Scouting Report: Vol. 3, Issue 6 - Scout Realty Co.

Scouting Report: Vol. 3, Issue 6

 

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Dress for the rain, and you’ll get sunshine all day. Step out in a cute summer outfit = downpour (…and hail, apparently). Portland weather can be as flummoxing as the current real estate market, and let’s face it, 2017 has been a pretty unpredictable year. We did see some strong new listing growth that beat out last May’s efforts, especially in the SW neighborhoods (go, SW!), and closed sales hold neck and neck with this time last year. Listing prices continued a steady seasonal ascent, with the average sale price rising 10.7% from $383,000 in May 2016, to $423,800 in May 2017. And, as with the weather, 2017 has been cooler overall on most fronts. Buyers are feelin’ flighty, sellers have anxiety, and Scouts keep on keeping on making dreams happen.

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Overall Portland Prices:

  • Average sales price in the metro area for 2017 through May was $423,800, an 10.7% increase from this time last year.
  • The median sale price also increased 10.7% to $370,000 in the same comparison.

Interest Rates:

  • Rates rose incrementally to 4.125% for a 30-year, fixed, conventional with excellent credit.

 

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