisions are made, the amount of community involvement, and the amount of care that goes into providing opportunities to students. Hillsboro always has eyes on how to create a thriving community. Check out their 2035 plan here.
  4. Environmentally Conscious: Hillsboro has spent consecutive years at the top, and still remain, the national leader in green power usage, according to the Environmental Protection Agency. The amazing thing about this is that this comes from residents voluntarily choosing to be environmentally conscious. Since 2012, the amount of green power used in homes and businesses in Hillsboro has increased from 39% to 64.8 percent in 2020.
  5.  City Pride: While Hillsboro is known for bringing in many new residents from out of state due to our abundant “Silicon Forest”, you will also find that many are life-long residents, or leave for a short time and then return. There is a lot of pride in living in the Hillsboro area, from the way the city works to provide opportunities to residents such as small business grants, voices in the community town halls over topics like police work, and  celebrating the diversity of cultures  to the friendliness of our community.

In Hillsboro, you have accessibility to Portland, the coast within an hour to an hour and a half’s reach, and just about the same amount of time to the mountains. We have the benefits of urban living in a suburban setting. Money magazine covered some of the basics of why Hillsboro is one of the best places to live, but in truth there are so many more reasons than what has been listed.

What attributes does your area have that make it your “best place to live”?