Navigating the Portland Metro Area Real Estate Market: October 2023 Insights
As we step into the autumn season, Quick & Associates Real Estate presents a look into the latest trends defining the Portland Metro Area's real estate market. With data sourced from the recent October 2023 RMLS Market Action report, potential homebuyers and sellers can gauge the current market dynamics and make informed decisions. A Dip in New Listings October observed a notable decrease in new listings. With just 2,207 new properties introduced to the market, there is a 12.2% decline compared to the 2,513 homes listed in October of the previous year. This downtrend is even more pronounced when considering the 18.7% decrease from the 2,713 listings that graced the market in September 2023. Such a decline signifies a tighter market, where buyers may face fewer options, and sellers might leverage the reduced inventory to their advantage. Pending Sales Cool Down The number of homes under contract followed a similar downward trajectory. Pending sales fell by 11.4%, from 1,835 in October 2022 to 1,625 in the same month this year. A month-to-month comparison also reveals a contraction of 10.2% from the 1,809 offers accepted in September 2023. This cooling trend suggests buyers are becoming more deliberate in their purchasing decisions, potentially driven by broader economic factors or a wait-and-see approach to market conditions. A Closer Look at Closed Sales The completed transactions, or closed sales, stood at 1,670 for October, marking a 14.6% fall from October 2022's 1,955 closings. When looking at the month prior, September 2023, there's a slight 2.7% decrease from the 1,717 closed sales. This steady pace indicates a consistent demand, although the vigor seen in the previous year seems to have tempered. Inventory and Market Time: Stability and Growth The inventory in the Portland Metro Area remained stable at 2.9 months, which might suggest a balance between supply and demand. However, the total market time ticked upward to 45 days, hinting at a slight slowdown in market absorption and potentially providing buyers with more negotiation room. Year-to-Date Summary: A Cooler Market The first ten months of 2023 have seen a retrenchment across the board when compared to the same period in 2022. New listings shrank by 19.9%, pending sales by 22.5%, and closed sales took a significant hit with a 26.8% decrease. These numbers are crucial for understanding the longer-term market trends, particularly for those considering when to enter or exit the market. Average and Median Sale Prices Soften In terms of property values, both average and median sale prices experienced a dip. The average sale price saw a decrease of 2.6%, from $615,000 in the previous year to $599,100 in 2023. The median sale price also receded by 2.9%, dropping from $550,000 to $534,100. This adjustment in prices could reflect a market that is accommodating the buyer's needs more, with a possible increase in affordability. Final Thoughts The real estate landscape in the Portland Metro Area is showing signs of a market that is recalibrating itself in the face of shifting demands and external economic pressures. While this may present challenges, opportunities still exist for both buyers and sellers to achieve their real estate objectives with strategic planning and knowledgeable guidance. For those looking to navigate this complex market, Quick & Associates Real Estate stands ready to provide expert advice and tailored services to help you make the most of the current market conditions. Whether you're aiming to purchase your dream home or sell your property, understanding these trends is pivotal in your real estate journey. Contact us today to discuss your real estate goals and how we can help you achieve them in today's market. Call Kathy at 503-730-0702 or Scott at 503-730-0704. Portland Metro Area Real Estate, RMLS Market Action Report, Portland Real Estate Trends, Home Buying in Portland, Home Selling in Portland, Portland Real Estate Market 2023
Discover the Charm of Johns Landing: Portland's Waterfront Gem
Are you looking for the perfect Portland neighborhood that combines scenic beauty, convenience, and a touch of tranquility? Look no further than Johns Landing, a picturesque community nestled along the banks of the majestic Willamette River. For nearly two decades, Quick & Associates Real Estate has been the guiding force for countless homeowners, helping them sell their properties and assisting eager home buyers in finding their idyllic homes since 2004. Living in Johns Landing: A Blend of Nature and City Life Johns Landing is a vibrant neighborhood that offers an exceptional quality of life. Imagine waking up each morning to the serene views of Mt. Hood glistening in the distance, the river's gentle currents providing a calming soundtrack to your day. Residents enjoy direct access to Willamette Park, a green oasis where the community gathers to relax and engage in outdoor activities. It's a lifestyle that balances the peace of riverside living with the energetic pulse of Portland. A Culinary Haven Food enthusiasts and shoppers are drawn to the local flavors and unique experiences that Johns Landing offers. Zupan's Markets, an upscale grocery store, caters to your gourmet needs, while a variety of local eateries tempt your palate with mouth-watering cuisines. From casual bites to fine dining, there's something to satisfy every taste. Location and Convenience Convenience is key in Johns Landing. Strategically located, the neighborhood is a stone's throw away from the South Waterfront, OHSU, Downtown Portland, and the Sellwood Bridge. This prime location ensures that whether you're commuting to work or seeking a night out in the city, everything is just a short drive away. For those working or studying at OHSU, the proximity is a game-changer, offering more time to enjoy the neighborhood and less time commuting. A Real Estate Partner You Can Trust Quick & Associates Real Estate, renowned as Portland Waterfront specialists, have an intimate knowledge of Johns Landings real estate market. They have honed their expertise to provide personalized service that aligns with your unique needs, whether you're selling or seeking that dream home by the river. Recreational Opportunities Galore Outdoor enthusiasts will love the Willamette Sailing Club, which adds to the allure of the waterfront lifestyle. For golfers, the Eastmoreland Golf Course presents a challenging yet beautiful course to enjoy a day on the greens. The neighborhood's proximity to the Sellwood Bridge opens up even more recreational opportunities. Venturing Beyond Johns Landing The charm of Johns Landing extends to its easy access to some of Oregon's most beloved destinations. Cannon Beach, Timberline Lodge, and Bend are within easy reach, making weekend getaways to the coast or the mountains a simple plan. Thinking of Buying or Selling? Johns Landing isn't just a neighborhood; it's a lifestyle that caters to the peacefulness of suburban life with the vibrancy of city living. Quick & Associates Real Estate is your trusted partner in this community, offering unparalleled service and expertise as you navigate the Portland Waterfront real estate market. Embrace the beauty, convenience, and waterfront lifestyle of Johns Landing. Whether you're looking to sell, buy, or simply explore, Quick & Associates will help you every step of the way. Discover more about this beautiful neighborhood by visiting John's Landing and start your journey home today.
Oregon In Frame: Cannon Beach
Cannon Beach: Close By, But Worlds Away. Along the majestic shores of the Oregon coast, a masterpiece of nature's creation awaits those with a refined palette for life's richer experiences — Cannon Beach. This locale is not merely a place on the map but a haven of serenity and culture that beckons those yearning for a life that is both tranquil and invigorated by the natural world. For the sophisticated set considering a move to the Portland Metro Area, Cannon Beach represents a unique synthesis of natural beauty and cultivated living. Cannon Beach is the kind of place where every grain of sand seems to whisper stories of the ages, where each wave that caresses the shore brings with it a sense of peace and continuity. Dominating the seascape, the iconic Haystack Rock, an imposing natural structure, serves as a living gallery showcasing the biodiversity of the region with its tide pools and nesting seabirds. It is more than a landmark; it's the emblem of Cannon Beach's unyielding charm and a beacon for those drawn to the sea's timeless rhythm. The elegance of Cannon Beach extends beyond its sandy shores into the town itself, a picturesque community that embraces its visitors with the warmth of small-town hospitality coupled with a distinct flair for the arts and fine dining. Art galleries dot the landscape, offering windows into the soul of the region through the eyes of local and international artists. The town’s art scene is vibrant, teeming with galleries that celebrate the region’s natural beauty through a variety of mediums, reflecting the creative spirit that thrives here. The architectural charm of the town is undeniable, with weathered cedar-shingled buildings that seem to have grown from the very land they stand upon, mirroring the rugged yet graceful landscape. These structures house some of the finest eateries on the west coast, where chefs employ the freshest local ingredients to craft dishes that are as pleasing to the palate as the vistas are to the eye. As you stroll down the streets of Cannon Beach, you'll find that luxury lies not in ostentation, but in the subtle sophistication of simplicity. Boutique shops offer unique finds, from handcrafted jewelry to bespoke home decor, inviting a leisurely pace of life where every purchase feels like a newfound treasure. Even the most discerning shopper will find something to cherish, a memento that encapsulates the essence of the coast. The setting of Cannon Beach is one that inspires awe and a quiet joy. Nestled between the vast ocean and the coastal mountains, the town offers vistas that are simply breathtaking. The natural light here seems to dance across the landscape, casting a glow that makes every hour the golden hour, and every angle the perfect backdrop for a moment of reflection. Dining in Cannon Beach is an experience unto itself. Here, culinary artistry meets the bounty of the Pacific with restaurants serving up locally-sourced seafood that could not be fresher if you caught it yourself. The cuisine is paired with an excellent selection of Oregon's famed wines and craft brews, each sip and bite an homage to the region's abundant natural resources. In the evenings, as the sun dips below the horizon, Cannon Beach transforms. The dusk embraces the town with hues of amber and violet, and the sounds of the ocean provide a soothing symphony that invites contemplation. For those who find solace in the night's calm, the town becomes a sanctuary where the stars seem to shine just a bit brighter, unimpeded by the bustle of city lights. For those looking towards the Portland Metro Area as a potential new home base, Cannon Beach offers more than just a change of address. It provides a lifestyle that's enshrined in beauty, comfort, and culture. It’s a choice for a life where the opulence of nature's artistry is matched by the richness of cultivated, community living. Cannon Beach is not simply a retreat; it is a call to those who seek a profound connection to the environment, to art, and to a way of life that cherishes both. It is a promise of life's quintessence, a picture-perfect postcard come to life, ready to be a canvas for new memories and experiences. In Cannon Beach, you don’t just find a home, you find a horizon brimming with the potential for life's next beautiful chapter. Welcome to Oregon, framed not just by the grandeur of its coasts but by the allure of a life well-lived. If you're thinking about relocated to the Portland Metro Area, please give us a call or drop us a note: Kathy 503-730-0702 or Scott 503-730-0704. Relocation, Relocating to Oregon, Relocating to Portland Metro Area, Real Estate, Five-Star Service
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