Market Update

Q1 2019 Portland Housing Market Update

The Portland housing market is continuing to slow down, which is a welcome relief after the crazy ride we’ve all been on the best few years. Between the skyrocketing prices and super-tight inventory, it’s been years since being a homebuyer in Portland was a walk in the park. Is that starting to change? I’ll break down this first quarter of 2019 for you.

Price

The median sold price for homes in Portland was $395,000 during the first quarter of the year, which is actually down from the nearly $425,000 we saw during last summer. In fact, median Portland home prices saw the first drop in nearly 7 years this past January. This was a huge milestone after so many years of frenzied price increases.

Home values are still on the rise, but they’re also rising at the slowest pace in several years. But if you’re a homeowner here in Portland, you don’t have anything to worry about. Home values are still 24% higher than they were during 2008’s peak and 79% higher than they were during the housing crash. If you’ve owned a home in Portland for a while, you’ve almost certainly built up some substantial equity.

Speaking of price changes, are you curious about how prices have changed in Portland over the past year? This awesome heat map shows you exactly how prices have changed all over the city. You can see that there have been increases in many parts of the city but that there have also been decreases in a few.

Days on Market

More listings mean that homes are sitting on the market a little bit longer—around 28 days on the market is the median right now. We also saw a 36% increase in home inventory here in Portland during this past quarter, which might be part of the reason homes are sticking around for more time.

However, it’s still a good time to be a seller! Many homes, especially the ones that are on the lower end of the price spectrum, still go fairly quickly due to the lack of affordable inventory.

Homes Sold

There were 5, 531 homes sold during the first quarter, which is a slight decline over last year. It’s just another indication that things aren’t as fast paced as they have been over the last several years.

Portland’s Hottest Markets

I always enjoy looking at this info about Portland’s hottest markets. This method takes inventory, days on market, and sales price into account to rank the city’s hottest areas. Here are the top five for the first quarter of 2019:

Beaverton/Aloha
Multnomah Village
West Linn/Lake Oswego
Tigard/Metzger
Wilsonville

Ready to Buy or Sell?

Buying or selling in a market like ours comes with plenty of good and bad. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan.

Steve & Kristen B

We worked with Jennifer and Andrew for over a year, viewing dozens of homes before ultimately deciding to build new. While we were seasoned home owners, we had never been through the building process. The Weinhart team did a fantastic job of navigating each milestone and preparing us for the next.

Jennifer’s reputation within the West Linn community proved instrumental in getting things accomplished and therefore reducing our stress levels immensely. Her expertise in the local market was also vital in the timing of listing our house to get the maximum value and attract the right buyers in a matter of weeks, which was integral to our timeline. We’ll be buying and selling again and we wouldn’t work with any other team.

Carli and Kela

We had the pleasure of working with Jennifer on the sale of our existing home as well as the purchase our new home. Jennifer is hard working, extremely responsive and very much in tune with the market. Quiet confidence and excellent listening skills contribute to her ability to effectively negotiate for favorable results and closing. She also is very resourceful and willing to go above and beyond when she can add value. Jennifer is truly a first class professional!

PAUL & HAYLEY F.

We were so fortunate to have had Jennifer Weinhart as our realtor when we moved to Lake Oswego. As our realtor, she helped us find the right house in the right neighborhood. She was patient as we traveled from out of state to look at homes over several months.

In short, she was always on our side working to make our house purchase as simple and successful as possible. The best part about working with Jennifer was that she was always focused on answering our questions, giving us good advice, finding homes that met our needs and always available by phone or text. We would recommend her to anyone.

SEAN & DANIELLE H.

I HIGHLY recommend you interview Jennifer Weinhart of The Hasson Company Realtors. She sold our house in West Linn a few years about. Our first Realtor did not work out, so we knew exactly what we did and did not want the seconds time around. Jennifer is extremely knowledgeable, organized, easy going, has great relationships with MANY area Realtors (which we found is VERY important), knows how to market a home, is a great listener and very flexible. I could go on and on…. Bottom line, we were very glad we made the switch and Jennifer exceeded our expectations!

BRAD & KRISTIN F.

After independently looking for the right house in West Linn for several years, a few things became very clear to us. First, we wanted a house in a specific neighborhood and on a particular street. Second, this was going to be extremely challenging due to the high demand in West Linn and this neighborhood. The third, and most essential learning was that we needed the right person to help get what we were looking for.

Fortunately, we had several friends who referred us to Jennifer and Andrew Weinhart and miraculously, within a month of meeting them, we had an offer on the house, in the neighborhood, and on the street we had been seeking! The rest of the process went quickly and smoothly and as a result, we highly recommend both Jen and Andrew Weinhart.

Kia and Kristy K

From the moment we met Jennifer Weinhart, we felt extremely comfortable with her. Jennifer is very knowledgeable about the West Linn area and helped us find the right home to fir out family’s needs. I would recommend Jennifer to anyone who is looking for a home; she will give you her honest opinion and is very professional. I would use her if we ever wanted to sell our house.

MIKE & TRACY F.

Jennifer has been our Realtor for over 10 years. Her ability to listen to our needs and desires for a particular type of home, find that home, and then get the deal done, is outstanding! Add to that her tremendous access to professionals who ease the due diligence process which always results in a very smooth closing. Jennifer has bought and sold three primary residences and several rental homes for us and we highly recommend her.

PAT & SHELLEY H.

We’ve worked with Jennifer for both purchasing and selling multiple properties over the years, and have benefited greatly from her professionalism, diligence, and market savvy. In a dynamic real estate climate, her support has been invaluable in navigating the complexities of executing expeditious transactions, while helping us focus on what’s most important: finding the best home(s) to fit our family’s needs!

JOHN & MICHELLE D.

I’ve known Jennifer Weinhart for many years and have found her to be a great business person and counselor to me. We couldn’t have been more impressed with her professionalism, patience, knowledge of the market and follow up skills. She was absolutely great to deal with and we’d use her every time.