The spring selling season is almost here, and Portland's already hot real estate market is poised to heat up even more.
If you're short on time, here's a quick summary of what's happening in Portland area real estate as of February 2016:
Prices are up over 11% since February 2015, with Portland area appreciation outpacing the rest of the nation in year-over-year gains. Inventory remains at historic lows. With no signs of relief in rising home prices, a shortage of available inventory and historically low interest rates, get ready for what will prove to be a very busy, very competitive spring for Portland area real estate.
Portland home values have been on the rise and continue to rise in 2016; in fact, Portland area homes have been seeing the strongest rise in values year-over-year than anywhere else in the nation.
Average sales prices are up 11.3% since February 2015 and 2.6% since January 2016. The average sales price in the Portland area was $364,900 in February 2016.
Buying activity remains strong on a year-over-year basis, with February's closings finishing 10% ahead of the closings we saw in February 2015. New contracts (i.e., pending sales) increased 9.9% from February 2015 and a staggering 24.2% from January 2016. That's nearly double the month-over-month increase we've typically seen from January to February over the last few years.
Average total market time from just listed to under contract dropped from 81 days in February 2015 to just 60 days in February 2016 (-25.8%). Inventory, which is calculated to mean total time required to sell all active listings if no new listings were to come on the market, dropped from 3 months in February 2015 to just 1.8 months in February 2016.
So what do all these numbers mean? If you thought last spring was real estate's version of the wild west, don't get your hopes up that this spring will be better; in fact, it's likely to be even busier and even more competitive this year.
SELLERS- if you're thinking of selling your home, now's a great time to do so as inventory is in incredibly short supply just about everywhere in the Portland metro area. We need listings, and we desperately need them now.
BUYERS- it's going to be a tough, competitive market this spring, but despair not! You can navigate the market successfully and purchase the home you've been waiting for; every month we help buyers like you do just that. But you absolutely need an experienced professional to guide you through the process and to help you put the right strategies in place. It's a tough market, but you can leverage the expertise of those who work in it and fight for buyers like you every day.
Thinking of buying or selling? Let's chat! Contact me today to find out how we can help you navigate Portland's real estate market and get you on the path to meeting your goals: buying or selling a home.