February a Strong Month for Portland Real Estate
In a previous post, we wrote about how the real estate industry in the Portland Metro Area had an extremely strong close at the end of 2015. Well, riding off the momentum from the previous year, the Portland Metro Area once again saw a strong month in February, with Urban Pacific Real Estate regarding the amount of activity as “blossoming.”
And indeed it blossomed. Like the spring flowers just poking their stems out of the ground after a somewhat mild winter, the housing market in the Portland Metro Area has broken through the slower January month, marking February 2016 as the best February for accepted offers in nine years. Both closing and pending sales have increased in addition to accepted offers and new listings.
Let’s talk detail. The number of listings that went up in February–2,884–is a whopping twenty-five percent more than February of 2015 and the number of pending sales–2,534–was an impressive increase from last February (1,848) as well as a solid 10.5 percent increase from January 2016. As you can see in the above graph, closing sales have skyrocketed 12.3 percent from the previous year, and an even more impressive 11.6 percent from January of this year.
So, what does this mean for the Portland Metro Area real estate market? Spring is going to be a major season. With the average sales price sitting at $328,000 and the Median Sales Price valued at $5,000 more than the previous month, making it $285,000, the team at Change Realty suggests you start your search now. You may find you’re facing some tough competition and less homes to choose from the longer you wait to list your home or place a bid on another. 2016 is truly a buyers market, however, the prices of homes specifically in the Portland Metro Area are currently at a great value, especially since Oregon has been named the top state to move to for the third year in a row.