All the stats are in for the last month, and it is almost all good news. We see a continuing trend of stabilization in the market. This is great news for anyone who owns their home. Home prices will likely start to appreciate at a normal rate again over the next decade or so. On average, homes appreciate about 2% a year. Though the market is stabilizing it is still strongly powered by buyers. Here is the breakdown of all the numbers, and as always, if you have questions don’t hesitate to ask.
North Portland has an average sales price of just over 207,600. This is a 1% increase from last month and within $500 of the average sales price at the beginning of the year. Northeast Portland has an average sales price of $266,600 a 6% increase from March but still $15,000 down from the beginning of the year. This is largely due to the presence of foreclosed homes with very low sales prices. Southeast Portland has an average sales price of $206,600, a 7% decrease from last month, but still a 1% increase over the course of the year. Rounding out the Portland statistics we have west Portland, With an average sales price of 387,000. This is a 1% decrease from last month but still about 2% higher than the start of the year. If you are interested in what these numbers look like for your specific neighborhood I would be happy to e-mail you.
If you are thinking of selling your home, now is a great time to enter the market, because prices are not dropping at drastic rates, buyers are making offers on properties instead of waiting for the best deal. The inventory is low and not many new listings are coming on the market, this will make your house stand out.