Monday, May 21, 2012

Home sales in the Portland Area continue to improve.  Home sales increased 13% over the first quarter of 2012, while the number of homes for sale has decreased almost 10%.  This buying activity and shrinking inventory of homes for sale is having a positive effect on home values.  Read my summary below and the attached to see how this may benefit you.

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

In Summary:

The number of Portland Area homes sold last year were up 4% from the year earlier, and surpassed 2008 and 2009 with a similar margin.  This positive trend has continued into 2012 with an increase in sale activity by 13%.  It seems buyer’s have re-entered the market taking advantage of affordable pricing and low borrowing costs.  In fact, with the exception of March and April of 2010 which were impacted by deadlines for the First-Time Homebuyer Tax Credit, the number of homes sold in April were higher than any month since 2007. 

All of this buying is combined with a reducing inventory of homes for sale.  Homes that are located well and priced correctly are selling quickly and often with multiple offers.  There are currently 8,500 Portland Area Homes for sale - a substantial decrease from a peak of over 18,200 homes for sale in the summer of 2008.  The number of homes for sale in the first quarter of 2012 were down almost 10%.  I believe Portland Home Values will likely increase into 2012. 

The average market time to sell a home in the Portland Area is currently 132 days – a decrease of over 18% from this time last year.

By Alan J. Heavens, Philly Daily News

The nation’s Realtors say they have just finished the strongest first quarter in home sales in five years, and sales contracts are pointing to a strong second three months. 

At the National Association of Realtors’ midyear meetings in Washington this week, chief economist Lawrence Yun said “positive underlying economic factors were helping spur home sales.”

Among the positives, according to Yun, are high affordability conditions, increased job creation, improving consumer confidence and an increase in rental costs that make mortgage payments look like a bargain.

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.