At 2.9 months, inventory has finally increased, albeit a tiny jump on the last three months. New listings and pending sales were slightly down on last month. Closed sales improved 2.3% over last month but fell 3.2% on the same month in 2013. There are 7,727 active listings on the market currently. Total market time went down slightly to 57 days. Average sales price over the last 12 months is up 9.3% to $324,500.
2935 NE 77th Ave, Portland OR 97213
Priced at $295,000
Schools: Roseway Heights, Madison
Charming Rose City cottage nestled in an idyllic garden setting. This lovely home has a floor plan that promotes a comfortable flow from one end of the house to the other. From living room and sleeping area on one side, through the galley kitchen to the dining room, office nook and loft above. There is ample storage in the basement and sheds outside. The back yard is a private retreat, perfect for entertaining or putting your feet up with a glass of wine and a good book!
Beginning in 2013 and through the first few months of this year, Oregon and SW Washington’s housing markets changed significantly. A lack of inventory along with historically low interest rates and rising consumer confidence provided the “perfect storm” to finally pull prospective buyers off the sidelines and into the market. A “seller’s market,” often resulting in multiple offers, quickly replaced the “buyer’s market” of the previous five years.
That said, I do believe that in many areas we will soon see data supporting a subtle change in market conditions. An increase in inventory due to more sellers having equity once again and an uptick in interest rates means prices will stabilize. Buyers will sense an opportunity to be more selective and their sense of urgency to buy will dissipate as inventory grows. As their options increase, the buyer mentality of talking themselves into a property because “it will be gone tomorrow” switches to “well, if the perfect home is not here today, it will be tomorrow.”
Due to these changes in factors that influence the market, it is very important that listing agents and their sellers pay close attention to what today’s market is suggesting and how it may affect their pricing strategy. I strongly suggest that agents reach out to their clients to help them understand the changing market and how it may impact their future plans. We cannot control market conditions, but we can and should be providing value to our clients by communicating with them on a regular basis – and that should include a discussion of today’s market, which could be a very different conversation that just a few months ago.
This month we talk with Carley Kahn, who launched her eponymous line of textiles and accessories in 2012, about her design background and her home.
How do you fill your days?
I start my day with a cup of coffee and then take my pooch, Linus, on a long walk. Working from home, it’s hard to keep regular business hours but I try my best. I like to work on new patterns in the morning when I have the most energy. After a healthy lunch, I spend my afternoon on administrative tasks, such as email correspondence, web site maintenance, shipping out orders, etc. I stop working when my husband gets home so I can enjoy the evening with him.
What drew you to textile design?
I initially studied to become a graphic designer. While I was in school, I opted to partake in a study abroad program in Copenhagen, Denmark. It was there that I was first introduced to textile design. I fell in love with designing repeat patterns and pursued a career in textile design upon graduation. I find myself in the home textile industry because I love the tactile nature of fabric and the fact that people can live with my products in an integrated way, as a part of their daily surroundings.
Your favorite place in your home?
The back patio. My husband and I love to be outside, and the covered patio allows us to enjoy our backyard from Spring to Fall. We have a native garden, attracting lots of birds and butterflies, so it’s a peaceful place to have my morning cup of coffee. It’s also great, intimate space for entertaining and BBQing with friends and family, and for enjoying a nice fire in the chimney.
If you were going to buy your home one gift this year what would it be?
An irrigation system! We move around sprinklers to keep the garden watered in the summer months, but it would be nice to have a more automated system.
When you think of summer in Portland, what comes to mind?
The beaches on Sauvie Island. Evening bike rides. Berries galore. Hiking, camping and s’mores!
1926 W Burnside Unit 607, Portland OR 97209
Priced at $265,000
Schools: Chapman, West Sylvan, Lincoln
Ideally located in the middle of the NW, downtown and Pearl, this gently-lived in loft-style condo enjoys expansive easterly views from a wall of windows and a juliet balcony. Steps from the Max, with a deeded parking spot and a 24-hour concierge, this is quintessential urban living. LEED Gold building.