Hot off the press & straight to your inbox, a dispatch from the frontlines of the Portland market. Covering real estate numbers, local news, events, & more.
As is often the case in transitional real estate seasons, the hard numbers don’t always reflect what we are seeing and feeling on the ground. Closed and pending sales were down in February when compared to last year, but (not surprisingly) inching up from January. Inventory, inventory, inventory is what we have all been waiting for, but this last month showed new listings down nearly 20% (!) from last year. In fact, last month was the weakest February for new listings since 2014. That being said, buyers are getting amped and excited – maybe it’s the low interest rates that (despite rumors the contrary) have not nudged up. On listings, we are seeing more offers come in and competition is rising. For those who have been wanting to level up, we may just be in that sweet spot for the old sell to buy move. Dip that toe in! The water is getting warmer.
Overall Portland Prices:
- Average sale price in the metro area for 2019 through February was $452,100, a 4.6% increase from this time last year.
- The median sale price increased by 4.4% to $400,000 in the same comparison.
- Rates have stayed the same at 4.5% for a 30-year, fixed, conventional with excellent credit.
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Scout deems all information contained within this report reliable but not guaranteed at the time of posting.