Riddle me this: How can home sales grow when we have no homes to buy?When a monthly home sales print fails to meet expectations the excuse often used is that inventory is too low to meet the demand.
Homes In Portland 25 Most Expensive Neighborhoods Edge Above 460K
A new report from the National Association of Realtors suggests the median price for a Portland-area home in the second quarter rose 10 percent from 2014, settling in at just under $315,000 for the entire metro region.
That surge beats Seattle (7.8 percent), Silicon Valley (8.9 percent), San Diego (8.6 percent) and Austin, Texas (9.9 percent). San Francisco edged Portland as its median home price climbed 10.1 percent to a staggering $748,300 for a middle-of-the-road pad.
The report is part of our quarterly three-part series of analysis of how Portland ZIP codes fare relative to one another in the residential real estate market. Yesterday we examined the areas of the Portland region that saw the most home sales. Tomorrow we'll look at the neighborhoods where homes sold the fastest in the second quarter.
The average sale price for all homes in the second quarter was $357,899, up 7.4 percent from the second quarter last year. For the top 25 neighborhoods, the average sale price jumped to $460,292, up 6.5 percent from the same time in 2014.
Here are a few other takeaways from the second quarter:
Closer = pricier: Of the 25 most expensive neighborhoods, 15 fell inside Portland city limits, while the other 10 resided in suburbs and surrounding cities included in the greater Portland area. Twelve of the top 14 fall inside Portland proper, mostly in close-in areas.
The wealth is spread out: Of the 15 most expensive 'hoods inside Portland proper, five fell in Southwest, three each in Northwest, Northeast and Southeast and one in North Portland.
The top of the market is bulging: Twelve of the 25 most expensive neighborhoods also made our list of ZIPs with the highest number of home sales in the second quarter. That's a sharp jump from the same period last year when only seven of the most expensive 25 neighborhoods overlapped with areas that had the most sales.
The half-million club grows: There were seven neighborhoods that had an average home sale price above $500,000 in the second quarter, up from five last year. The Pearl/Old Town (97209), Sellwood/Eastmoreland (97202) and OSHU/Hillsdale/Southwest Hills (97239) were all within $10,000 of that elite shelf.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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