Friday, June 17, 2016

Portland Home Values - June 2016

Hello - Hope you're having fun outdoors!

The longer days and warmer weather gets people outside - including home buyers. It's a perfect time to catch up on those house projects, and get your house on the market to sell. Home sales are up 4% from last year, while the number of homes for sale has dropped another 25%! This has put a real tight squeeze on things and continues to put an upward pressure on home prices. The average price of a Portland home this past month rose to $402,500 - an increase of almost 12% over the past 12 months. Portland has become a destination city and is catching up in price to it's west coast neighbors in California and near-by Seattle.      

Click here and read below to see how this can benefit you. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The graph below displays the average and median sale prices of Portland Metro Area homes between 2008 and today. During this period, the average price of a house has risen almost 65% from a market bottom in 2011!

Condominium sales are on the rise too.  The low inventory of houses for sale has put an upward pressure on condominium sales. Condo sales in the past three months have exceeded new inventory = a very high absorption rate. Condo prices have risen almost 20% this year alone.

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 14.4% in the past 12 months. Portland's NE increased 10.8%, and SE rose 10.3%.

SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. Homes are selling the quickest in Beaverton and Aloha with just 22 days of average market time. House prices in Tigard and Willsonville have led the way with an annual increase of 11.8%.

Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 9-15% over the past 12 months. Oregon City has led the year with an average price increase of 14.6%. Gresham and Troutdale continue to be the most affordable locations with an average house price of $282,400.  Buyer's are thinking very positive about moving to Gresham and Troutdale right now.

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.

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