A Terrific Summer for Portland's Real Estate Market

Home sales this past summer were at their best for Portland since 2006.  The average price of a Portland home rose slightly more than 14% this year, and the number of homes sold increased 44% from when the market bottomed out in 2010.

Click Here and read my summary to see how this can benefit you.

In Summary:

Portland’s real estate market cooled slightly in August as people were likely pursuing other summer adventures.  Home sales through the year however have been their best since 2006.  Lawarance Yun, chief economist for the National Association of Realtors has said a multiyear housing recovery is also likely.  “Steady job creation and household formation have been helping to unleash a pent-up demand in the housing market,” he said.  “A continued housing shortage will prime home prices even higher, buy as much as an additional 13 percent in 2014.” 

Investment home sales in Portland also jumped to elevated levels in 2012 and are holding up this year.  I have one duplex listing in NE Portland that has so far received 6 offers, a few of which came from California cash buyers.  Many California metros are ranking at the top for turnaround cities which has historically had a strong influence on overall housing trends.

How are things selling in your neighborhood?

Close-in neighborhoods in NE and SE Portland continue to be hot zones with houses selling quickly and often with multiple offers.  These areas have experienced the greatest share of home sales in price increases above 15%.

Area’s in SW and NW Portland, Beaverton, Aloha and Hillsboro are also selling quickly.  These areas have had a larger share of distressed bank-owned and short-sale properties selling at lower prices.  Average prices have risen between 9% - 14% with Lake Oswego, West Linn and Beaverton leading the bunch.

Area’s outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie are seeing prices rise between 9% - 10%.

Mortgage interest rates are between 4.5% - 5%.

Hope your summer was fantastic!  September and October are also great months to enjoy the outdoors.  Make it a great adventure…

Please call me when it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

A Sunny Forecast for Real Estate in Portland

It has been sunny indeed for real estate in the Portland metro area.  The most compelling news remains with a 14% rise in the average sales price of a Portland home this year.  The number of Portland homes sold has also increased 40% from when the market bottomed-out in 2010.

Click here and read my summary to see how this may benefit you.

In Summary:

The housing market in Portland is accelerating faster than most other major cities.  Portland ranks No. 8 of “turnaround cities” according to the Oregonian.  Nationally, home prices have risen 10% this year.  Many California metros are ranking at the top which has historically had a strong influence on overall housing trends.  Home buyers have returned to the market with determination, which combined with very few homes for sale, has put an upward pressure on home prices.

This graph displays the rise and fall in home prices between 2004 and today.  The average sales price of a Portland home is currently 28% higher than it was in 2004, and takes into account the fallout in pricing between 2007-2012.  This is great news for long-term homeowners and testimony to the rewards of home ownership over the years.  An average priced home of $255,000 in 2004 would be worth about $327,000 today!

Close-in neighborhoods in NE and SE Portland continue to be hot zones with houses selling quickly and often with multiple offers.  These areas have experienced the greatest share of home sales and price increases of almost 15%.

Area’s in SW and NW Portland, Beaverton, Aloha and Hillsboro are also selling quickly.  These areas have had a larger share of distressed bank-owned and short-sale properties selling at lower prices.  Average prices have risen between 12% - 13%.

Area’s outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie are also seeing prices rise between 8% - 9%.

Interest rates are about 4.5%.

Please call me when it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

Slightly Cooler Temperatures for Portland

June brought us slightly cooler temperatures in the real estate market for Portland.  However, through the year home sales are up 17% from 2012 and the average price of a Portland house up 14%!  The slight cooling is positive news as the market was moving too fast to sustain a healthy position.  There is currently 2.9 months of unsold inventory in the Portland Metro Area – a slight increase from last month.

Click here and read my summary to see how this may benefit you.

In Summary:

The most compelling news remains with a 14% rise in the average and median sales price of a Portland home this year.  This increase compares to a low-point in home prices last year, though represents a solid rebound from the end of the housing market downturn.  Home buyers have returned to the market with confidence and determination, which combined with very few homes for sale, has put an upward pressure on home prices.  This could be the right time to sell your house if you’ve been waiting to sell it quickly at a better price. 

This graph displays the rise and fall in home prices between 2004 and today.  The average sales price of a Portland home is currently 35% higher than it was in 2004, and takes into account the fallout in pricing between 2007-2012.  This is great news for long-term homeowners and testimony to the rewards of home ownership over the years.  An average priced home of $235,000 in 2004 would be worth about $315,000 today.  It’s hard to save that kind of money otherwise!         

Close-in neighborhoods within North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers.  Inner-SE and NE Portland have experienced the greatest share of homes sales and price increases.   

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices. 

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are also seeing prices rise between 6%-8%.

Interest Rates rose this past month to about 4.5%. 

Please call me if it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

Portland's Real Estate Market Is On Fire

Portland’s real estate market is on fire.  This is no hype…  The price of a home continues to rise while the inventory of homes for sale remains at historic lows.  There is just 2.5 months of unsold inventory in the Portland Metro Area.  If you’re looking to buy in close-in neighborhoods of SE or NE Portland, expect to compete with multiple offers.  

Click Here and read my summary to see how this can benefit you.  

In Summary:

The most compelling news is a 15% rise in the average and median sales price of a Portland home this year.  This increase compares to a low-point in home prices last year, though represents a solid rebound from the end of the housing market downturn.  Home buyers have returned to the market with confidence and determination, which combined with very few homes for sale, has put an upward pressure on home prices.  This could be the right time to sell your house if you've been waiting to sell it quickly at a better price. 

This graph displays the rise and fall in home prices between 2004 and today.  The average sales price of a Portland home is currently 35% higher than it was in 2004, and takes into account the fallout in pricing between 2007-2012.  This is great news for long-term homeowners and testimony to the rewards of home ownership over the years.  An average priced home of $235,000 in 2004 would be worth over $315,000 today.  It’s hard to save that kind of money otherwise!

Close-in neighborhoods within North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers.  Inner-SE and NE Portland have experienced the greatest share of home sales and price increases.

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices. 

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are also seeing prices rise between 6%-8%.

Interest Rates are about 4%. 

Please call me if it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

And call Steven Welch with Northwest Mortgage Group at 503-805-6810 if you think it’s time to refinance or buy.  You’ll be very happy with Steven’s experience and commitment to serving his clients.

Portland's Real Estate Market Continues To Have A Strong Year

Portland’s real estate market continues to have a strong year. Home prices continue to rise while the inventory of homes for sale remains at historic lows.

Click Here and read my summary to see how this can benefit you.  

In Summary:

The most compelling news is a 15.3% rise in the average sales price of a Portland home this year.  This increase compares to a low-point in home prices last year, though represents a solid rebound from what may be the end of the housing market downturn.  Home buyers have returned to the market with confidence and determination, which combined with very few homes for sale, has put an upward pressure on home prices.  This could be the right time to sell your house. 

 This graph displays the rise and fall in home prices between 2004 and today.  The average sales price of a Portland home is currently 30% higher than it was in 2004, and takes into account the fallout in pricing between 2007-2012.  This is great news for long-term homeowners and testimony to the rewards of home ownership over the years.  An average priced home of $235,000 in 2004 would be worth over $302,000 today.  It’s hard to save that kind of money otherwise!         

Close-in neighborhoods within North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers.  Inner-SE and NE Portland have experienced the greatest share of price increases.   

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices. 

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are selling at a slower pace but increased in price by 3-5% this past year.

Interest Rates are still under 4%. 

Please call me if it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

And call Steven Welch with Northwest Mortgage Group at 503-805-6810 if you think it’s time to refinance or buy.  You’ll be very happy with Steven’s experience and commitment to serving his clients.

Portland's Housing Market Is Buzzing Again

Portland’s real estate market continues to blossom with home sales and prices steadily increasing and the inventory of homes for sale at historic lows.

Click Here and read my summary to see how this can benefit you.  

In Summary:

Home sales peaked again in March, representing the best spring market since 2007.  The number of active homes for sale also continues at historic lows with just 3.2 months of unsold inventory in the Portland Metro Area.  This market dynamic has put an upward pressure on home prices, influenced home buyers to be more decisive, and has given quite an edge to homeowners looking to sell.

Portland-area home prices are beginning to rebound after falling by more than 30% during the housing crash.  The average sales price of a house in Portland is approximately $290,000 - an increase of just over 15% from the first quarter of last year.  The median price of a Portland house is about $247,000 – an increase of almost 17%!  The median value represents a mid-point with an equal number of houses priced above and below this number.

Close-in neighborhoods within North, Northeast, and Southeast Portland are hot zones with houses selling quickly and often with multiple offers.  Inner-SE and NE Portland have experienced the greatest share of price increases.   

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices. 

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are selling at a slower pace but increased in price by 3-5% this past year.

Interest Rates are still under 4%. 

Please call me if it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

And call Steven Welch with Northwest Mortgage Group at 503-805-6810 if you think it’s time to refinance or buy.  You’ll be very happy with Steven’s experience and commitment to serving his clients.

Portland's Real Estate Market Remains Active

Portland’s real estate market remains active.  There is much talk about the “tight” inventory of homes for sale, rising home prices, and homes selling quickly that are located well.  Seriously… 

Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service. 

In Summary:

The number of homes sold in February had peaked again, representing the best February since 2008.  The number of active homes for sale also continues at historic lows with just 4.5 months of unsold inventory in the Portland Metro Area.  This low inventory has been challenging for home buyers having to compete for homes, but overall is positive news for Portland’s real estate market as buyers have become more decisive, home sellers can SELL their houses, and home prices have risen given the competing market.

The average sales price of a house in Portland is approximately $282,000 - an increase of almost 6% over the past year.  The median price of a Portland house is about $255,000 – an increase of 8.5%!  The median value represents a mid-point with an equal number of houses priced above and below this number.

Close-in neighborhoods within North, Northeast, and Southeast Portland are hot zones with houses selling quickly and often with multiple offers. 

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  These areas have held a larger share of the distressed bank-owned and short-sale properties selling at lower prices. 

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie are selling at a slower pace but increased in price by 3-5% this past year.

Interest Rates are still under 4%.  These affordable rates won’t last forever, but will be remembered for a long time. 

Please call me if it’s time to buy or sell a home.  I’ll work hard for you.

Darin Provost, Broker

Vintage Real Estate

503-784-7626

And call Steven Welch with Northwest Mortgage Group at 503-805-6810 if you think it’s time to refinance or buy.