Even though the U.S. economy continues to be challenged, Portland appears to be holding its own and showing improvement in the residential housing market. Like the rest of the country Portland has experienced its own bumps and bruises but we’re starting to see some positive signs and improvement in the market. Fortunately, Portland enjoys superb livability and lifestyle which positions us to emerge even stronger as the market continues to heal itself.
In the Portland market, this year has resembled the activity in 2010 until this fall where we’ve seen a positive shift in sales activity. A couple of recent market statistics for the Portland metro area that indicate buyers and sellers are reaching agreement at increased levels are as follows:
1. Closed sales were up 14.1 percent in October 2011 compared to October 2010.
2. Pending sales went up 15.1 percent year over year with 22 percent fewer newly listed properties on the market.
Below are several market drivers that support the improving picture:
• Interest rates: lowest rates in recorded history,
• Inventory: With 6.8 months of total remaining inventory, Portland is at its lowest level in several years.
• Affordability: The current median home price of $223,900 is back to the 2004 level power has shifted substantially.
• Job growth: Oregon is currently ranked 13th out of 50 states for job growth, one ahead of Massachusetts and one behind Washington. Such growth means that demand will only continue to increase.
If you'd like to talk with us about buying or selling a home in the Portland area, please contact us.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment