Portland Real Estate Market Update
What direction is the Portland housing market going? Where will we be this time next year or 5 years from now? CNN Money recently released an article arguing that another real estate boom was in the forecast and we will see 20% increases in new construction for the next two years. Nationally from July through September, residential construction grew at an annual rate of 14.2 percent. Locally there is clearly some truth to that as builders are “infilling” Portland with each opportunity of a close-in building site. There’s a lot of economic predicting going on these days, but what’s more clear is the trend in data.
As home inventories remain low at about 4 months, and closed sales increase, the market has surely turned tide. Prices have been trending up for a year now, and show clearly the pit of the market lingering in the rear-view mirror.
Portland homes for sale are on the market a decreasing average of 100 days, but that’s including a lot of the distressed property inventory still being sorted through. While the Portland Metro average time on the market slowly continues to show improvement, the inner neighborhoods are hardly on the same level. 2012 brought more multiple offer situations than in the previous 5 years. Listings have been selling in just days not weeks or months and the trend continues. Buyers have learned to see new listings the day they hit the market, because the good ones just go fast!
As 2012 comes to an end we reflect on a significant year in our national and local real estate market. Moving forward we’re hoping for the best! Whatever your situation hopefully 2012 brought success and happiness propelling your ideas and aspirations in to the new year!