Portland Home Prices Rose 10% in 2015

Portland Home Prices Increase

As 2015 draws to a close, no one will be surprised to learn that we had a great year for the real estate market here in Portland. Here’s a look at the latest data:  What’s up? In this month’s RMLS report, which gives figures for November 2015 as well as year-to-date stats and comparisons with 2014, it’s hard to find a category that didn’t show improvement. From closed sales, which rose almost 20%, to average sales price, up 6%, all of the numbers went up this year. Then there’s inventory, which of course is down. Last year in November it was at 3.2 months, but November 2015 showed just 2 months of inventory. In fact, starting in March 2015, inventory has been at least one point lower than last year’s numbers for each month. Also down is the total days on market. Last year it was 70, and this year-to-date it’s only 54!

Okay, those are definitely some strong numbers, you say, but how does Portland compare to other real estate markets? According the real estate website Auction.com, Portland’s market is actually the fifth-best in the nation for single-family homes.

The report ranked Portland fifth behind Fort Lauderdale, Orlando, Palm Beach County and that “other” Pacific Northwest metropolis, Seattle.
What qualifies a market to be considered among the top five, you might ask? Well, according to the report, factors included the mix of rising home prices, “favorable” affordability and strong housing demand. Drivers of the market were also considered: The top five markets all had thriving economies and positive demographic trends on their side. Portland, for instance, has a growing tech sector and net population growth (1.5% last year) which means more jobs and even more demand for housing down the road.

According to the Portland Business Journal, “Home prices have risen every quarter for the past three years and prices have climbed nearly 10 percent in the past year.” The average sale price for a home in Portland is now $353,400, as reported by the RMLS.

When reading about rising home prices and low inventory, buyers might wonder how it’s actually a good thing for them. The Auction.com report is a good reminder that a strong real estate market is good for everyone. Home buyers will eventually become home sellers again, and steady gains in market value mean that your home will be a solid investment in the long term. In addition, demand for housing spurs infill and new home construction.

You can be assured that there are still great deals on Portland homes out there — you just might need a clever real estate agent to help you find and land those deals. Contact my buyers’ team today!

Or if you finally have recovered all the lost equity from the recession and are excited about moving once again, check out our unbeatable listing package here.

December 18, 2015
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. A Principal Broker in Oregon, Managing Broker in Washington, he has been licensed since 2003 for residential real estate sales. Call his team in Oregon at 503-714-1111 or in Washington at 360-345-3833.

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