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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)

 

 

Christmas Lights

How Many Lights Do I Need for Christmas?

Christmas lovers rejoice! Thanksgiving has come and gone, leaving us to the most wonderful time of the year! If you are one of those people who is ready to go with your lights out as soon as the turkey leftovers have made it to the fridge, today’s short blog might not be for you because you are a true Christmas decorating pro.

As much as I love the Christmas season, there is one thing that I can never get right. No, not the wrapping…..ok, two things. Make that two things I can never get right. The one I want to touch on today is Christmas lights. Who never knows how many they need? You? Ok! Here is the quickest way to know if you are set or if you need to run to the store for more lights:

For the Home:

When it comes to putting lights up on the outside of your home, you want to for sure (according to Home Depot) have 60 feet of string or icicle lights to start. Then add on 10-12 feet for each additional awning.

For an Indoor Christmas Tree, see the chart below:

Blue and Peach Concept Map Chart (1)

 

If you are looking to put lights on outdoor trees or shrubs, this chart will not work for that, but it has you covered indoors!

How many lights do you normally put up during the holidays?

Photo via Pregame Magazine

A Kids About Book Series Makes Oprah Winfrey’s Favorite List

Though I love the phenomenon that is Oprah Winfrey, I am not religious about following up with her latest book club reads or favorite things list. Yet it caught my eye when I saw an article that mentioned how a Portland, Or based company had landed on her favorite things list this year. So of course I had to see what had intrigued Oprah enough to talk about it.

What I found hit my heart. The Portland based company that made Oprah’s list is called “A Kid’s Book About.” A Kid’s Book About is a publishing company, founded by author Jelani Memory, whose mission is to “help kids and their grown ups have honest conversations by making books about challenging, empowering, and important topics told by diverse authors who know that topic first hand.” It all started when Memory, described on the A Kid’s Book About website as a black father with a blended family, wanted to find a way to talk with his kids about the topic of racism in an honest and connective way. Though he initially wrote A Kid’s Book About Racism for his kids only, one copy multiplied to thousands as more people who were also struggling to have that talk wanted a copy as well.

Currently there are over 20 topics that A Kid’s Book About has tackled. Some of these topics include: belonging, death, optimism, anxiety, feminism, shame, bullying, gratitude, money , failure, and many more. I have to say, it is so easy to see why this would be on a favorites list. Conversations with our kids can be hard, so having resources, written by real people who have experienced the topic is not only valuable,  but also provides a sense of support and community. Reading more about this business was such an honor because I was able to learn more about someone in my community who is creating an impact by creating a solution for something he didn’t even realize other people wanted. If you get a chance, check out and shop the A Kid’s Book About website by clicking here.

What topics would you like to see a kid’s book about?

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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”?