Newsletter March 2017

Posted

Greetings,

Spring has sprung and as our spring selling season kicks into high gear, current market conditions make it a great time to buy or sell a home. We’ve had some great local economic news lately. Oregon’s unemployment rate dipped below 4%, the first time on record. Mortgage rates are currently around 4.25% after a recent dip. Call me with any real estate questions. I’d love to help!

Cricket

Portland Metro Real Estate Market Update

Stats provided by RMLS Home Sales Report March 2017

The Portland metro area had a sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%. In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

Featured Property

Mt Hood & River Views in SW Portland

3 bedroom, 2.5 bath + office

2995 square feet

Close to PDX, OHSU, John’s Landing & Sellwood

Offered at $945,000 – RMLS # 17566544

Contact me for more information/details on this or other properties.

Bidding wars: Fevered Portland homebuyers pay more than asking price


In Portland’s hot real estate market, modest homes are entered in bidding wars. A previous study of 2016 real estate transactions showed that residential properties were going quickly for up to almost double the asking price. A look at 10 homes that sold for so much more than the asking price in January 2017 reflected properties long on the market. We continue our series to document bidding wars each month once information is available from the real estate database Estately. Here’s what sold over the asking price in February 2017, like this Roseway ranch-style house that went for 14.8 percent over its $359,000 asking price.

Source: OregonLive