Portland’s real estate market continues to blossom with home sales and prices steadily increasing and the inventory of homes for sale at historic lows.
Click Here and read my summary to see how this can benefit you.
Home sales peaked again in March, representing the best spring market since 2007. The number of active homes for sale also continues at historic lows with just 3.2 months of unsold inventory in the Portland Metro Area. This market dynamic has put an upward pressure on home prices, influenced home buyers to be more decisive, and has given quite an edge to homeowners looking to sell.
Portland-area home prices are beginning to rebound after falling by more than 30% during the housing crash. The average sales price of a house in Portland is approximately $290,000 - an increase of just over 15% from the first quarter of last year. The median price of a Portland house is about $247,000 – an increase of almost 17%! 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. Inner-SE and NE Portland have experienced the greatest share of price increases.
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%.
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. You’ll be very happy with Steven’s experience and commitment to serving his clients.