Tuesday, January 20, 2015

Portland Home Values - 2014

Portland Metro Area home sales rose again this past month!  In fact, the number of homes sold were up 25.6% from the same month last year, and the strongest December since 2005.

The good news continues as we finish 2014. Combined with a very busy December, the number of Portland homes shown by agents also rose over 71% the first two weeks of January!  This is a very good indication of things to come.  2014 was a terrific year for existing home owners in building equity.  The average price of a Portland home ended the year at $333,000 – up 7.2% for 2014, and 21% over the past two years.

What can we expect for 2015?

A stronger economy and solid job growth is expected to boost home sales even higher in 2015.  According to the National Association of Realtors Chief Economist Lawrence Yun, “the volume of sales are forecast to rise about 7 percent, and the median home price between 4 to 5 percent.”  Over the past two years, Portland has out-paced the national average.

It's a great time to sell a house!  There is currently just 2.3 months of inventory for sale which should maintain an upward pressure on home prices.  It's been a great time for home sellers - a more balanced market would have between 4 to 5 months of inventory.

Buying a home?  Thinking about buying a home this year but think it’s best to wait until summer?  The wintery months can be a great time to look.  A buyer could join the “herd” of buyers who are active during the traditional “good weather” months – and this competition can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.  Buying a home in the wet winter months can tell you a lot about what to expect from a property.  Visit a house during a hard rain or cold windy day and you’ll see for yourself.

Mortgage interest rates are below 4%!  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.

You might have notice I changed offices?  I joined a group of very smart and busy agents at Portland Digs Real Estate. We've got a terrific office located at 2737 SE 21st Avenue, Portland – next to the popular Division & Clinton streets.  Please stop by and say hello.  I’d love to see you and treat for lunch!

My new email address – darin@realtor.com

Call me when it’s time to buy or sell a home.  I’ll work hard for you!

Darin Provost, Broker
Portland Digs Real Estate