A Busy 2013 Spring for Portland Real Estate Agents
U.S. home sales are at three-year high, according an Associated Press story this week. Are Portland home sales following the nationwide trend?
Judging from the February RMLS Report on the Portland real estate market that also came out this week, it looks like we’re on track to have a very fast-past year, indeed. Market inventory stands at 4.5 months, lower than the February inventory for the previous two years. Pending Portland real estate sales in February increased by 11.8% over last month. The RMLS reports that this is the best February for Portland pending sales since 2007.
What does all this mean? Portland real estate agents are busy, and it’s a good time to be a home buyer or a home seller in the area. Although prices are high, mortgage rates remain low as the economy is still getting back on its feet.
The AP credits steady hiring and near-record-low mortgage rates for the boost in both sales and prices in real estate markets across the country. The median price for a Portland home was $238,500 this February.
On the other hand, in Portland and across the country, we are still seeing a high number of underwater home owners. They are unable to sell their home because they owe more than it is worth. Short sales and foreclosures are slowly bringing these homes to the market, and as home values continue to rise, more homeowners will be able to sell.
Meanwhile, new home construction is attempting to fill the gap. According to the Oregonian, there were 45% more building permits for single family homes issued this month than in February 2012.
Whether you’re looking to sell, relocate, invest in a second home, buy a new home or find a good deal on an existing home, you don’t want to enter the tight Portland real estate market without a good buyer’s or seller’s agent on your side. Your Portland real estate agent can help you understand the numbers and avoid some of the pitfalls.
If you haven’t yet, sign up for the monthly RMLS market action report for Portland home prices, market inventory and other useful data. It’s the only way to get specific, accurate information on how our local Portland real estate market is doing. Then call me to join on the action!April 1, 2013