Wednesday, June 19, 2013

Portland's Real Estate Market Is On Fire

Portland’s real estate market is on fire.  This is no hype…  The price of a home continues to rise while the inventory of homes for sale remains at historic lows.  There is just 2.5 months of unsold inventory in the Portland Metro Area.  If you’re looking to buy in close-in neighborhoods of SE or NE Portland, expect to compete with multiple offers.  

Click Here and read my summary to see how this can benefit you.  

In Summary:

The most compelling news is a 15% rise in the average and median sales price of a Portland home this year.  This increase compares to a low-point in home prices last year, though represents a solid rebound from the end of the housing market downturn.  Home buyers have returned to the market with confidence and determination, which combined with very few homes for sale, has put an upward pressure on home prices.  This could be the right time to sell your house if you've been waiting to sell it quickly at a better price. 

This graph displays the rise and fall in home prices between 2004 and today.  The average sales price of a Portland home is currently 35% higher than it was in 2004, and 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.  An average priced home of $235,000 in 2004 would be worth over $315,000 today.  It’s hard to save that kind of money otherwise!

Close-in neighborhoods within North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers.  Inner-SE and NE Portland have experienced the greatest share of home sales and 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 also seeing prices rise between 6%-8%.

Interest Rates are about 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.