Hello - Portland's Real Estate Market is on Fire! The supply of houses on the market is lower than it's been for 10 years. There is currently just 1.8 months of unsold inventory in the Portland Metro Area with some popular close-in eastside neighborhoods fewer than a month. A more balanced market would have between 4 - 5 months. Home sellers can expect multiple offers.
Click here for RMLS statistics and read below to see how this can benefit you.
It really is a good time to sell a house. Home buyers are plentiful. It's quite a seller's market and likely to continue this year with an upward pressure on home prices. I wrote an offer this month for a close-in N Portland house that competed with 26 offers! This was an extreme, but not unheard of in popular neighborhoods. The average cost of a home in the Portland Metro Area is currently $347,500, up 4.8% so far this year.
The graph below displays the average and median sale prices of Portland Metro Area homes between 2006 and today. During this period the average price of a house rose 42% from a market bottom in 2011.
Condominium sales are on the rise again. The low inventory of houses for sale has put an upward pressure on condominium sales. Condo sales in the past two months have averaged almost 60% of available inventory = a very high absorption rate. The low inventory of houses has also allowed many hard to sell homes to get some action. It's a great time to put that house on a busy street up for sale!
How are homes selling in your neighborhood? Portland's close-in neighborhoods in N, NE and SE continue to sell quickly. Home prices in N Portland have risen an average of 9.6% in the past 12 months. NE Portland rose 5.9%, and Portland's popular SE increased 10%. N Portland is becoming a market leader to watch.
SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. The number of homes sold in Beaverton and Aloha rose just over 56% from last year. House prices in Hillsboro and Forest Grove have led the way with an annual increase of 9.4%.
Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 6 - 8% over the past 12 months. Gresham and Troutdale continue to be the most affordable cities with an average house price of $245,600. Milwaukie is leading the way in popularity with a house costing about $318,000 - up 32% from the market bottom in 2011.
Mortgage interest rates are about 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