Portland Real Estate Market Update
Earlier this year, Portland was named the 2nd fastest recovering metropolitan real estate market by the National Association of Realtors. Another article by RealtorMag stated 9 out of 10 fastest recovering cities were on the West Coast. Although as a national economy we may still be licking our wounds, Portland’s real estate market is faring quite well.
Looking back just a couple years, it’s clear the tide has turned and we’re gaining momentum. RMLS reported last month as the best October since 2006! As pending and closed sales increase, inventory continues to remain very low.
A frequent question these days is, “well, doesn’t that mean it’s a sellers market?”. The truth is, it’s a healthy market that is absolutely beneficial to both buyers and sellers. Homes are often selling in less than a week, at or above list price, which is great for sellers. Meanwhile, buyers are locking in record low interest rates resulting in incredible buying power. It’s a win-win for all parties involved and we are here to represent you through the process!