October brought seasonal and expected cooling to the Portland-Metro real estate market. We are still currently in the midst of a solid Seller’s market. The real estate market is still very robust and active despite the slowing of the market. We are currently sitting at 2 months of inventory on the market. That means it would take 2 months to sell all of the real estate on the market. This is expected to rise a bit in the coming months.
The average and median sales prices continue to rise in the Portland-Metro area. comparing 2016 to 2016 through October 2016, the average sales price rose 11.5% from $353,400 to $393,900. In the same comparison the median sales price rose a whopping 13.1%, from $305,000 to $345,000. These are big numbers people!
The average market time has increased by a modest 6 days. Making the average market time 41 days. The interest rates are still very low and that counter acts the rising prices, making purchasing a home affordable and smart investment. In most cases the mortgage payment is less than rent would be.
If you have been sitting on the fence about selling, this is a good time to make that move! 2017 is estimated to be another good year in real estate , but just not as high appreciation. Slow, steady growth is what to expect. If you would like to talk about all of your options for selling your home, buying a new one or purchasing an investment property please don’t hesitate to call, email, or text.
Five Star award recipient 2011, 2012, 2013, 2014, 2015, 2016 & 2017 honoring the top 7% of real estate professionals in Oregon.
IT’S A GOOD LIFE!!
Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE
Diversity Specialist, HOWNW, CSA-Certified Staging Agent
Oregon First, Realtors- Direct 503.380.9634
Licensed in Oregon
View ALL available Houses on the market @ my website