Portlands Housing Market Continues Its Hot Streak

Dated: March 18 2015

Views: 403

If it seems like Portland's residential real estate market just keeps getting hotter, that's because that's exactly what it's doing.

According to the latest Market Action report from the Regional Multiple Listing Service, the metro region's residential real estate market was up across the board in February. Closed sales last month, which hit 1,648, topped last year's numbers by more than 12 percent and were the best February for closed sales since 2007.

In February of that year, closed sales hit 1,899.

Pending sales (2,534) rose vastly — by 37 percent — over the same month last year and, again, were the strongest they've been in February since 2007. Also on the up: new listings, by 22 percent; average sales price, up 6 percent up to $314,000; and median price, which has risen nearly 7 percent from $269,500 to $287,600.

The only area to decline in February was inventory, which fell to three months, with total market time dropping by one day to 81 days.

"The Portland metro real estate market continues to improve," said Brian Allen, president and co-owner of Windermere Stellar.

"Demand is very strong and interest rates continue to remain historically low. The biggest challenge a buyer faces today is low inventory. Multiple offers are commonplace for well-priced homes in good condition at below $600,000 in the metro area."

The Business Journal is diving deep into the residential real estate market with a special report in this week's print edition. We'll have an interview with Living Room Realty's Jenelle Isaacson, a guest column from Jordan Ramis PC shareholder Jamie Howsley on the lessons of past housing booms and commentary from some top economists and real estate watchers. Look for it on Friday.


Blog author image

Mark Ross

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 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

Can You Buy A FSBO Home With A Real Estate Agent

When you’re shopping for a home, you might encounter certain homes listed as FSBO. Short for “for sale by owner,” these are properties that homeowners are selling on their own, typically to

Read More

6 Summer Maintenance Tasks That Could Save You Cash

After what feels like the longest ever stretch of months stuck indoors, summer—glorious summer—is finally upon us. But before you get too comfy and curl up in a hammock with a delicious blended

Read More

How To Get Your House Ready To Sell In Summer

Historically, the most active time for buying and selling real estate is when the weather gets warm, and it is expected to blossom this year as the housing market springs back to life nationwide.If

Read More

How Much To Budget For Home Maintenance

Owning a home comes with certain responsibilities. There is no landlord to call when a sink stops draining or the lawn needs mowing. Regular home maintenance is essential to lengthening the lifespan

Read More