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.
What the heck August? Is it shorts or sweater season? Should we pack away the sundresses or change into them at lunchtime? The mornings are frigid, but by afternoon the temps are into the 70s! And we wish we could tell you that Portland real estate activity weren’t taking it’s cues from the unpredictable weather patterns, but the correlation continues to prove strong. The market is just all over the place. Why? Well, we’re most likely transitioning (slowly) from a seller’s market to a balanced market and that has started to cool the previously hot, hot, hot local activity. Sellers are spoiled from reaping the benefits of heavy competition and buyers are starting to get fed up with paying tippy top dollar for almost dream homes. Both sides are still active out there, but consistency isn’t a strong suit for either. One trend we can probably count on is the usual seasonal cooling, so plan on bundling up and let’s work our way through the rest of 2018.
Overall Portland Prices:
- Average sale price in the metro area for 2018 through August was $454,500, a 5.9% increase from this time last year.
- The median sale price increased 5.6% to $401,000 in the same comparison.
- Rates stayed the same at 4.625% 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.