Portland Real Estate Market Update for January 2017

By
Real Estate Agent with Keller Williams Realty Professionals OREA# 201211562

Portland Real Estate Market Update for January 2017

 


 

The Portland Real Estate market started off the year with mixed results in January.

 

After several months of progress, new and total residential listing inventory declined. This represents a reversal of the trend towards the end of last year. Building permits are on the increase (in some areas up double digits) but not enough to correct the supply imbalance.

 

Closed sales are down modestly, showing continued buyer demand despite the supply challenges. 

 

 

With buyer demand pursuing limited supply, the Portland Metro median price continues to rise, posting a 12.9% gain in January. This trend is likely to continue in the near term. However, since June of last year, the median price has plateaued. If this trend holds, increases in the median price will slow dramatically...and quickly.

 

Supply levels started to make some progress, inching up over the past three-four months, but that reversed in January. New listings were down over 12% , with total listings down slightly. We're now emerging from the seasonal dip in supply and the question is: Will more sellers start to put their homes on the market this spring?  

 

Portland Real Estate Home Sellers are right to consider both the upcoming rate increases and the recent price plateau. On a 30 year fixed loan, every 1% interest rate increase equals 10% less buying power when buyers use financing. Spring is shaping up to be a smart time to sell your home because market changes are looming on the horizon.

 

     

Thank You for reading the Portland Real Estate Market Update January 2017


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Information from Assoc of Realtors/RMLS. Data is deemed reliable and is not guaranteed accurate.  

(full report here)


 

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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