Hope you’re enjoying the sunny days!
Portland’s real estate market has remained active this summer. Home sales have been almost identical to last year and the strongest in Portland since 2007. The number of homes for sale continues to be lower than ideal at just 2.9 months of unsold inventory in the Portland Metro Area and some popular area’s fewer than a month. This has put an upward pressure on home values as determined buyers are often competing with others.
Click here and read my summary below for an update on Portland Home Values.
The most compelling news remains with an overall 8% increase in the average sales price of a Portland home this year. Many locations as displayed below have been considerably higher. This is combined with an approximate 12%-13% increase last year, and overall 33% increase since the market hit its lowest point in 2010-11. The average price of a Portland home right now is about $330,000. A median priced home is $285,000 (a median value represents a mid-point with an equal number of houses priced above and below this number).
How does your neighborhood compare to the rest of Portland? I've compiled the following list of median sale prices by geographic area:
Interest Rates are about 4.25%. Call Brent Schreiber with Consolidated Community Credit Union at 503-872-9455 if you think it’s time to refinance or buy. You’ll be happy with Brent’s experience and commitment to serving his clients.
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