In this month's Portland Real Estate Monthly Update, the Portland Real Estate Market continues along the same path we've been observing the past six months.
While I've said it's a cooling trend, the term is relative for the Portland Real Estate market. Closed sales are still decreasing, down -6.2% in Sept compared to Sept 2015 , and down -2.6% year-to-date.
Despite this, residential home prices keep rising, posting a solid +12.4% increase year-over-year in September. Year-to-date prices have increased +11.4%.
Why do Portland home prices keep posting such solid gains? Inventory levels are still the driver. Even as more homeowners list their properties for sale and inventory has pulled even with last year, we're still well below 2014 levels, with 25% fewer properties than two years ago.
The rising inventory creates an opportunity for both buyers and sellers. Buyers will find an increased selection and fewer multiple offer situations. Sellers, who were concerned about finding a replacement home, are now listing their homes because higher inventory has made finding a new home easier.
In many areas, the price divide is ~$400,000. Below that, homes are selling for 1% - 3% above list price with days on market under under 30 days for sold homes. Buyers searching under $400,000 still need to move quickly.
The super-heated Portland Real Estate market keeps releasing some steam, and that's welcome news.
Thank You for reading the Portland Real Estate Market Update 10/16
Information from the Assoc or Realtors/RMLS. Data is deemed reliable and is not guaranteed accurate. (Full report here)
Discover your home's accurate Market Value Price today: http://www.fastfreehomevaluation.com/
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It's still a great time to sell!
John Van Hogen - Principal Broker - Licensed in Oregon
Keller Williams Realty Profes. 9755 SW Barnes Rd #560 Portland OR 97225
Each Office Independently Owned & Operated - 503.546.9955
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