Mercury’s Rising – Portland Summer Real Estate Market

I’m just a real estate agent, not a meteorologist, but my prediction is that this will be one of the hottest summers ever for Portland.

According to Case-Schiller, Portland home values are climbing faster than any other metro area in the country! Those numbers were for March, which was actually the sixth month in a row that Portland topped the list of fast-moving markets.

Hopefully, these luring market conditions will bring more Portland home sellers to the table and alleviate the record low inventory we’ve been seeing. As of April, it was at 1.4 months. By comparison, a “balanced market” is considered to be six months of inventory!

How is this affecting home values? Case-Schiller reported that Portland home values grew 12.3% year-over-year in March. Of the 20 metro areas in this survey, Portland was only one of three that saw home value growth in the double digits. (Seattle and Denver were the other two, at 10.8% and 10% respectively.) Nationwide, home values grew only 5% in the same time period.

Let that sink in for a minute. Summer hasn’t even started yet! You know you’re in for a hot one when there are relatively few homes on the market, yet they’re still flying like ice cream cones on a hot day. The RMLS report for April shows that closed and pending sales both went up as expected from the previous month. In April, 2,611 homes were sold (closed on) in Portland, and another 3,432 Portland home sales were pending.

That doesn’t mean that selling your Portland home will be a total breeze. It’s important to note that the Case-Schiller survey looks at home values, not the actual price they sold for. Home value is the amount you should be able to get for your home, but the final sales price depends upon the skill of your real estate agent! Sure, almost anything will sell, but the important question is, how much will it sell for? An agent that markets your home well will make all the difference. See our unbeatable listing package here.

Although the market conditions are hot, buyers will — and should — still do their due diligence. Buyers and sellers both will need to work with their real estate agents to get the very best deal on the home that works for both parties. Inspections and appraisals must be conducted, and having a great agent to help you through all of it is the difference between a paper fan and an air conditioner on a triple-digit day!

Do you need to sell a Portland home this summer? You’re in luck. My commission rates still haven’t changed. We charge a reasonable rate with full service and increased marketing. Enjoy the summer!