Real Estate Market

Featured Listing

Featured Listing

For Sale: $439,900

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Portland Real Estate Update By Rob Levy

Portland Real Estate Update Sept '17

The Portland market continues to slow some in the mid and upper ranges according to the MLS reports for August, 2017 and we have noticed it too.  However prices continue to rachet up, albeit at a slower pace compared to the previous month as well as the same month of last year.   Closed sales at 3,034 rose 1.1% compared to last August, and 8.6% over July, 2017.  However activity in 2017 YTD has been cooler than last year, with new listings (29,852) down 2.6% and closed sales (20,990) down 2.7%.  But more importantly Pending sales at 22,296 are down 7.6%.  You can download the full eight page report courtesy RMLS by CLICKING HERE (this will download the PDF report).

Prices continue to climb into new high territories with the average sales price up 9.3% over August of last year from $392,600 to $429,000 and the median sales price also up 10.7% to $379,900.   With the fed meeting coming up interest rates have edged up a bit to about 4.0% now for the average 30 year fixed, many are expecting the unwinding of the monetary stimulus package created back in the recession.  Lenders seem to disagree on what the effect on mortgage long term rates will be with some saying they will rise and others saying they are already baked in anticipating this.  Time will tell, but the bottom line is at 4% rates are still near historical lows.

Our featured home of the month is an "almost new" home in North Plains.  This home was built last year and due to the seller relocating is a fantastic opportunity to own a newer home that has all the extras done.... finished yard front and back, central AC, most of the contruction dust is gone in the area and it backs to an elementary school. This 2,100+ square foot, 4 bedroom home is priced at $439,900 and can be seen at http://www.roblevy.com/Property/32315-NW-WASCOE-ST-North-Plains-17205471

Portland's 15 Fastest Growing Price Neighborhoods

The Portland Oregonian recently released a report showing the 15 neighborhoods in metropolitan Portland/Vancouver where the average prices are growing the fastest.  I'll bet you are guessing inner SE, or maybe NE Portland but you might be surprised!  in fact Woodburn prices are up over 22%, and Lake Oswego's lofty average price of over $500,000 is up over 18%.  CLICK HERE to see the full list of all 15 neighborhoods.

Wallet Hub's Best Real Estate Markets in the USA

Wallet Hub just released their best real estate markets and some of the findings might surprise you!  Wallet Hub compared 300 cities of varying sizes across 21 key indicators of housing market attractiveness and economic strength.   You can find the explantion and the rankings by CLICKING HERE.