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Portland Real Estate Update By Rob Levy

Portland Real Estate Update April '17

 

March Residential Highlights
The Portland metro area had
a sunny month for new listings
this March. At 3,604, new listings
outpaced March 2016 (3,409) by
5.7% and February 2017 (2,521) by
43.0%. This was the strongest March 
for new listings in the area since 
2010, when 4,987 were offered for
the month.
Pending sales (3,043) warmed
28.5% over last month in February
2017 (2,369) but fell 1.1% short of 
the 3,076 offers accepted during this month last year in March 2016.  Closed sales, at 2,494, similarly
outpaced February 2017 (1,669) by
49.4% but still ended 2.8% cooler
than in March 2016 when 2,565
closings were recorded for the
month.
Total market time decreased by
four days this March, ending at 58
days. Inventory decreased as well,
ending at 1.3 months. There were
3,313 active residential listings in
the Portland metro area this March.
Average and Median Sale Prices
Comparing the average price of
homes sold in the twelve months
ending March 31st of this year
($404,300) with the average price
of homes in the twelve months
ending March 2016 ($361,100)
shows an increase of 12.0%. In the
same comparison, the median has
increased 12.2% from $315,000 to
$353,500.

 

March Residential Highlights The Portland metro area hada sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.  Pending sales (3,043) warmed 28.5% over last month in February 2017 (2,369) but fell 1.1% short of the 3,076 offers accepted during this month last year in March 2016.  Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month. Total market time decreased by four days this March, ending at 58 days.

Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.  Average and Median Sale Prices Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%.  In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

This months chart shows the inventory of available homes in the Portland Metro area dating back to January of 2015. A "balanced" market as defined by HUD and the National Assn Realtors is 5.5-6 months of inventory, and as you can see we are far short of that with only 1.3 months of supply right now.  If you have been considering selling your home, now might be the time to do so.

This months featured home is an amazing estate on the Willamette river in West Linn.  This 4,436 square foot custom built home sits overlooking the river with a huge great room with Brazilian cherry floors, and an incredible gourmet kitchen with a massive island and American cherry cabinets and much more.   There is a formal dining room plus a small master and office on the main floor.  Upper level has the spacious master suite, plus two additional bedrooms and a bonus room too. All bedrooms have their own balconies. This home also sits above a five plus car garage, with a pull through door leading to a boat ramp the river, and has a dock too!  Check it out at http://www.roblevy.com/Property/4993-MAPLETON-DR-West-Linn-17380137

A Real Estate Boom, Powered By Pot!

This article in the New York Times recently talks mostly about the boom in Denver (a city with similar price increases and inventory woes as Portland)  But I can tell you as a Realtor for almost 30 years now in Portland while we have always been known as "pot friendly" and I have always had 3-5 people a year asking me about grow operations this last 12 months or so its coming up all the time!  Oregon has some specific laws on what you can do personally (grow up to four plants) but we have had several real estate sales recently for buyers in the cannabis industry.  You can see the article here...

Portland falls to 25th largest metro area despite growth

This article in the Oregonian last week talks about even though the Portland area has grown, we have recently been leapfrogged by both San Antonio, Texas and Orlando, Florida in population.  The Portland metro area's population now is over 2.4 million, up 1.7% from last year.  You can read the article here, which has information on other area cities and within the arcticle there is a fascinating link to the US Census bureau statistics which rate fastest growing areas all around the USA.  Its interesting reading!