Think we’re slowing down? Not a chance!
Portland’s Real Estate Market continues to heat up, hitting record sales for July 2015.
Portland Home sales were up by nearly 30% when comparing July 2015 to the same period last year. An increase in home prices shows that Portland is still a hot market; and that’s great for investors. Recent studies also reveal that families and first-time home buyers will benefit from investing in homeownership. Zillow just announced that it is actually now 10% less expensive to buy than rent in Portland metro. Low interest rates and a more favorable lending environment have buyers snatching up homes at record rates.
The latest Market Action findings from the Regional Multiple Listing Service report that 3,452 home sales closed in July. As of this publication, the area has another 3,494 pending sales. July’s inventory of homes available for sale represents a 1.7 months supply, with the total Days on Market around 45.
“There are only 1.9 months of inventory on the market, a normal market condition is 6 months of inventory! This is why home values are increasing each month. If a homeowner is considering selling, there has not been a better time to speak to a Realtor about their home’s value.” – Kelly Stafford, Owner and Principal Broker at Home Sweet Home Realty llc
Average HOME EQUITY of Greater Portland- 6% INCREASE!
|Portland Year Over Change||2014||2015|
|Average Home Price (6.1% increase)||331,400||351,600|
|Median Home Price (7% increase)||284,900||304,900|
A Great Time To Sell:
“This is an incredible time to sell. Portland homeowners who are deciding to sell are receiving multiple offers and we are seeing winning bids of up to 10% over list price. Almost 30% of all sales are to cash buyers and to people relocating to Portland,” says Kelly. “The pace of the market has slowed just a bit, but we think this is the regular August lull. Everyone is focused on enjoying the last bit of summer and then they will be back at the hunt for a home.”
- Portland/Vancouver metro area’s GDP ranks 20th in the nation (Bureau of Economic Development).
- We have the 6th largest economy on the West Coast.
- Over the past decade, Portland’s economy grew faster than any other West Coast metro area.
- Our High-Tech industry has 30% more skilled workers than the U.S. average, with local companies hiring more than 86,000 high-tech workers.
Long Term Health of the City:
What does all this mean? Portlanders, transplants and our original townies, love their city. Even with the recent grumblings about more traffic and the “old gritty Portland” dying out to gentrification, the truth of the matter is that Portland is still a mecca for funk and creativity in all spheres.
Fear Not! Portland preserves it’s unique character:
- Perhaps the hottest news happening now is the opening of the new orange line that will connect the Southwest waterfront to Milwaukie. The Max will debut this long awaited route on September 12th, 2015. This public transit addition will work to ease Portland traffic and congestion.
- Most importantly, the city is hard-nosed about growing sustainably. The “Centers and Corridors” smart growth strategy ensures that we will keep our unique neighborhoods and community-driven atmosphere.
- Portland stays green with The City of Portland and Multnomah County’s 2015 Climate Action Plan’s goal to cut carbon emissions 40% by 2030.
Rest assured, beautiful Mount Hood still overlooks the city, waiting for her weekend warriors. Our coffee is still rich and robust; and our craft beers await you and a good book companion. So, settle in and find a bungalow of your own in this enriching and vibrant city.
TRIVIA – Homes near which grocery store boasted higher increases in property values?
July Home Sales Set Record – Portland
Written by Jennifer Kane, Expanded Exposure LLC.