Housing in the Portland area is in short supply; both for rentals and home ownership. The number of houses available for purchase, at our current rate of sales, fell in December to 1.2 months. This is the lowest inventory since we began keeping track in 1999.
At the same time, our average sale price (Portland area wide) rose 6.5% in the 2015 calendar year, from $333,000 to $354,500. The average sale price in North Portland rose 14.8% . Northeast and Southeast Portland average sales prices rose 8.3% and 9,0% respectively.
The number of days a house stayed on the market fell from 70 in 2014 to 54 in 2015. In high demand neighborhoods, we are seeing houses sell in just a few days. While the average days on market in some west side neighborhoods; Lake Oswego/ West Linn and Tigard/Wilsonville are at 81 and 70 days respectively.
Activity on the financial markets indicate possible increases in interest rates. But for the time being interest rates are staying enticingly low.
This morning I'm off to show a house to some first time buyer clients. They have written countless offers, well over asking price, to the top of their price range. I continue to be amazed at the enthusiasm and fortitude of buyers in these market conditions. I sure wish we could bring more houses to the market.
And for the record, an amount of this real estate activity is spurred by folks moving in from out of state. In my practice, those people have been mindful people, moving here to be near family. Indeed, development is making its mark on our neighborhoods. Keep in mind, most often, folks selling to developers and investors have been long time residents who are benefiting from the money. Some of my seller clients have used such funds to pay for a kid's college education or to retire from public service.
Please give me a call if you have a house you've been considering selling; rental, family house no longer in use? Someone out there really wants it. Thinking of buying? Buying could actually be easier than renting. Give me a call. Considering a remodel project and want some input? Give me a call.
Read the RMLS Portland Area Report
Leslie Jones 503-312-8038
leslievjones@gmail.com
