Some of my predictions for our real estate market this year have come true, while others have not. Here’s a breakdown of all of them.
It’s time for a 2019 real estate recap to see how the Portland market fared this year.
Last year, I predicted that interest rates would go up. I was wrong. They are about 1% lower right now than they were last year.
I also predicted a home value increase of 1% to 2% in Oregon and middle digits in Southwest Washington. I was right about that one. Appreciation is just below 2% in Portland and right around 5% in SW Washington.
“Lower interest rates have made homes more affordable.”
I also predicted that sales would go down in Oregon while they went up in Southwest Washington. We’re just down by about 1% in overall sales this year due to a slow start. However, we’ve seen more sales in September, October, and November this year than we did in 2018. That has really helped solidify this as a great year for our market.
As for inventory, I predicted that it would go up a little bit, and it has. I’ll give myself a little pat on the back there. Finally, I predicted that affordability would go down, but lower interest rates have actually made homes more affordable.
If you have any questions for me about the market or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
