This past week saw a rare uptick in inventory levels with more units listed than pending or sold. Inventory remains tight, but buyers just got a nudge in their direction. I saw a couple units come up that are well priced in the market which is nice for buyers. A solid little 7th floor 1 bed unit in Parkview is available under $240k and a lovely 2 bed 9th floor corner unit in Viewpoint just arrived to market bearing a favorable price just over $800k. In other related condo news, it looks like Kirkland Tower is down to the final ten units. They have something in every price range still available from a sub $1 million small unit to the largest $4+ million units on the 11th floor. I certainly can’t speak for the Kirkland company, but I’d say that project is a success.
Our stingy wet weather doesn’t want to give us a break and that sometimes keeps the opening spring salvo of listings at bay. That could bear fruit for sellers as a rush to market of too many listings can crowd the market at a time where buyers are not as numerous. What’s keeping this market so tight is not a surplus of buyers but rather a massive deficit of sellers. I believe many potential sellers are clinging to that super low $2.5-3.5% mortgage. That will change because in the grand scheme of things rates right now are NOT high, they are pretty darn average and eventually people want or need to move, rates be damned. We all just got spoiled over the last decade of artificially suppressed rates and normality has returned.
The federal government continues to make bad economic moves and that can lead to softening conditions in the market. This lack of sellers isn’t great for us Realtors® but it might be helping us avoid a stronger downturn. Hopefully the fed will relax a bit, the Fed has had a tendency to overcorrect, lets see how they do.
I’ve become a bit of a regular at the Witness Tree Lounge at the Indigo Hotel. Its a small place with a nice atmosphere and a bit of a lates 70s vibe. Its 8th floor perch over the river offers nice views from inside or out on the patio. Later this spring they will open the 9th floor ‘roof top’ patio and I look forward to that. I’m racking up points on my Reveler’s Club account. I’ll be using those at El Gaucho soon 😉 My wife has become rather fond of 13 Coins, also in the Hotel Indigo. The Waterfront and Downtown Vancouver has finally become a dining destination. It took a few decades to shake off that 1990s bad reputation, but damn, things look good these days. I just hope our city leaders realize the old adage is true; It only takes a moment to lose your good reputation but it takes decades to earn it back. How long will it take Portland to earn its reputation back after the last five years of disastrous bad decisions by that leadership group down there? Pay attention City Council and Mayor and don’t follow those idiots.
That’s the local beat this week.