Monday, May 15, 2017

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