Navigating the Current Real Estate Market in Portland: Insights from Q1 Sales Data

Recently, I had a chance to analyze the first-quarter sales figures for the Tigard, Tualatin, Sherwood, and Wilsonville areas. The data showed a significant decline in closed sales, dropping 36% from 521 in Q1 2022 to 333 in Q1 2023. This decrease is particularly striking considering the combined population of these cities exceeds 125,000.

As a real estate team leader, this trend reminds me of the challenges we faced during the Great Housing Recession in 2007-2009. Back then, our clients suffered from falling home values, and industry professionals struggled with the reduced number of home sales. These experiences underscore the importance of having a solid plan to effectively communicate with, earn, and maintain client relationships.

Currently, the Portland metro area is experiencing a 30-year low in new listings. I don't foresee a quick resolution to this situation. As a result, it's crucial for us to proactively adapt to these market conditions and seek innovative solutions to continue serving our clients effectively.

One resource I've found particularly valuable is a podcast featuring Tom Ferry, Mark Pattison Show, and Kyle Whissel. They discuss strategies that are effective in today's real estate marketplace. I'm fortunate to have the opportunity to work with all of their teams, which are projected to close over $750 million in volume this year through more than 1,000 transactions. Collaborating with and learning from such successful industry leaders is a privilege, and I'm eager to apply their insights to better serve my clients in the Portland real estate market.

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