From The Oregonian/Oregonlive | Read the full article here
How’s the coronavirus pandemic, plummeting retirement savings and massive layoffs impacting Portland residential real estate? “Things are certainly not business as usual,” says broker Nick Krautter of City and State Real Estate, “but Portland real estate is staying strong. Very strong it turns out.”
Krautter has been tracking new listings, closed sales and properties in which an offer has been accepted week by week, and he says the results are surprising.
Between March 25-31, 94 residential properties sold for an average of 102% of the asking price, another indication that it’s a seller’s market as inventory remains low. During those seven days, there were 132 active listings and 126 homes went under contract with offers.
Mortgage options are slowing interest in homes listed above $800,000. “The jumbo loan market is almost completely gone, so higher-priced homes are going to struggle,” says Krautter, “while conforming loans of $511,000 and under are seeing rates in the low 3% range, which makes the average house more affordable in 2020 than it was in 2019.”
Here are [some] examples of Portland homes priced around $500,000:
7651 N. Westanna Ave. in North Portland’s Portsmouth neighborhood is listed at $449,000. The two-level condo, built in 2018, has four bedrooms, three bathrooms and 1,816 square feet of living space.
“The never-been-lived-in boutique condo in the charming St. Johns neighborhood has a spacious kitchen and private balcony overlooking a large, shared backyard,” says listing agent Nick Krautter with Jordan Fezler of City and State Real Estate. Homeowners association fees are $305 a month.
3621 S.E. 50th Ave. in Southeast Portland’s Creston-Kenilworth neighborhood is listed at $408,000. The bungalow, built in 1925 on a 3,920-square-foot lot, has refinished floors, new paint, an updated kitchen with a nook and original built-in cabinets plus two bedrooms, one bathroom and 2,088 square feet of living space.
The fenced yard has a fig tree, raspberries plants and flowers.
“There’s a partially finished basement with office space and a soundproofed room for the band,” says listing agent Nick Krautter with Glenn Matz PC of City and State Real Estate