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.
In summary:
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.
Darin
503-784-7626
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