Home sales this past summer were at their best for Portland since 2006. This has put an upward pressure on Portland home values that has climbed an average of 3% 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. Read my summary below to see how this may benefit you.
Click Here to view 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 18% from the year prior, and 22% from the bottom Portland hit in 2010. The number of homes placed up for sale also continues to be the lowest inventory 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 115 days – a decrease of 21% 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 $281,400.
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%!
Call Steven Welch at Northwest Mortgage Group if you think it’s time to refinance or buy. And please, if you know someone looking for help buying or selling have them call me at 503-784-7626.