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.
Portlands Housing Market Continues Its Hot Streak
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.
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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