home prices are on the riseLocal Portland Real Estate MarketUncategorized August 20, 2015

Record month for Home Sales in Portland


July ends up a record month for home sales
in Portland metro region

Aug 17, 2015, 7:40am PDT Updated: Aug 17, 2015, 10:32am PDT
Jon Bell
Staff Reporter- Portland Business Journal
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If July was any indication, Portland's residential real estate market is as hot as it's ever been.
According to the latest Market Action report from the Regional Multiple Listing Service, 3,452
home sales closed in July, a number up nearly 29 percent over the same month last year and an
all-time record for July closings in Portland.

Likewise, the region's 3,494 pending sales, though 3 percent below those in June, were up nearly
25 percent over July 2014 and the most pending July sales the region has scene since 2005. July
also saw inventory tick up slightly to 1.7 months, with the total market time creeping up to 45 days.

The average home price rose just over 6 percent from last year from $331,400 to $351,600, while
the median price was up to $304,900 from $284,900 last year.

Israel Hill, managing broker of John L. Scott Real Estate’s Northeast Portland office, said sellers
with homes in good shape and in desirable areas are having little trouble unloading their homes —
and quickly.

“If sellers are market ready and priced right on day one, they will sell the first weekend," he said.
"Forty-nine percent of homes are selling within the first 30 days. The good news is there is a
second chance for homebuyers to find a home by looking at homes that don’t sell the first week,
but those homes often need TLC or are priced over market value.“

How long the market will continue to hustle at its current pace is difficult to say, but Lennox Scott,
chairman and CEO of John L. Scott, said that there will likely be a seasonal drop-off in new listings
just around the corner.

“If you’re looking to purchase a home, the next two-and-a-half months will be critical," he said.
"New listings coming on the market historically drop 50 percent over the winter when compared to
spring and summer.”

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