Portland Real Estate Market Update
The recovery of 2012 will remain in real estate market history. For Portland, the year showed huge increases in pending and sold transactions. On the other hand, new listings were down compared to recent years. The combination of increasing number of solds and decreasing active listings simultaneously diminished the inventory load and helped prices begin their upswing.
The principal of supply and demand took precedence this year. Sellers sold faster and buyers had to be quick to write offers to even be considered in many situations. From 2011 to 2012 the average market time for listings dropped over 20%.
Market conditions are healthy. Low interest rates make for great buying power. Well marketed homes are selling fast and buyers have learned to coop with increasing motivation. Banks are improving their practices of handling short sales and REO properties making purchasing a distressed home a more viable option for some buyers. The truth is, the close-in Portland market just needs more inventory! Investors have poured back into the market remodeling "tired" homes and developing lots. Is there an eyesore in your neighborhood that needs a remodel? Let us know, We can help!