Hillsboro Real Estate Market up in February 2015

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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 that at the height of the market, in 2007, February closed sales totaled nearly 1,900, this most recent figure is looking quite impressive.

We’re definitely hurtling into summer real estate sales levels early this year in Portland itself, but just next door to us in Hillsboro it’s even crazier! The RMLS reports that the median sales price for Hillsboro-Forest Grove rose 10.9 percent year-over-year in February. Compare that to Portland, where the median sales price rose 2.2% year-over-year – still pretty good.

According to OregonLive, “Even by Portland-area standards, Hillsboro is hot.” The article cited local real estate agents who are selling homes in this neighborhood just one or two days after those homes go on the market. Still, the article says, the median sales price of $253,500 in Hillsboro-Forest Grove is below the Portland median, which means that buyers will still be flocking to the area.

It’s easy to understand Hillsboro’s success. As a small city just west of Beaverton, Hillsboro enjoys some autonomy from Portland but is connected to downtown via the MAX line, which means that commuting by public transit is still an option. It’s also the home of an Intel campus and several other tech companies, as well as being close to Oregon Health and Science University.

Both cities, Hillsboro and Portland, are great places to work, go to school, and live, so it makes sense that homes are selling so well right now. In addition, low interest rates are playing a big role in driving today’s market. First-time homeowners are getting interest rates a slow as 3.5 to 4.5 percent.

With a February like this, the market is only going to get nuttier — if you’re thinking about buying this year, act soon. Call your local Portland real estate agent to get the information you need to make an informed choice, and start your home search or home selling process on the right foot! Let me know if I can help.

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