Portland’s winter weather this year has been mild, keeping the real estate market active. There is much talk about the “tight” inventory of homes for sale, rising home values, and homes that are located-well selling quickly.
Click here for some Portland Real Estate Statistics produced by our Multiple Listing Service.
There is currently 4.7 months of inventory for sale - about 6,400 homes in the Portland Metro Area. This is positive news as the number of homes For Sale is at historic lows and convincing home buyers to be decisive. This could be the right time to sell your home.
The average sales price of a home in Portland is currently $288,000 - an increase of 5.4% over the past year. The median price of a Portland home is $248,000 – an increase of 7.3%! The median value represents a mid-point with an equal number of homes priced above and below this number.
Be sure to look at the Average and Median Sale Price Graph on page 5 of the link. This graph displays the rise and fall in home prices between 2004 and today. The average sale price of a Portland home is currently 30% higher than it was in 2004, and this takes into account the fallout in pricing between 2007-2012. This is great news for long-term homeowners and testimony to the rewards of home ownership over the years. A $200,000 home bought in 2004 could be worth $260,000 today based on this average sale price increase. It’s hard to save that kind of money otherwise!
Interest Rates are still under 4%. These affordable rates won’t last forever, but will be remembered for a long time.
Please call me if it’s time to buy or sell a home. I’ll work hard for you.