North Portland Home Prices Rising

North Portland’s home prices are rising at one of the highest rates in the Metro area- which is great news for Sellers! According to the June home-sale report from the Regional Multiple Listing Service, the average sales price in June was $247,700 which is up 6.6 percent over the last three months when compared with the same period a year ago.

So what’s driving prices up in this area? The short answer is a lack of inventory. Last year in June, 386 homes were for sale, whereas this year only 295 homes are listed in North Portland. The number of accepted offers has fallen 15.1 percent from a year earlier- another indicator of the low inventory. Sellers are enjoying shorter days on the market as well. On average, homes sold in June spent just 84 days on the market, 39 days fewer than a year earlier.

Experts say that at the last three month’s sales rate, it would take only 3.3 months to sell every home currently on the market- six months is considered a balanced market. Anything less than six months is considered a “Seller’s Market.”

Have you been considering selling your home? All signs point to NOW as being the time to list. Contact us today to learn how our proven marketing system and expert negotiating will get your home sold fast and for top dollar. craig@craigreger.com