Portland’s real estate market has remained active this winter. February saw an increase in home sales of almost 7% from last year. In fact, it was the best February in Portland since 2007!
Click here and my summary below for an update on Portland Home Values.
Portland Home Values
The new year appears to be kicking-off where 2013 ended. Home sales have been on the rise in both January and February from last year, and the inventory of homes for sale remains low at just 3.9 months. This continued demand combined with very few homes for sale should maintain an upward pressure on home prices. Reports I read project a 3% to 5% rise in Portland Home Values over the next year.
This graph displays the average and median sale prices of Portland Area Homes between 2005 and today. Between this period, home prices have steadily increased from a market bottom in 2011. The average price of a Portland Home is currently $325,500 – up almost 13% in the past twelve months.
How are things selling in your neighborhood?
Portland’s close-in neighborhoods in N, NE and SE continue to be hot zones with houses selling quickly. Home prices in SE Portland have risen an average of 18.4% in the past twelve months. North Portland was a close runner-up at almost 16%. NE Portland rose 12.2% this past year, but have sustained their home values better than any Portland area over the past 8 years.
Area’s in SW Portland including Beaverton, Aloha, and Hillsboro are also selling quickly. These area’s had a larger share of distressed bank-owned and short-sale properties selling at lower prices. Home prices in Beaverton and Aloha rose almost 18% over the past year.
Area’s outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 13% - 15%.
Mortgage interest rates are averaging about 4.5%.
Hope your winter was warm. It’s daylight savings time now, so hopefully you’re outside enjoying the longer days!
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