Portland’s real estate market continues to see seasonal gains. New listings are up almost 16% over last month and just over 9% above the same month last year. This is like a day of rain following a long drought. Homes sales have also increased almost 16% from last month! It is a great time to sell your house.
Click here and read my summary below for an update on Portland Home Values.
The most compelling news is a 37% rise in the average sales price of a Portland home since the market hit its lowest point in 2011-12. The median price of a home rose 34% from the low-point as well. A median value represents a mid-point with an equal number of houses priced above and below this number. This is great news for long-term homeowners and testimony of the rewards to those who purchased 2-3 years ago. An averaged priced home of about $245,000 in 2011 would be worth about $335,000 today!
Condominium sales are on the rise as well. The median price of a Portland condominium is about 20% higher than it was two years ago, and about 44% of the active condominium listings were sold last month.
How are homes selling in your neighborhood?
Close-in neighborhoods in North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers. The inventory of homes for sale is about one-month, while the Portland Metro Area is 2.8 months.
Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly. Beaverton and Aloha prices have risen almost 14% in the past year.
Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie have seen their best price increases this past year since 2006. Gresham and Troutdale continue to be the most affordable with a median priced home of $224,000. Milwaukie home prices have risen almost 13% this past year with a median price of $280,000 – higher than Portland.
Interest Rates are about 4.25% – 4.5%.
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