Portland Real Estate Market: Strong End to Summer
By all accounts in the real estate business, it was a successful summer in Portland. The August RMLS report for the Portland real estate market paints the picture in numbers:
- In August alone, 2,623 buyers closed on the perfect home – and, as it usually goes in the summer – there were even more closed sales in the previous two months.
- Home sellers were busy too, getting 3,423 new listings on the market this August.
- Overall, looking at the average and median sales prices for a Portland home from the beginning of the year to August, prices are up by around 15% compared to last year.
The Portland real estate market usually winds down in August and September, so it’s more helpful to compare this month’s numbers to those from last year, rather than to the previous two months.
- The number of closed sales in August 2013 was more than any other August since 2006! The graph shown here illustrates the strong gains in sales that have occurred over the past five years.
- The number of new homes going on the market in August was down 11.7% from July, but up 10.5% over August 2012.
- This August ended with inventory at 3.1 months- a slight increase from 2.8 months in July, but less than last August’s figure of 3.9 months
Although the current numbers indicate a sellers’ market, it’s still a very good time to buy. Prices still haven’t recovered from the crash of 2008, and while the economy seems to be moving forward again, it’s doing so at a slow pace that looks promising for long-term growth. Those who are “back in the game” with new jobs would be wise to purchase their new home now! It’s a new beginning for everyone – why continue to rent or live in a home that isn’t right for you?
Call your Portland Real Estate Agent today for no-nonsense advice, all the real estate data you need, and helpful information about the Portland, Oregon area.