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.
Click here and read my summary to see how this can benefit
you.
In Summary
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
503-784-7626
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