Portland housing experienced record April home sales
As the economy continues to improve following the housing bust of 2006, more potential homeowners are seeking out affordable properties in the greater Portland area. The increase in interest is boosting housing sales and making homes for sale in Portland better buys.
According to housing research firm DataQuick, a total of 2,489 new and resale homes and condos were sold during the April 2012, including properties across the five-county Portland-Vancouver-Beaverton metro areas. This is a 4.5 percent increase from March 2012 and an 8.4 percent jump from the same time last year.
This increase is abnormal when compared to traditional sales levels seen in the past. Experts hypothesize that this could result from the reduced number of home closings recorded in the months leading up to spring.
While new properties boosted home sales figures, resales took a hit. According to the source, 168 resale homes sold in April 2012 - down from 267 in March 2012 and 177 in April 2011. Overall, it was a 5.10 percent decrease year-over-year. Resale condos also experienced a reduction, with 141 sold in April 2012, down from a month prior when 267 closed escrow. However, these condos were only down 2.10 percent in April 2011. In contrast, new home sales reached 1,420 in April 2012. This is down from March 2012 when 1,762 sold, yet up 14.10 percent from March 2011.
In addition, sales of distressed properties improved, further strengthening the overall market and relieving the pressure caused by unsold property. According to DataQuick, distressed properties made up about 40 percent of the resale market in Portland in April 2012 - remaining consistent with the previous month and year. As homebuyers purchase more properties on the market, inventory levels will decrease and potentially lead to further improvements in the Portland real estate market. Foreclosure homes in the past 12 months made up 26 percent of April resales, the same as the prior month but down from 27.7 percent a year ago. Consequently, short sales accounted for 13.8 percent in April 2012 - up 1 percent from April 2011.
Potential homebuyers may find homes for sale in Portland have exactly what they want. Check out the MLS listings in Portland for affordable residences.