June brought us slightly cooler temperatures in the real estate market for Portland. However, through the year home sales are up 17% from 2012 and the average price of a Portland house up 14%! The slight cooling is positive news as the market was moving too fast to sustain a healthy position. There is currently 2.9 months of unsold inventory in the Portland Metro Area – a slight increase from last month.
Click here and read my summary to see how this may benefit you.
The most compelling news remains with a 14% 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 about $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 homes 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 rose this past month to about 4.5%.
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