March Market Update

Real estate market reports from February reflect the the effects of snowpocalypse with a 19% increase in accepted offers since January.  New listings in February were also up 14% since January.  Inventory is up just slightly at 1.9 months (6 months is a balanced market).  The average market price in Portland is now over $400,000 at $400,800, a 12.1% increase from January of 2016.  As interest rates are creeping up and appreciation continues to increase the market in Portland is getting tighter.  The increase in interest rates has the potential to be offset by credit expansion for buyers in the market.

This report shows stats for the entire Portland metro area.  If you would like stats specific to your neighborhood please contact me.

February 2017 PortlandMetroArea

Return on Investment – Home Energy Upgrades

 As an accredited Earth Advantage Broker, I am always learning about energy upgrades and new energy efficiency projects.  Earth Advantage has created this super handy tier guide to show how quickly different energy efficiency investments will pay off.  This guide will be very helpful when the Portland home energy score mandate goes into effect on January 1st, 2018.  All sellers will be required to have a home energy audit completed before listing their home (https://www.portlandoregon.gov/bps/71421).
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Portland Landlords to Pay Relocation Costs for No Cause Evictions

Last year city council incumbent Steve Novice was unseated by Portland bookstore owner, Chloe Eudaly.  The change was a surprise especially after low polling numbers in the primary election.  Chloe Eudaly is a long time Portland renter and ran on a platform of protecting tenant’s rights.

In her first month as city commissioner a rule (spearheaded by Eudaly) was voted on February 2nd  and passed unanimously by city council.  The rule requires landlords to pay for tenant’s relocation costs for no cause evictions and rent increases over 10%.  The relocation costs range from $2,900 for a studio to $4,500 for a two bedrooms apartment.  This rule is a emergency response to the housing crisis and will be in effect immediately until October of 2017.  Commissioners noted that the rule is not perfect and Amanda Fritz was quoted saying there will be unintended consequences that are yet to be seen.

The commissioners heard testimony for 5 hours on Thursday from both landlords, tenants and tenant right activists.  In response the Multifamily Northwest will most likely file a lawsuit to battle the 10% cap as Oregon has a ban on rent control.  There are a number of exemptions, including landlords who rent only one dwelling in Portland.