Market Update- Home Sales Drop, but Prices Still Climbing

By Elliot Njus, the Oregonian / OregonLive

The Portland-area housing market cooled off in July, thought would-be buyers likely won't feel much relief. More homes went on the market while the number of sales slowed. Even so, the supply of homes for sale remained slim overall, and prices moved higher. The median home price rose to $391,000, up 11.4 percent from a year earlier. The 2,776 homes sold in July represent a drop of nearly 20 percent from a year earlier, in part reflecting the slim supply of homes for sale. Pending sales were also down 5.5 percent from July 2015, suggesting the sales slump will continue into at least late summer. But homes listed on the market sold in an average of 30 days in July, two weeks faster than a year earlier. If sales continued at the same clip, every home on the market would sell in 1.9 months, well short of the six-month supply that indicates a market balanced between willing buyers and sellers. Current conditions indicate a strong seller's market, which is driving prices higher. Sales activity jumped in the North of 26 area of Washington County and the Tigard-Wilsonville area. But supply-constrained areas in North Portland, Hillsboro-Forest Grove, Gresham-Troutdale and Lake Oswego-West Linn all saw above-average price increases. 

Posted on August 20, 2016 at 6:27 pm
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145 NW Pittock

Pittock 2

Posted on July 12, 2016 at 10:18 pm
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5054 SW Hilltop Lane | Close-in Estate

Hilltop 1

Posted on July 7, 2016 at 10:40 pm
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Let Your Foyer Reflect Your Style

Posted on March 11, 2015 at 8:15 am
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Hip Modern Design

 

For cool, modern furniture visit Hip Modern Design

NW Portland Showroom located at 1829 NW 25th Avenue

Open Monday-Saturday 11-6, Sunday 12-5

503.225.5017

 

 

Posted on November 20, 2013 at 7:42 am
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Spotlight on My Listings: Library / Reading Room

 

With the arrival of fall comes Portland rain. These cozy library and reading rooms are ideal for the dreary days that “plague” the great Northwest.

 

Posted on October 10, 2013 at 7:41 am
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June Existing Home Sales Slip but Prices Continue to Roll

 

Existing-home sales declined in June but have stayed well above year-ago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the National Association of Realtors®.

 

 

Posted on August 12, 2013 at 7:36 am
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1134 NW 25th Unit C

Posted on February 18, 2013 at 5:11 pm
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Bar Mingo

Bar Mingo – 811 NW 21st Avenue – Portland, OR – 503.445.4646

Just around the corner from the MJ Steen Group office conveniently sits the ever reliable and cozy Bar Mingo at 811 NW 21st Avenue. The innovative and seasonally inspired kitchen is overseen by Chef Jerry Huisinga (former Executive Chef at Genoa) who uses only the highest quality local ingredients to create exquisitely simple offerings. This treasure of a spot allows you to share an assortment of small plates before a show or settle in for the evening with a four course meal, whatever you fancy. From an artfully arranged cheese plate with one cow, one sheep and one goat cheese served with unique fig salami to their lamb meatballs in a light tomato sauce with mint, oregano and pecorino, you will not be disappointed.

Pastas are handmade at Bar Mingo and they even go so far as to make their own ricotta cheese.  The ravioli with spinach, ricotta and mozzarella melted in our mouths on a recent evening.

Wednesday nights Chef Jerry cooks from start to finish two rounds of fresh risotto – served hot from the pan at 6:30 and 7:30. On our last visit the risotto featured roasted butternut squash and radicchio.

Seafood is brought in from the Monterey Fish company and desserts such as Sicilian cannoli, ricotta fritters with lemon and gelato will delight your sweet tooth. There is a full bar of handcrafted cocktails and a well chosen wine list that includes Pacific Northwest, Italian and California vintages.

Next time you are meeting friends after work or intend to enjoy an intimate dinner for two, you will be absolutely delighted with the warm service and thoughtfully prepared food of Bar Mingo.

Posted on January 4, 2013 at 8:00 am
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