Monday, June 20, 2011

The Oregonian said today “Portland had its second wettest Spring in 117 years.” Glad that’s behind us! Summer officially begins this week and the forecast is looking sunny!

Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service.

In Summary:

There are currently 11,825 homes “For Sale” in the Portland Metro Area – a very slight increase from last month. This is great news as the number of homes For Sale typically rises substantially in May. The number of homes For Sale is stabilizing and has decreased from a peak of over 18,200 homes in the summer of 2008 (imagine trying to sell your house for a peak price with 18,200 others to compete with…). Portland Home Values will likely increase if this inventory decreases further in 2011. We currently have inner-SE and NE neighborhoods selling quickly with multiple offers as it seems everyone wants to live there, pricing is affordable again, and the inventory of homes for sale has dropped considerably.

Nationally, home prices rose last year by 1.3 percent according to the Case-Shiller index. This modest gain is a reprieve considering prices fell about 30 percent from 2006 to 2009. Last year’s demand arose from a home buyer tax credit, and economists are hoping this year’s demand will come from improving job market conditions. The latest jobs figures show that a seasonally adjusted 783,000 jobs were created in the first five months of this year. This is positive news.

The average sales price of a home in Portland is currently $258,300. Just four years ago the average price had peaked over $350,000! Homes Are Affordable Again. First-time buyers can find quality homes priced below $200,000. High-end homes and condos are affordable to middle-income wage earners. And, it is a great time to buy investment properties!

Mortgage Interest Rates are once again below 5%!

Something Cool - Want to see what kind of home $300,000 will buy you around the world? Check this out (the link is safe) -

Do you know someone looking to buy or sell a home? Please have them call me.

Darin Provost