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.
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
