Summer Real Estate Values Hot, Hot. Hot
Like much of the nation, Portland real estate is making a comeback. We expect a slight uptick in summer anyway, with our weather glorious, the long days tapering into warm evenings spent sitting outside under the trees or beside the river. But this summer has been particularly kind to the Portland metro’s home sellers-- a group of folks that in the very recent past was getting nothing but bad news.
Now though, it looks like good news and more good news. Here are ZipRealty’s figures for median sold price gains both month-over-month from May ’12 to June ‘12 (again, we expect a little seasonal uptick here) and year-over-year from June ’11 to June ’12. The latter figure, which is also the larger one, is more telling in terms of a market in recovery.
More promising news: July numbers show increased sales with corresponding higher sales prices. The Portland metro area had 2,372 accepted offers in July, up 23% over July of last year. Low inventory continues to plague buyers and benefit sellers, who find themselves in powerful negotiating positions. That power shows too in July’s median sales price increase of 7.8% over the same period last year.
So if you are interested in selling your home in Portland, now might be a perfect time. Local Realtors® can help you price and market your property to its full advantage. But if you’re interested in buying, now could also be a good time—prices are still relatively affordable in Portland, and you get to jump in as the market improves, landing a great home that begins to appreciate quickly. And let’s not forget, you get to live in Portland—that would be reason enough for me.
Check out the most current MLS listings in Portland, OR here.
Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in theSan Francisco Bay AreaandPacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert.
Data © ZipRealty, Inc