How does Portland Real Estate Measure Up with the rest of the country?
Over the past year or so, I have been reporting that Portland Real Estate has been experiencing a mini boom. Inventories are low and so are interest rates, so prices have been going up. It is getting harder and harder to find homes for buyers and sellers are moving into the power position... especially in the close-in neighborhoods.
An article on the Spot Property website ranks Portland as the 6th best place to sell a home out of the 33 major metropolitan areas that they track. The metrics that they used to come to this conclusion were: Median List Price is up 19.2%, Price Per Square Foot is up 12.8%, Day On Market are down 70.3% and Inventory is down 39.5%. The full article is available on their website.
Many of the cities that were hardest hit by the Real Estate Bust are the cities that are coming back fast. For example, Mesa AZ, Phoenix and Las Vegas are the top three places to sell real estate right now.
Another interesting article on the BusinessJournal.Com website ranks Portland 5th in terms of Low Vacancy. They have pulled their data from the Census Bureau. Their study looked at 109 metropolitan areas, and Portland came with these numbers: Housing Units 930,446. Occupied Housing Units: 872,423. So 93.76% of the Portland Metro Area's housing units are currently occupied. The only cites with higher occupancy are San Jose CA, Lancaster PA, Minneapolis MN and Oxnard CA.
This combination of high occupancy, low inventory and rising prices should help 2013 to be a banner year for sellers. If you have a Portland Home for sale, please give me a call. 503-810-2219. Our market is HOT.