Home sales were up 21% in July! Fantastic news combined with a decrease in the number of homes placed up for sale by 27%. Read my summary below to see how these trends may benefit you.
Also, Click Here to view some Portland Real Estate Statistics produced by our Multiple Listing Service.
Home sales increased 21% in July as compared to 2010. This a great news for Portland Home Values. The inventory of homes for sale has also hit the lowest level since July 2007 further indicating the market is stabilizing. Portland Home Values should increase if this inventory reduces further in 2011.
The average sales price of a home in Portland is currently $275,100 – an increase of 3% from last month. Homes that are priced to attract a buyer are selling quickly. We currently have homes in inner-SE and NE neighborhoods selling with multiple offers.
Just four years ago the average price of a Portland home had peaked over $350,000! Much of that gain has been reduced, though you can see in the graph below the average sale price has spiked this year between January and July by just over 12%.
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…as there as some deeply discounted prices!
Mortgage Interest Rates are BELOW 5%.
Click Here to see the Top 8 Great Car Values for a Mid-Life Crisis? (the link is safe)
Do you know someone looking to buy or sell a home? Please have them call me.