Even though there were fewer active and new listings on the market the Portland Metro market showed improvement in both pending and closed sales for February when compared to last year. Closed sales were up 17.5% and pending sales were up 32.5% compared to February last year. Higher demand continued to put downward pressure on inventory dropping it to 6.5 months of supply, the lowest for our market since 2007. With the lower inventory and increased demand the average sales price increased by 4.3% while the median decreased by 1.3%. When comparing February to January closed sales grew 3.1% and pending sales increased 15.7% while new listings dropped -4.6%. The average sales price increased 2.4% and the median price rose 1.7%. Closed sales were up 17.9% and pending sales increased 26.3% and new listings fell by 15%. Does this mean we are at the bottom? Yes, it does. The lower price points of the market, $200,000 and less have already hit bottom. The lower mid, $201,000 to $300,000 are showing strong indications of performing well too. The upper range still has some room but appears to be leveling off. Interest rates are still phenomenal and there are pent up demand; this is going to be a strong spring and summer in the local housing market. Buyers will have increased competition from other buyers and sellers won't have to give as many concessions as they have in the past in the hot price points. If you're a buyer wanting to buy a home, there will still be many good opportunities. If you're a seller waiting for the right time to make a move, we just might be at the right time for you to take advantage of the current market conditions.
Approximate Location Boundaries: Portland Metro
Location Characteristics: Portland is a diverse city with established neighborhoods, new construction developments and new high rise condo's downtown with out the urban sprawl you may find in other cities. We are a vibrant city and we are a destination city for the west coast. Home prices have remained relatively stable over the past months and we continue to enjoy appreciation in many areas of our housing market. Let me know what you are interested in and I will be happy to send you additional information.
About Kevin Begemann:
Hello, I am Kevin Begemann, a real estate professional for Oregon. I have 10 years of experience in real estate. I specialize as a buyers agent for bank owned properties.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
