June Stats

Compared to last month we have a mixed bag in the Portland, OR Real Estate Market.  We had a very nominal increase in closed sales over the month, according to RMLS,  and an increase of new listings as well.  Pending sales, however dropped around 6% for the month.  Less offers are being written or accepted.  Buyers think that homes are priced too high and are looking for that bargain.  Meanwhile, interest rates are creeping up towards 7% for a 30-year fixed.  Therefore, they are now not able to afford the prices, whereas before they just didn’t want to pay them. 

Sellers are still in the same situation that they have been for months.  They are competing against a lot of inventory and have to be competitive in pricing and the condition of their home.  Add to this the fact that there is only so low that they can go on pricing to be able to follow through with their plans (new home, pay off debt, downsizing).  It seems that it is a bit of a stalemate.The average sales price of homes in Portland did rise about 4%.  The areas leading the way were NE(6.7%), N(5.7%), and W Portland(4.9%) as well as Lake Oswego/West Linn(4.3%).  Almost 2000 homes were sold last month and almost 2000 more went pending, so it’s obviously not a dead market.  You need to do your research and get good advice. 

July 24, 2008 · Filed Under Portland Real Estate Market Data

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    I am a Realtor with Keller Williams Realty Professionals specializing in Residential Real Estate Sales and Purchases in Portland, Oregon and the surrounding communities. I have extensive experience and knowledge buying and selling homes in the Portland area and love living here. Enjoy the site, and contact me if you have any questions regarding buying or selling a home in or around Portland!

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