Home sales this past summer were at their best for Portland since 2006. The average price of a Portland home rose slightly more than 14% this year, and the number of homes sold increased 44% from when the market bottomed out in 2010.
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Portland’s real estate market cooled slightly in August as people were likely pursuing other summer adventures. Home sales through the year however have been their best since 2006. Lawarance Yun, chief economist for the National Association of Realtors has said a multiyear housing recovery is also likely. “Steady job creation and household formation have been helping to unleash a pent-up demand in the housing market,” he said. “A continued housing shortage will prime home prices even higher, buy as much as an additional 13 percent in 2014.”
Investment home sales in Portland also jumped to elevated levels in 2012 and are holding up this year. I have one duplex listing in NE Portland that has so far received 6 offers, a few of which came from California cash buyers. Many California metros are ranking at the top for turnaround cities which has historically had a strong influence on overall housing trends.
How are things selling in your neighborhood?
Close-in neighborhoods in NE and SE Portland continue to be hot zones with houses selling quickly and often with multiple offers. These areas have experienced the greatest share of home sales in price increases above 15%.
Area’s in SW and NW Portland, Beaverton, Aloha and Hillsboro are also selling quickly. These areas have had a larger share of distressed bank-owned and short-sale properties selling at lower prices. Average prices have risen between 9% - 14% with Lake Oswego, West Linn and Beaverton leading the bunch.
Area’s outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie are seeing prices rise between 9% - 10%.
Mortgage interest rates are between 4.5% - 5%.
Hope your summer was fantastic! September and October are also great months to enjoy the outdoors. Make it a great adventure…Please call me when it’s time to buy or sell a home. I’ll work hard for you.
Darin Provost, Broker
Vintage Real Estate