Portland got off pretty easy this winter, with just a couple of snowy days and next to no ice…phew. “Bring on Spring!” is the general feeling in the air, and the real estate market is beginning to reflect that sentiment. February 2018 was a strong month for closing, with 1,806 homes being sold – 8.2% more than February 2017, and a 10.9% jump from the month prior. We also saw new listings hitting the streets at an improved pace, with a total of 2,530 for the entire month. However, homes are sitting on the market a touch longer than before, with total market time increasing by 9 days in February, and overall inventory decreasing slightly. Scouts are taking note of renewed buyer competitiveness and multiple offer scenarios, and are adept at adapting to whatever the market throws at them. Have you found your Scout, yet?
Overall Portland Prices:
- Average sale price in the metro area for 2018 through February was $402,000, a 7.5% increase from this time last year.
- The median sale price also increased 9.4% to $383,000 in the same comparison.
- Rates have leveled out at 4.625% for a 30-year, fixed, conventional with excellent credit.
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Scout Realty Co. strives to keep it real, but with that being said, all information contained within this report is deemed reliable but not guaranteed at the time of posting.