Home sales in the past two summers have been their best for Portland since 2006. The average price of a Portland home rose 7.6% this year, and a combined 23% for the past two years. The number of homes sold this year also increased by 37% from when the market bottomed-out in 2010.
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Home sales cooled just slightly in August as people were likely pursuing other summer adventures. Home sales through the year however have been terrific, and combined with last year at their best since 2006. The inventory of homes for sale remains low at just 3.0 months - representing a strong seller’s market. A more balanced market would have 4-5 months of inventory, and try to imagine how hard it was to sell a home in 2008-09 when the inventory of homes for sale in Portland peaked at 19.2 months! Continued demand combined with very few homes for sale should maintain an upward pressure on home prices. The average cost of home in the Portland Metro Area is currently $332,600.
The graph below displays the average and median sale prices between 2005 and today.
How are homes selling in your neighborhood?
Mortgage interest rates are about 4.25%. Call Brent Schreiber with Consolidated Community Credit Union at 503-872-9455 if you think it’s time to refinance or buy. You’ll be happy with Brent’s experience and commitment to serving his clients.
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