Wednesday, July 20, 2011

Home sales were up 12% in June!

That’s NO RAIN ON THIS PARADE. (…I’ll keep the rain jokes to a minimum)

Click Here to view some Portland Real Estate Statistics produced by our Multiple Listing Servie.

In Summary:

Pending home sales increased 12% in June from the month prior, and almost 24% compared to 2010. This a great news for Portland Home Values. The inventory of homes for sale also hit the lowest level since July 2007 further indicating the market is stabilizing. There are currently 11,817 homes on the market in the Portland metro area – a substantial decrease from a peak of over 18,200 homes in the summer of 2008. Portland Home Values will likely increase if this inventory reduces further in 2011.

The average sales price of a home in Portland is currently $260,000 – a decrease of 7.8% from last year (humbug). However, the average sales price increased by almost 2% in June with the spike in buying activity and stabilizing supply of homes for sale. Homes that are priced to attract a buyer are selling quickly. 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.

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

Mortgage Interest Rates are below 5%.

Click Here for 10 Easy Energy-Efficient Fixes at Home.

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

Darin Provost