Portland Real Estate – Relief in Sight

Last week RMLS released the August metro market report for activity in the Portland residential real estate market. Although Portland continues to be one of the hottest real estate markets in the country, buyers have certainly started to feel less pressure as we move into autumn. The average sales price decreased from $407,100 in July to $400,100 in August. Additionally, inventory went up as the average days on market ticked up from 32 days in July to 34 days in August. Sellers have stopped pricing their homes so high, lest they be forced into a price reduction just weeks later.

This micro-trend of a pressure release does not, of course, reflect the annual trends which show major growth in Portland. Year-to-date average sales price for 2016 is $392,600, compared to $353,200 this time last year, an increase of over 11%. Portland continues to attract migrants from all over the country, contributing to the robust real estate market we have experienced over the past few years. We were recently named to “Top 10 Best Cities to Live In” – the only city in the US to crack the list! Our nickname of “Silicon Forest” has attracted national attention, and jobs are created everyday both in tech and other growing industries. We are seeing massive new development not only in the sprawling suburbs, but in our city center.

Regardless if you are a buyer, seller, or simply interested in real estate, Portland is the place to be. Although fall and winter are traditionally seen as slower periods for our industry, this doesn’t mean you need to wait until spring to make your next real estate move! Inventory is still moving, and buyers are gaining some traction. If you are interested in buying or selling, now or in the future, contact your Eleete Real Estate agent today!