Portland Real Estate Market News

Portland Real Estate Market

Our local Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse. We write Portland housing market forecasts twice a year, an annual best month of the year to sell or buy a home article, population growth articles, Portland development articles, articles on real estate market trends, housing affordability, and much more. Enjoy!

Portland Real Estate Market Podcast

portland real estate market

Hillsboro Real Estate Market up in February 2015

March 23, 2015

Portland saw its best February for closed sales since 2007, according to the RMLS report that came out last week, and RMLS numbers also revealed that Portland has a real estate superpower sitting just up the hill! First, Portland, where numbers improved across the board, from new listings — up nearly 25% compared to February 2014 — to inventory, which is now at 3.0 months, compared to 3.4 in January and almost 4 months this time last year. And those sales figures? Get ready — the Portland metro area saw a whopping 12.3% rise in closed sales from February 2014, and a 11.6% increase from January of this month. A total of 1,648 sales were closed last month alone! Considering...

fha portland home buyer

FHA Offers 3% Down-Payment Loans for First-Time Home Buyers

March 1, 2015

Starting next month, Fannie Mae and Freddie Mac — the lenders of the Federal Housing Authority — will offer home buyers mortgages with just a 3% down payment through its Home Possible Advantage loan program. On a $300,000 home, that means just $9,000 up front, plus closing costs. Is this a good idea for Portland home buyers? Most low-down-payment loans have a catch like variable rates or private mortgage insurance for life, but these Home Possible loans are fixed-rate mortgages. They do require mortgage insurance to be paid on top of the regular payment, but only until 20% (a typical home down payment) has been paid in equity on the home. For those who qualify, this is a great way...

portland plans

Portland’s Housing Market Future – New Downtown Plan 2015

February 20, 2015

City planners, business owners, economists – and busy real estate agents! – agree: Portland’s population is growing. The metro area, which encompasses Multnomah, Washington, Clackamas, Clark, Skamania, Yamhill and Columbia counties, is forecast to reach 2.3 million next year. And that number could hit 3 million or more by 2035. That’s probably why the Portland Bureau of Planning and Sustainability (BPS) is including plenty of housing in its plan to redesign downtown over the next 20 years. The West Quadrant Plan, which will serve as a guide for future Portland downtown investment and development, covers the western areas of Central Portland and areas along the Willamette River, including the Pearl District, Old Town/Chinatown, Downtown, Goose Hollow, University District and South...

real estate market

Portland Real Estate Market Review of 2014, Projections for 2015

January 27, 2015

It’s time to take a look back at 2014 and ask the big question: What kind of a year was it for the Portland real estate market, home buyers and sellers, and real estate agents? If you guessed “great”, you’re right. Home prices went up and so did the number of new listings, and Portland continued to build its reputation as one of the most desirable cities in the country to move to! The Portland RMLS report gives the most reliable data, although reports abound from Case Schiller, Zillow and Truila as well. Starting with the RMLS, we see in this month’s report that the median home price rose 7.7% in 2014, with the average just behind at 7.2%. In...

when to sell portland

2015 Spring Buying Season Starts Now in Portland

January 13, 2015

Here is (in summary form) everything you need to know about the Portland real estate market in 2015. Best time of the year to sell, best time to buy! The real estate season is a bit like Christmas – it seems to start a little earlier every year. Traditionally, homes sell the best in summer time. Buyers like summer weather for viewing homes and they have a little more time to dedicate to their home search. But with inventory tightening up in the last couple of years, especially in Portland, buyers and sellers are getting smart and getting out there ahead of the summer sun. Inventory is low, homes are selling fast, and prices start increasing rapidly. Sellers can benefit...

sell your home fast in portland

Sell your Portland Home Fast in 2015

January 8, 2015

In 2014 I sold 54 Portland area homes as their listing agent in less than 30 days. In about 3 weeks from now, I’ll be releasing a little e-book titled, “5 Secrets to Selling your Home in Less than 30 Days.” It will be available on Amazon.com and other sources. I thought I would write an important tip here that I did not include in the e-book as it is more locally specific to the Portland real estate market and may not apply to other markets across the country. In order to sell your Portland home fast in 2015 you have to time the Portland market right, or at least know the market you are getting into. Spring comes early...

portland real estate market

November Real Estate Market: Low inventory, more pending

January 2, 2015

The numbers are out for the Portland real estate market this November. How did we do? The RMLS report shows the expected seasonal slowdown, with fewer new listings than in October, as well as a decline in pending and closed sales. The good news is that these numbers are, for the most part, better than they were a year ago in November 2013. Particularly, closed sales were up 6.4% over last year, and pending sales were 14.4% higher! Inventory remains low, as it has all year, and there was no boost in new listings this November to help — in fact, new listings of Portland homes actually decreased 2.7% from last November. Usually, we say low inventory in a real...

portland urban growth

Can Portland Real Estate Market keep up with Population Growth?

November 20, 2014

It’s hard to say whether Portland’s population is growing because of jobs, the “hip” factor or because this city is really one of the best in the country for people of all generations and backgrounds. In any case, in June of this year Metro planners were estimating that Portland, Oregon will add 750,000 people to its metro area in the next 20 years. And a recent report in Portland Business Journal showed that Portland’s population growth is on track, adding more than 9,000 residents to the city in 2014 alone. Nearly three-quarters of this growth came from new residents surging to the area, with the rest coming from “natural” population growth — the number of births minus the number of...

real estate pending offers

Record-setting September for Pending Sales in Portland 2014

October 29, 2014

September brought cooler weather to the Portland area but it didn’t cool down the real estate market! Yes, this is a time of seasonal quieting for home buyers and sellers, but the year overall is proving to be a bright one for Portland real estate agents and their clients. A look at the latest RMLS Market Action Report shows why. Pending sales were the highlight of the report this month, rising a whopping 15% over last year’s. A pending sale is just that – pending. So what percentage of those sales make it to closing? When you compare the number of pending sales in September 2014, 2,551, to the number of closed sales that month, 2,378, you find that 93%...

rmls portland

Portland Real Estate and the RMLS

September 29, 2014

You hear us mention the RMLS every other month on this blog, when we cover the Portland Market Action report. But what is RMLS, and what can they do for you, the Portland area real estate buyer or seller? RMLS stands for Regional Multiple Listing Service. Every region across the US has one, but RMLS is specific to Oregon and Southern Washington – and it’s the largest REALTOR®-owned multiple listing service in the Pacific Northwest. Multiple listing services were created so that real estate agents could quickly look up properties for sale in their area. Before Zillow, Craigslist and even the internet, the MLS was the original source for accurate information on listed homes. Before RMLS in Portland, this information...