Every measure of real estate activity is positive when comparing June 2012 to the prior year. The number of homes sold increased 22% and the median sales price rose 8.6%. This represents the highest number of homes sold since August 2007.
The number of homes placed up for sale dropped again in June and continues to be the lowest inventory since March 2007. It would take just 3.9 months to sell the 8,800 active listings – substantially less than the 19.2 months of inventory we had in Portland in 2009. Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates.
The average market time to sell a home in the Portland Area is currently 114 days – a decrease of 25% from this time last year.
Profile of Home Sellers
- About half of home sellers traded up to a larger sized and higher priced home and 60% purchased a newer home.
- The typical seller lived in their home for nine years. In 2007,the typical tenure in a home was only six years.
- Eighty-seven percent of sellers were assisted by a real estate agent when selling their home.
- Recent sellers typically sold their homes for 95% of the listing price, and 61% reported they reduced the asking price at least once.
- Forty-one percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
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 – 503-784-7626.