Home sales this year are at their best for Portland since 2006. This has put an upward pressure on Portland home values that has climbed an average of 3.4% over the year. The down cycle experienced over the past six years appears to be ending with all reported measures of real estate activity improving.
Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service.
Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates. This is a great turn for those who have been waiting to sell their house. Home sales in the Portland Area were up 20% from the year prior, and 24% from the bottom Portland hit in 2010. The number of homes placed up for sale also continues to be the lowest inventory at just 3.8 months since July 2006. This increased buying and low inventory has put an upward pressure on home prices, and often homes that are located well are selling with multiple offers. In the past six year cycle, it appears Portland hit a low point in home sales and pricing between 2010 and 2011.
The average market time to sell a home in the Portland Metro Area is currently 102 days – a decrease of 29% from this time last year. The market time to sell a Portland home that is priced right and located in a popular close-in neighborhood is just under ONE-week!
The average sale price of a Portland Home is currently $284,600. The median price $243,300.
Homes are affordable and there are great investor opportunities. First-time buyers can find quality homes priced around $200,000. Higher-end homes are affordable to middle-income wage earners. And, Mortgage Interest Rates are still hovering 4%!
Do you know someone looking to buy or sell a home? Please have them call me at 503-784-7626.
Hope you’re staying dry!