As the new year approaches, it’s the perfect time to reflect upon what happened to the real estate market during 2020 - the most unprecedented year of our generation. Let’s rewind for a moment to January and February 2020. The real estate market in Oregon was strong, stronger even than many had predicted. Inventory was up as sellers wanted to sell and buyers wanted to buy. In March when COVID-19 hit, a bit of panic struck the Oregon market, as it did throughout the country, and many sellers decided it was best to pull their homes off the market.
Photo Credit: LUXE Christie’s International Real Estate
“We heard dire predictions from experts saying the real estate market was poised for a free fall,” says Kendra Ratcliff, vice president and principal broker of LUXE Christie’s International Real Estate. “What we experienced, however, was quite the opposite in the high-end luxury market. While there was a brief period of adjustment, our buyers and sellers realized that luxury properties could weather this storm.”
Photo Credit: LUXE Christie’s International Real Estate
Across the country, it was necessary for brokers to adapt to the new selling environment. Using the phenomenal technology available, LUXE Christie’s brokers created new ways for buyers to safely view homes using live virtual tours and videos. Connecting with clients in-person during tours and office meetings was replaced with Zoom meetings, and social media replaced in-person networking. These exciting new marketing tools worked well to reach buyers, and the reinvention of how business was conducted was a success.
Photo Credit: LUXE Christie’s International Real Estate
By May, LUXE Christie’s sales of $1 million-plus properties in Oregon were back. “Many buyers were now looking for large homes with properties where their families could easily and safely quarantine,” explains Ratcliff. Homes with space for families to spread out, work remotely and home school were hot, as were properties where recreation opportunities, like pools, sport courts, acreage, or water access, were literally in the backyard.
Photo Credit: LUXE Christie’s International Real Estate
“The Pacific Northwest was far from immune from the nation’s economic slowdown,” Ratcliff says, “but the technology, digital media and e-commerce companies based in the region remained stable, and even flourished, with the increase in consumer online spending and use of technology to work from home.” This was a boon for the region and gave many of LUXE Christie’s clients the means to take advantage of the luxury homes that were on the market. “We also benefitted from an influx of out-of-state, high-net-worth buyers coming to Oregon from states where taxes and business opportunities are prohibitive,” says Ratcliff.
Photo Credit: LUXE Christie’s International Real Estate
With $214 million in closed transactions at the end of 2020, LUXE Christie’s set a new brokerage sales record, proving that market predictions were far from accurate. “The sheer volume of transactions by LUXE Christie’s International Real Estate brokers coupled with record sales prices and the low number of days on the market - some as low as 24 hours! - is a positive indicator for the region’s economy as a whole,” explains Ratcliff.
Photo Credit: LUXE Christie’s International Real Estate
“Central Oregon is booming, and the Portland metro area is a solid market that will endure long-term. Looking toward 2021, all indicators point toward Oregon’s high-end real estate market remaining strong,” concludes Ratcliff.
For more information about luxury properties throughout Oregon, please contact Kendra Ratcliff at 503-330-6677 or Kendra@LuxeCIR.com.
LUXE Christie's International is the exclusive real estate company representing the Oregon & Washington (SW, Central & Eastern) real estate market as a member of the Haute Residence Real Estate Network. View all of their listings here.
