Hot in the City: Portland Property Values Heating Up
The graph above shows that in the Portland metro as a whole, the number of homes selling for below asking has dropped considerably (sampling from Jan/2011-May/2012). Let's explore this positive trend a bit more today.
Like much of the country, Portland’s inventory of homes for sale is at a record low. That fact alone changes the game for sellers, because when supply can’t meet demand, demand gets… well, a little crazy. In some parts of the metro area, bidding wars drive prices up and over asking, a phenomenon Portland hasn’t seen much of since the halcyon days of pre-crash 2007.
Given that inventory too matched 2007 levels in June, we shouldn’t be surprised then that sales actually increased, as did the median sale price. The Portland metro area had 2,435 accepted offers this June, which is up 21.7% year-over-year. Meanwhile, the median sales price for homes in PDX rose 8.6% year-over-year (June was the third straight month the median price went up as well.)
On the local level, different parts of the metro performed better than others, just what we’d expect in any metro area. For instance, the Alberta Arts district in Portland is pretty much on fire, with a sale to list ratio this June of 101.4% for single-family homes. That means sellers are generally getting asking or more than asking for their homes in that area. Over in Gresham’s Butte area, that ratio is 98.2% and in the Vancouver Mall area of Vancouver, WA, the ratio is 95%.
So things look good in PDX: summer is finally here, and it’s heating up not just the weather, but also the property values.
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- The Pacific Northwest Market Is Heating Up
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 the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert.
Data © ZipRealty, Inc.