Portland's real estate market is feeling like 2007 again returning to levels achieved before the national housing downturn. February home sales outpaced last year's same month by 12.3%. In fact, similarly pending sales bested last years February by 37.1%! The inventory of homes for sale has fallen to 3 months (a more balanced market would have between 4-5 months). This demand combined with very few homes for sale should maintain an upward pressure on home prices.
Read below to see how this can benefit you.
It really is a good time to be a home seller. Our office tours homes on Tuesday's, and this week we made a visit to a classic Eastmoreland craftsman near Reed College listed at $689,000. We all agreed the house will sell quickly, and had to laugh at how spoiled we've become when the listing agent spoke with grave concern that the house hadn't yet sold after being on the market a week and a half!
What does it cost to rent in Portland? You may want to sit down... Units at a recently opened complex at NE 32nd & Broadway (seen traveling on I-84 near Lloyd Center) range from $1,194 for a studio to $2,619 for a three-bedroom. At a newer development on N. Mississippi rents range from $1,100 to $2,590. And, in North Portland a newly built apartment next to the St. Johns Bridge rents from $973 for a studio to $1,576 for a two-bedroom. According to Zillow, the Portland Metro area's median rent is $1,587 a month. The average price of a Portland home is currently $328,000 - roughly $2,000 a month (loan with 3.5% down payment, 4% interest, property taxes, insurance).
According to Oregonlive.com, rents in the Portland Metro area rose 20.5 percent over the last five years, giving the area the sixth-fastest rise in the nation. Rents rose faster in New York, Seattle, San Jose, Denver, and St. Louis. In a somewhat surprising note, incomes of Portland Metro area renters aged 25-44 nearly kept pace with the rise in rents. I once rented a 2 bedroom house in NE Portland for $190 a month! ...I won't tell you when.
Mortgage interest rates have fallen 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.
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