What did January and February look like?
The Portland real estate market is really seeing an upturn in our home prices. The start of 2013 is showing a good promise to be an excellent year. The inventory is starting to drop and over the last year there are fewer homes on the market this January and February than last year. In 2012 the average home price was about $250,000 and this January and February we're looking at an average home price of about $285,000, an almost 15% increase.
Rates are still very low and prices are starting to creep up so for buyers it’s a good time to get on the market now before buyers really hit the homes come spring and summer. Over the course of the last 10 years home prices have started at about $215,000 for the average home price reaching the top at the beginning of 2007 with an average home price of about $360,000. Since then it has dropped considerably, but not where we were in 2004, down to about $240,000 being the average home price in 2011. Since then, were seeing a steady increase to where we are today.
As far as the last two months go with a number of listings on the market, we started the end of January at about 1675 listings and the middle of February jumped up to just over 1700. So, more people will be listing their homes on the market as we head into spring, and more homes on the market mean lower prices for sellers. This is a great time for buyers and sellers are interested they better sell their home quickly.
The number of sales of homes in the Portland Oregon area was just under 2000 sales in January and about the same for February. The median sales price has been hovering around $250,000 with prices slowly inching up. The average home price for a one bedroom in Portland is about $210,000, a two bedroom at about $225,000, three bedrooms at about $246,000 and four bedrooms at $354,000. Read more: Single Story Homes in Portland
What’s the meaning behind all of this?
For buyers, it would be an excellent idea to jump on the market before sellers really start listing their properties. You can find the home that you’re looking for at the price you need with great rates. Since we have no idea how this year is really going to turn out, buyers and sellers need to be keen on listing or buying within the next month or two. Give me a call and let’s get started.