What Does 2013 Hold for Portland's Real Estate Market?

Outlook is positive, as we are thrilled to report that 2012 was PDX Home Group's best year yet. It's no surprise that the market has seen it's ups and downs over the last few years, and although challenging, it has made us the team we are today. Through the trials and tribulations of a tough market, we have come out the other side with more knowledge, experience and capabilities than any book, seminar, or class can teach. Most of all, our appreciation goes out to our clients; repeat, referral and new - couldn't have done it without you and your real estate dreams. So here's to a great 2012, and looking forward to an even better year ahead! The following is a list of our team's accomplishments this past year:

PDX HOME GROUP 2012 TRANSACTION MAP:

OVERALL:

1. 67 closed transactions 
2. Repeat Clients/Referrals accounted for more than 50% of our Business
3. 5th Ranked team in NW Region of Keller Williams
4. $15,707,000 in sales volume
5. Our team expanded by 50%
6. 28% of sales were investment transactions

BUYER REPRESENTATION

1. We saved our Buyers an average of 3% on their home
2. 34 Buyers represented (50.75% of total transactions)
3. $8,681,690: total volume of homes purchased by our buyers
4. Short Sale or Bank-Owned purchases accounted for 35%

SELLER REPRESENTATION

1. We sold homes 75 days faster than average market time
2. Our Sellers received on average, 102.32% over list price
3. 33 Sellers represented (49.25% of total transactions)
4. $7,025,300 in volume of homes sold

CONFIDENCE GAINED BY BUYERS AND SELLERS ALIKE

Recently, due to a steadily improving economy and housing market, we are seeing more buyers and sellers coming together and overcoming obstacles presented by the Portland market. First time home buyers and move-up buyers are feeling more confident about their decision to purchase. Home owners looking to sell and buy a larger home are have less fear, as they realizing that selling their existing home is now a realistic goal. In addition, Sellers have come to better understand that the major correction in the real estate market has brought prices to where they were about 10 years ago.

EFFECTS OF LOW HOUSING INVENTORY

It is good news for Portland home sellers that the inventory of available homes is down about 45% from 2 years ago. This has helped create a much favored market for sellers as prices begin to increase. The average sale price in 2012 for a Portland area home was $275,000 up from $263,000 one year prior. The total market time dropped 21.5% from 143 days last year to 112 days in 2012.

Prospective buyers are overcoming the shortage by arming themselves with a real estate agent sooner in the process in order to stay ahead of the game and avoid frustration of stale opportunities. Having an experienced, well-connected agent on your side is a surefire way to have an advantage in this Seller's market. There has also been an influx of buyers who are pre-qualified before they even begin their home search, knowing that it could be the deciding factor when it comes to getting, (or not getting) the home they want. 

FORECAST

2012 provided us with a full range of scenarios in regard to representing both buyers and sellers. In 2013, The market will change, interest rates will fluctuate, and people will relocate. The one thing you can count on staying the same is the level of service you can expect from all of us at PDX Home Group. We look forward to learning you needs, answering your questions, and helping you achieve your real estate goals.

Steve Roesch | Principal Broker, Owner
PDX Home Group, LLC
o. 503.748.8387 | c. 503.318.6351 | f. 503.748.8307
Steve@PDXHomeGroup.com

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Keller Williams Realty Professionals | 9755 SW Barnes Rd, Suite 560 | Portland, OR 97225