YEAR-OVER-YEAR NUMBERS IN PORTLAND REAL ESTATE REMAIN STRONG BUT APPEAR TO BE STABALIZING

If you thought the Real Estate market in Portland was hot last year, then this year it's been on fire. Still, the numbers are cooling off as we head into fall.

According to the latest RMLS Market Action Report, pending sales in September were 15% stronger than the same time last year making it the strongest September since 2006. Still, the monthly change between August and September saw a cool-down of 5.6%.

Closed sales saw a similar trend as the annual numbers were up 10.2%  annually but the August to September numbers saw an 8% cool down.

Year-over-year new listings saw a 6.1% growth from September of 2013 but the August to September numbers decreased 13.4%.

Inventory rose by 1/10th of a percent from Aug. to Sept to 3.1% while the total market time decreased by 3 days to 60.

The Average home price for the first 9 months of the year was $333,000 in Portland which is a 7.4% increase from the same period last year. Meanwhile, the Median price rose 7.5% from 2013 to $285,000.

HOME PRICE CONTINUE THEIR RISE BUT THAT RISE IS SLOWING DOWN

Home prices are still rising in Portland but slowing down significantly according to today’s S&P/Case-Shiller Home Price Indices report. Data through July shows Portland saw an 8.2% annual rise in prices. Still, you can see the deceleration taking place as Portland experienced a 1.1% increase between May/June then dropped to a  0.7% increase between June/July. 

The stabilization of the market is good news as we prepare to return to a healthy buyer/seller market and a steady 4% annual increase in prices. The market can’t sustain these huge jumps in prices forever.

Look for this deceleration to continue for months to come as the RMLS reported the median sale price for Portland area homes was $299,000 in July then dropped to $295,900 in August.

For those of you who have been holding off on selling your home for fear that you would not find something new to move into, this is good news. We should see increased inventory as more and more home owners come out from being under water on their home value.

If you have questions on what the report means for you or if you’ve been thinking about buying or selling a home, please call me at 503-318-1918.

PORTLAND HOME PRICES RISE BUT SLOW DOWN

Portland home prices are still on the rise according to the latest S&P Case Shiller Index which was released today. The report shows prices in the Rose City increased 1.2 percent in May and 10 percent over the past year.

 

While prices continue to increase the acceleration of those increases are slowing down. Many experts say the slowdown in rising prices was inevitable and necessary for a healthy housing market.

 



 

As the economy and employment numbers improve, expect interest rates to rise as well. If you’ve been thinking about buying or selling a home, now is the time to do it before interest rates play a factor in the housing market and your purchasing and selling power.

Call me for a free, no obligation consultation. 503-318-1918.



HOME PRICES ARE RISING BUT STABALIZING ACCORDING TO THE S&P/CASE-SHILLER INDEX

Home prices rose in April but the annual gains are slowing down according to the latest S&P Case-Shiller report. Portland was no different as our index level rose 1.56% to 165.16. That's an 11.1 percent year-over-year increase which is less of an increase from year prior.

The 20 city Composite rose 1.1% in April with a year-over-year increase of 10.8%,

The S&P/Case-Shiller Index measures the average change in value of residential real estate given a constant level of quality within a 10 and 20 city composite. The report is a review of activity that occurred 2 months prior.

THE TIGHT HOUSING SUPPLY IS RESULTING CONTINUED RISING PRICES

LOW PORTLAND REAL ESTATE INVENTORY COULD MEAN ANOTHER SUMMER OF RAPIDLY RISING PRICES

RMLS Market Action Report

 



In case you missed it, Portland's Regional Multiple Listing Service reported last week that housing inventory for April was the lowest we've seen for April in years. With only 2.8 months of inventory, home sellers are definitely calling the shots which could prompt another year of bidding wars and rising prices.

 

As we head into the home buying season, prices could rise quickly. In April, the average home price in Portland was $325,100, up 10.7% from the same period in 2013. We are around 7% below the peak prices of 2007 and prices still have room to grow.

 

The bottom line is if you have been thinking about finding a new home, now is the most affordable time to buy as interest rates are still low and prices continue to go up. If you have been thinking about selling a home, buyers are out in full force.

 

I would love to help you make your real estate dreams come true. Call me at 503-318-1918 to find out what I can do to help you during this crazy real estate period.  

 

 

 



PORTLAND IS A RETIREE MECCA

The Portland-Vancouver-Hillsboro metro area is the 2nd fastest growing retirement
area among the 75 largest metros in the US according to NerdWallet.com. The
financial website authors used data from the US Census Bureau to come up with
their list.

Within the 75 markets analyzed, they looked at the 65+ population as a
percentage of the total population in 2007 and in 2012. They identified the cities
that saw the greatest growth in that percentage.

According to the website, the Portland metro area is known for its abundance
of outdoor activities and vibrant art and music scene. They also point out that
Portland is home to many retirement living centers such as Rose Villa. The site
also touts Portland’s many microbreweries and golf courses as being a hit with
our growing retirement population.

 

You can read the entire article here: http://www.nerdwallet.com/blog/2014/americas-fastest-growing-retirement-places/



If you or someone you know is ready to make a move, I would love the
opportunity to help. Let me show you how I can get you into the home of your
dreams and sell your house in a short amount of time for top dollar. Call me at 503-318-1918.