This Summer is a Seller’s Market
The state of Oregon has continued to show a strong pace of growth throughout the year in jobs, wages, and labor force participation. According to an economic outlook quarterly report produced by Portland State University Center for Real Estate, the Portland Metro area unemployment has continued to decrease over the first quarter with a March rate of 5.2%. Jobs are increasing in by 3.3%, and wages are increasing at nearly 7% per year. These are all positive factors that affect our local housing market.
Foot traffic data measured by SentriLock showed an 8.2% increase from last year indicating a high demand for housing in Portland. Local market data shows little relief for Portland-area home shoppers trying to navigate a crowded market.
Home sales are climbing, but the inventory can’t keep up with the demand. Comparing each year through May, the average sale price rose 4.6% from $327,200 to $342,300, and the median home price sold in the metro area was $313,000, a 7.9% increase from last year. Homes are selling as fast as the signs are going up. This data indicates a strong seller’s market.
Call me TODAY to find out what your home is worth in this market.