Record Setting July For Portland Area Home Sales

Dated: August 18 2015

Views: 694

former Street of Dreams homes on the market A 1987 Street of Dreams home: The 3,077-square-foot house at 14709 SW Scarlett Dr. in Tigard sold in July for $569,000 ($184 a square foot).(Courtesy of Premiere Property Group)

More home sales closed in the Portland area last month than any other July on the record, according to a new report from the Regional Multiple Listing Service.

The 3,452 homes that sold in July represented a 29 percent increase over July of 2014. The total was also 4.5 percent above the 3,302 sales that closed in June of this year.

"There's a shortage of inventory on the market," said Lennox Scott, the chairman and chief executive at John L. Scott Real Estate. "And that's creating quick action for new properties."

Israel Hill, a manager at John L. Scott's Northeast Portland office, said in an email that homes will "sell the first weekend" if sellers are "market ready and priced right."

There were 3,494 pending sales in July, which was below the 3,605 offers accepted in June but still far above the 2,802 offers accepted in July of 2014 – a 25 percent year-over-year increase.

An average home in the Portland area sold for $351,600 this year through July, a 6.1 percent increase over the $331,400 average through July of last year. The median sale price rose 7 percent, from $284,900 to $304,900.

Inventory increased "very slightly in July," the report found. There are just over 5,700 active residential listings on the market.

Scott said in an email that the next two-and-a-half months would be "critical" for homebuyers. "New listings coming on the market historically drop 50 percent over the winter when compared to spring and summer," he said.

The areas with the highest activity in July, according to the report, were Southeast Portland and Beaverton/Aloha, with 397 and 372 sales, respectively. West Portland, with 368 closed sales, wasn't far behind.


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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 25+ years in the industry, Mark has gained experience in....

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