Market Update

Lennox Scott and Israel Hill: Portland Metro Market Update

Israel Hill

Lennox Scott and Israel Hill, Managing Broker of the JLS Northeast Portland office,  were both quoted in the August 17th Portland Metro Market Update by Jon Bell in the Portland Business Journal.  Here’s an excerpt:

Israel Hill, Managing Broker of John L. Scott Real Estate’s Northeast Portland office, said sellers with homes in good shape and in desirable areas are having little trouble unloading their homes — and quickly.

“If sellers are market ready and priced right on day one, they will sell the first weekend,” he said. “Forty-nine percent of homes are selling within the first 30 days. The good news is there is a second chance for homebuyers to find a home by looking at homes that don’t sell the first week, but those homes often need TLC or are priced over market value.”

How long the market will continue to hustle at its current pace is difficult to say, but Lennox Scott, chairman and CEO of John L. Scott, said that there will likely be a seasonal drop-off in new listings just around the corner.

“If you’re looking to purchase a home, the next two-and-a-half months will be critical,” he said. “New listings coming on the market historically drop 50 percent over the winter when compared to spring and summer.”

Read the article online here.

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