Recently released housing figures confirm a continued “seller’s market” throughout the greater Portland metro area, which includes Multnomah, Clackamas, Clark, Washington and Yamhill counties.
Multiple Market Factors
Our sustained strong market is characterized by (1). Low inventory, (2). Short market times and (3). Rising prices. We currently have less than a two month supply of homes for sale, which is historically low. Equilibrium of demand, or a balance between buyers and sellers, is generally considered as a three-to-six month supply of inventory.
Short Market Times
Short market times, in some areas just 24 days, are highlighted in the below table, along with significant price growth in certain areas. This includes North Portland’s latest annual 12.7% price increase.
While home prices in most areas of the Portland metro are not accelerating like they did a year or two ago, price growth continues overall. In fact, the average annual home price appreciation for greater Portland is now slightly more than 6%, or 1/2% per month.
For more information, click here for the complete new report on greater Portland real estate, or on the image below. Make sure to check out page two of this report for specifics on your Portland area town or neighborhood.
Contact The Experts
Thinking about selling your Oregon property?
Contact the experts at Certified Realty today here for a free report on what your property could sell for in today’s seller’s market, or call 503-682-1083.