Portland’s real estate market remains active. There is much talk about the “tight” inventory of homes for sale, rising home prices, and homes selling quickly that are located well. Seriously…
Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service.
The number of homes sold in February had peaked again, representing the best February since 2008. The number of active homes for sale also continues at historic lows with just 4.5 months of unsold inventory in the Portland Metro Area. This low inventory has been challenging for home buyers having to compete for homes, but overall is positive news for Portland’s real estate market as buyers have become more decisive, home sellers can SELL their houses, and home prices have risen given the competing market.
The average sales price of a house in Portland is approximately $282,000 - an increase of almost 6% over the past year. The median price of a Portland house is about $255,000 – an increase of 8.5%! The median value represents a mid-point with an equal number of houses priced above and below this number.
Close-in neighborhoods within North, Northeast, and Southeast Portland are hot zones with houses selling quickly and often with multiple offers.
Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly. These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices.
Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are selling at a slower pace but increased in price by 3-5% this past year.
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 Provost, Broker
Vintage Real Estate
And call Steven Welch with Northwest Mortgage Group at 503-805-6810 if you think it’s time to refinance or buy.