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Portland Real Estate Update By Rob Levy

Portland Real Estate Update May'15

 

April Residential Highlights
Real estate activity in the Portland
metro area is still buzzing this April.
The 3,613 pending sales showed
a 27.9% increase over the 2,825
offers accepted in April 2014 and a
6.8% increase over the 3,384 offers 
accepted last month. It was the 
strongest April for pending sales
since 2005, when there were 3,950
posted for the month. 
Similarly, closed sales (2,734)
fared 27.6% better than April 2014
(2,143) and 11.3% better than March
2015 (2,457), and also represented
the strongest April since 2005, when
there were 3,051 closings posted.
New listings (3,949) fared 8.8%
better than the 3,629 listings offered
in April 2014 and 9.8% better than
the 3,596 listings offered last month.
The last April with more new
listings being offered was in 2010,
when there were 4,713.
April’s inventory decreased
again to 1.8 months, and total
market time decreased to 61 days.
Active residential listings numbered
4,853 at the end of April.
Average and Median Sale Prices
Prices have been higher in 2015
than in 2014. Comparing each year
through April, the average sale
price rose 3.5% from $325,100 to
$336,400. In the same comparison,
the median sale price rose 5.5%
from $275,000 to $290,000.

 

Real estate activity in the Portland metro area is still buzzing this April, whose results we just received. The 3,613 pending sales showed a 27.9% increase over the 2,825 offers accepted in April 2014 and a 6.8% increase over the 3,384 offers accepted last month.  It was the strongest April for pending sales since 2005, when there were 3,950 posted for the month.   Similarly, closed sales (2,734) fared 27.6% better than April 2014 (2,143) and 11.3% better than March 2015 (2,457), and also represented the strongest April since 2005, when there were 3,051 closings posted.

New listings (3,949) fared 8.8% better than the 3,629 listings offered in April 2014 and 9.8% better than the 3,596 listings offered last month.  The last April with more new listings being offered was in 2010, when there were 4,713.  April’s inventory decreased again to 1.8 months, and total market time decreased to 61 days.  Active residential listings numbered 4,853 at the end of April.  

Prices have been higher in 2015 than in 2014. Comparing each year through April, the average sale price rose 3.5% from $325,100 to $336,400.  In the same comparison, the median sale price rose 5.5% from $275,000 to $290,000.  Information courtesy RMLS.

Our home of the month is a great three level tradtional style home in coveted Fox Hollow, smack in the middle of the hot 97229 zip code, north of the Sunset Highway and close to Nike, Downtown Portland and Beaverton.  You can view this home here...  http://www.roblevy.com/Property/637-NW-94th-Terrace-Portland-Oregon

The Cost of Renting

This image grabbed me, it really shows that now is a fantastic time to buy a home if you are a renter.   Rents are at all time highs and even though prices have gone up, with interest rates as low as they are it still cheaper to buy a house rather than rent one.  Many people tell me "we dont have the downpayment money" but there are programs out there for first time homebuyers that are 100% financing, in fact we sold one today with that "fresh start" program.  Also, FHA has 3.5% down and VA still offers their $1 down program too.  These loans, plus possible seller or family contributions make getting into that first home easier.  If you know of someone who has a Land Rover AND has a Land Lord, have them call me so we can show them how they can buy their first home.

Real Estate is Best Long Term Investment

A recent Gallup poll shows Americans still believe real estate is the best long term investment.  The chart on the left shows 31% think real estate is the best vs. 25% for stocks and mutual funds, and as low as 6% for bonds.  Statistics show that since WW2 and through many booms and busts, real estate has averaged 4.7% appreciation per year.