Weekly Stats

October 19, 2021
Portland Metro Area (OR and WA)
Market Activity for the Week of October 11 through October 17, 2021 

Homes Sold: 751 vs previous weeks: 743; 939, 722; 809; 625; 888; 833; 843; 770; 698; 895; 793; 868; 732; 1035; 1035; 917; 802; 737; 685; 896; 792; 807; 749; 848; 684; 733; 687; 687; and 581. During the same week last year, this number was 823.

Active Listings: 3514 vs previous weeks: 3556; 3583; 3667; 3604; 3614; 3439; 3595; 3555; 3498; 3487; 3427; 3446; 3278; 3209; 3425; 3091; 2967; 2822; 2744; 2568; 2593; 2476; 2289; 2265; 2173; 2275 2252; 2163; 2135; and 1998. 

Total number of Pending Deals: 5827 vs previous weeks: 5941; 5890; 6005; 6032; 6000; 6020; 6126; 6294; 6293; 6294; 6195; 6244; 6256; 6250; 6186; 6586; 6593; 6664; 6546; 6587; 6640; 6561; 6501; 6388; 6393; 6216; 6049; 5894; 5835 and 5779.

New Active Listings: 653 vs previous weeks: 661; 668; 740; 718; 789; 564; 698; 722; 714.

New Pending Deals: 944 vs previous weeks: 938; 1009; 970; 1052; 842; 966; 975; 973; 1046; 1002; 1074; 1049; 1101; 836; 934; 1030; 1050; 1068; 904; 1084; 1117; 1079; 998; 1037; 1088; 952; and 894. 

Average Days on Market 20 (340 last year)

Median Days on Market 6 (7 last year)

Average Sale price – $581,394 vs $520,063 during the same week last year.

Median Sale price – $515,000 vs $457,900 during the same week last year .

Total Sales Volume – $436,626,894 vs $417,090,526 during the same week last year.

Average List Price vs Sale Price
Average Sale Price as a Percentage of the Asking Price  – 101.79%
Median Sale Price as a Percentage of the Asking Price – 103.21%
Average Sale Price as a Percentage of the Original Asking Price – 100.5%

Weekly Stats

October 12th
Portland Metro Area (OR and WA)
Market Activity for the Week of October 4th through October 10th 

Homes Sold: 743 vs previous weeks: 939; 722; 809; 625; 888; 833; 843; 770; 698; 895; 793; 868; 732; 1035; 1035; 917; 802; 737; 685; 896; 792; 807; 749; 848; 684; 733; 687; 687; and 581. During the same week last year, this number was 860.

Active Listings: 3556 vs previous weeks: 3583; 3667; 3604; 3614; 3439; 3595; 3555; 3498; 3487; 3427; 3446; 3278; 3209; 3425; 3091; 2967; 2822; 2744; 2568; 2593; 2476; 2289; 2265; 2173; 2275 2252; 2163; 2135; and 1998. 

Total number of Pending Deals: 5941 vs previous weeks: 5890; 6005; 6032; 6000; 6020; 6126; 6294; 6293; 6294; 6195; 6244; 6256; 6250; 6186; 6586; 6593; 6664; 6546; 6587; 6640; 6561; 6501; 6388; 6393; 6216; 6049; 5894; 5835 and 5779.

New Active Listings: 661 vs previous weeks: 668; 740; 718; 789; 564; 698; 722; 714.

New Pending Deals: 938 vs previous weeks: 1009; 970; 1052; 842; 966; 975; 973; 1046; 1002; 1074; 1049; 1101; 836; 934; 1030; 1050; 1068; 904; 1084; 1117; 1079; 998; 1037; 1088; 952; and 894. 

Average Days on Market 23 (34 last year)

Median Days on Market 10 (8 last year)

Average Sale price – $594,335 vs $508,223 during the same week last year.

Median Sale price – $520,000 vs $454,000 during the same week last year .

Total Sales Volume – $441,590,905 vs $437,071,780 during the same week last year.

Average List Price vs Sale Price
Average Sale Price as a Percentage of the Asking Price  – 101.35%
Median Sale Price as a Percentage of the Asking Price – 104.01%
Average Sale Price as a Percentage of the Original Asking Price – 101.01%

Weekly Stats

This week’s stats for the Portland Metro. It looks like we are able to slow down a little and breathe, We have a few more days on market and sale prices are reflecting that. We’re really just going from fuckingnuts to just fuckingbananas so don’t think that this is a “market shift”. Right now is STILL an insanely good time to sell your home and with interest rates still way below 3%, it is a great time for buyers as well. As i am sure that you have heard, the reason is that for every 1% in an interest rate hike, a buyer loses 10% in buying power. So NOW is the time to get going on fulfilling your real estate goals! #portland #realestatestats #realtor #knowlegebroker #remaxagent

Early October is the Sweet Spot for Buyers

Early October is the Sweet Spot for Buyers | MyKCM

Are you looking to buy a home? If so, we’ve got good news for you.

While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.

According to realtor.comthe sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:

Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market conditions that favor buyers.”

So, what’s that mean for you? If you’re looking to buy a home, there’s a golden window of opportunity coming. Here’s what you can expect from that week.

Increased Housing Supply

The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market the week of October 3. The findings estimate we’ll see roughly 17.6% more homes available than we saw at the start of the year.

This means you’ll have more options to choose from which should be a welcome relief in a market with tight housing supply.

Fewer Bidding Wars

With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means buyers may not be competing as intensely for the homes on the market because there are more choices to go around.

This means when you write an offer, you may have less competition and a better chance of being the top bid. Just remember, it’s still important to come in with a strong offer.

Adjusted Homes Prices

As we move into the end of the year, the findings from realtor.com note this week may also be one of the peak weeks for price reductions in 2021. Historically the data shows an average of 7.0% of homes have a price reduction that week. Why? When housing supply ticks up, sellers need to look for other ways to make their house stand out.

This means, while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before end of year, sellers may be more motivated this October.

Bottom Line

If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Let’s connect so you have a trusted ally and advisor to help keep you motivated so you can find the perfect home for you.

If You’re a Buyer, Is Offering Asking Price Enough?

If You’re a Buyer, Is Offering Asking Price Enough? | MyKCM

In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.

Things Are Different Today

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:

  • Receiving an average of  3.8 offers
  • Selling in just 17 days

Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at CoreLogicexplains how these stats can impact buyers:

“The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months. Now, almost 6 in 10 homes listed are selling over the asking price.”

You May Need To Rethink How You Look at a Home’s Asking Price

What does that mean for you? If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make. Offering below or even at a home’s asking price may not cut it. In today’s market, the highest bidder often wins the home, much like at an auction.

Currently, the asking price is often the floor of the negotiation rather than the ceiling. If you really love a home, it may ultimately sell for more than the sellers are asking. That’s important to keep in mind as you work with your agent to craft an offer.

Understand An Appraisal Gap Can Happen

Because of today’s home price appreciation and the auction-like atmosphere in the selling process, appraisal gaps – the gap between the price of your contract and the appraisal for the house – are more frequent.

According to data from CoreLogic:

“Beginning in January 2020, nationally, 7% of purchase transactions had a contract price above the appraisal, but by May 2021, the frequency had increased to 19% of purchase transactions.”

When this happens, your lender won’t loan you more than the home’s appraised value, and the seller may ask you to make up the difference out of pocket. Buyers in today’s market need to be prepared for this possibility. Know your budget, know what you can afford, and work with a trusted advisor who can offer expert advice along the way.

Bottom Line

Bidding wars and today’s auction-like atmosphere mean buyers need to rethink how they look at the asking price of a home. Let’s connect so you have a trusted real estate professional who can advise you on the current market and help determine what the market value is on your dream home.