Portland Home Values - July 2017

Summer is in full swing! The longer days and warmer weather is getting people outdoors including home buyers. It's a perfect time of year to catch up on those house projects, and if the timing is right for you get your house on the market to sell.

For home buyers, the unseasonable cooler spring gave some reprieve to the competition. While it's still a Seller's market with just 1.6 months of inventory for sale, the number of homes sold this year is down 4%, and in many cases we're seeing price reductions from Sellers a little over zealous. If you've been thinking about buying a home, this is probably the best summer you've had since the market rebounded in 2013. 

    
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 average price of a Portland home is currently $440,600 - an increase of 10% over the past 12 months. It was in 2012 when I reported to you the average price of a Portland home hit a bottom of about $245,000!

New Listings are on the rise as expected for June and July by 8%. June was the strongest month for homes put up for sale since 2008.

30-year fixed mortgage interest rates are about 4% to 4.5%.

I've finally found out how to make a million dollars in the real estate business. You start out with two million!

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
503-784-7626

  

Portland Home Values - April 2017

Hello -

Spring-like weather is just around the corner...right!? The longer days and warmer weather coming will get people outdoors - including home buyers. It's a perfect time of year to catch up on those house projects, and if the timing is right for you get your house on the market to sell.

For home buyers, the unseasonable cooler weather has given some reprieve to the competition they'd expect in the Spring.  While it's still very much a Seller's market with just 1.7 months of inventory for sale, the number of homes sold is down 7% from the same time last year.     

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 average price of a Portland home is currently $428,800 - an increase of 11% over the past 12 months. It was in 2012 when I reported to you the average price of a Portland home hit a bottom of about $245,000. Portland has really hit the map for desirable places to live around the country. Population in the metro area is now approximately 2.4 million residents with about 100 new people arriving every day. That is equivalent to two Trimet busloads of people. Ok, everyone, squeeze in!

Condominium sales are strong.  The low inventory of houses for sale has kept an upward pressure on condominium sales. Condo sales in the past two months have averaged over 90% 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.

30-year fixed mortgage interest rates are 4% to 4.5%.

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
503-784-7626

  

Portland Home Values - March 2017

Hello and Happy Spring!

Portland's real estate market is kicking off similar to last year with a low supply of houses on the market at just 1.3 months of unsold inventory (a balanced buyer/seller market would have between 4 to 5 months).

So, it's going to remain a seller's market and when the spring-like weather arrives so will many more eager buyers. Conditions couldn't be better for a home seller. Buyer's, with few options will likely bid prices higher this summer as they have over the past 5 years (see graph below). 

Click here for market information including your neighborhood. 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 average price of a Portland home is currently $428,400 - an increase of about 12% over the past 12 months. It was just six years ago when I reported to you the average price of a Portland home hit a bottom of about $245,000. Market reports suggest a rise in prices of about 5% for 2017. This could be higher in the Portland metro area as inventory remains so low.

The graph below displays the average and median sale prices of Portland metro area homes between 2009 and today. During this period, the average price of a house rose 75% from a market bottom in 2011!


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 11.7% in the past 12 months. Portland's NE rose 11.6% and the popular SE increased 11.2%.

SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. Homes are selling the quickest in Beaverton and Aloha. House prices in the West Hills have led the way in price with an annual increase of 14.4%.

Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 11% to 12% over the past 12 months. Gresham and Troutdale continue to be the most affordable locations with an average house price of $292,500. More and more Portland buyers are asking to see homes further east including Gresham.

Mortgage interest rates are about 4%.

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
503-784-7626

  

Portland Home Values - February 2017

Portland's real estate market has had a "slight" cooling for 2017. The weather has been much cooler and wet through mid-March, and things don't typically pick up until the Spring-like days arrive.

There has also been a slight rise in the inventory of homes for sale over the past couple of months, and the number of homes sold between January and February are down 4.5% from the same period last year. Admittedly, I haven't wanted to be outside much either. Spring is just around the corner with brighter days ahead!

The average price of a Portland home is currently $407,000 - an increase of about 13% over the past 12 months. Market reports suggest a rise in prices of about 3% to 5% for 2017.

Click here for market information including your neighborhood. 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.

Best Months to Sell A House

"May & June" are the magic months to list a house. Everyone selling wants it over quickly, for as much money as possible. According to a new Zillow analysis, listing a home toward the end of Spring significantly increases a seller's chances of making this happen.

The low supply of homes for sale has also pushed the ideal window later in the Spring. Many buyers who start their search early may have already made multiple offers. By June, some of these buyers will be anxious to avoid more disappointment or eager to get settled into a new home before the next school year - and may be willing to pay a premium to close the deal. All in all, the longer, brighter, warmer days bring out more buyers and more money for sellers.

Thinking about Selling? Please call me. I've got the experience you can trust.

Fed's Raise Key Interest Rate - What This Means For You

The Federal Reserve raised its short-term interest rate by a quarter percentage point - a third rate increase since December 2015. Consumers with credit card debt, adjustable-rate mortgages and home equity lines of credit are the most likely to be affected. People thinking of a new car may also see a slight rise in their borrowing rate. This short-term rate increase shouldn't have much of an impact on 30-year fixed mortgages predicted to remain around 4.5% in 2017.

Hope this helps. 

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
503-784-7626

Portland Home Values - January 2017

Hello!

And Happy Winter.

The new year for selling homes has started off a little mixed from where 2016 ended. The number of homes placed up for sale rose in January by almost 56% from December, but the number of homes sold fell short by almost 30%. This gave us a slight rise in inventory of homes for sale to 1.7 months. The holidays and winter weather made for an interesting two months. (Heck, I was out of town for most of it including the snow!)

The average price of a Portland home is currently $409,900 - an increase of 12% over the past 12 months. Market reports suggest a rise in prices of about 3% to 5% for 2017 - See Predictions for 2017 below.

Click here for market information including your neighborhood. 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.

Predictions for 2017

We have a new Administration that'll have an impact on the housing market. It's too early to predict what the impacts will be for 2017, but reasonable to feel alert to how new policy changes will affect the market for years to come. Stay tuned!

Here are a few indicators we can rely on for now -

An Ongoing Housing Shortage
Lawrence Yun, Chief Economist of the National Association of Realtors says there's nothing on the horizon in the coming year that will likely bring any relief or improvements to the housing shortage. Sigh... A low inventory of homes for sale should maintain an upward pressure on home prices through 2017. Market report suggest a rise in the Portland Metro Area of 3% to 5% this next year.

New Housing Construction
Nationally, single family new construction increased 9% in 2016. This is low considering the lack of new construction over the past 10 years. One big reason housing construction hasn't returned to normal levels, despite increased demand, is lack of labor. A lot of workers left the industry when construction jobs dried up in 2007. Interesting statistic, about one in four construction workers are foreign born. New immigration policies might make this problem worse.

Mortgage Rates May Increase, But Not by Much
Experts predict 30-year fixed mortgage interest rates to be about 4.5% in 2017.

Slower Market Growth Due to Affordability Pressures
Availability of affordable homes for sale has declined over the past 4 years and won't likely be much different for 2017. Redfin is predicting median home sale prices to increase nationally 5.3% year over year and the volume of homes sold up just 2.8% in 2017.

More People Will Have Access to Home Loans
It seems mortgage lending has relaxed some from the height of the housing crisis. For those with particularly good credit, some lenders are introducing mortgages that require down payments as low as 3%.

2017 Will Be A Very Fast Moving Market
We've had a persistent inventory shortage for 4 years in Portland, especially in lessor expensive starter homes. These homes are selling very quickly. The development of new technologies via the internet and smartphone applications is also contributing to homes disappearing quickly. It's been commonplace to arrive at a new listing with someone already inside viewing it, and 1 to 2 parties arriving behind my clients and I. Another Sigh... Oh, and you should see how FAST a millennial buyer can find a home for sale! 

Hope this helps. 

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
503-784-7626