I've always been a bit puzzled by the mentality that things must always be growing and improving. Bigger, better, more isn't always best, at least in my mind.
Portland's real estate market, of the last months, has been a healthy one. Sales have been brisk, inventory low but present, and interest rates low. So while our numbers haven't changed much month to month, we're in a healthy place. Its like the Dr. saying your health is stagnant and flat because your cholesterol has stayed low, blood pressure has stayed steady and you've maintained a healthy weight.
Hooray for the stagnant and flat.
At our current rate of sales, it will take 2.9 months to sell all the properties on the market, that is after three months with inventory at 2.8 months.
Pending sales were up 2.3% from July 2013 and fell 5.5% from June 2014. Closed sales rose 2.3% from June 2014, but are down 3.2% from July 2013. Summer of 2013 was a kickass market. So being "flat" compared to last year is fine by me.
Our market time got a tad shorter; 57 days in July 2014 vs. 59 days in June. July 2013 had a market time of 63 days.
The median year to date sales price is $284,900, up 9.2% from the median year to date sales price in July 2013 of $261,000.
So, prices continue to increase, we've had a slight increase in the number of houses on the market, but the pace of sales and number of active buyers make for a busy real estate industry. There is still a lot of cash in the market, making it harder for first time buyers, with low down payments, to compete.
We tend to see a bit if a flurry in the market in September and October as both buyers and sellers rush to get transactions completed before the holidays. Frustrated buyers, I expect to see an increase of new listings in early and mid-September.
Sellers, there is still time to get your place on the market if you've been thinking of selling. Give me a call. 503-312-8038.
read the full Portland area report here
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