Monday, April 17, 2017

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