2016 is over and here are all of the Portland Real Estate numbers. You can find the full report, as well as previous year’s reports here.
Listings were up .7% while closed sales were down 1.5%. We don’t think this has much to do with health of the market and more with the lack of inventory. We averaged 1.9 months of inventory in 2015 and 1.5 in 2016.
Our volume in dollars is up due to the jump in average price, $354,500 vs $395,000.
So where does the market go from here? I think we will likely have an insane six months based on what we are seeing right now. Almost every offer we have dealt with has been a multiple offer situation. The interest rate bump last November scared buyers into action. Many had gotten too comfortable with the unrealistic interest rates and the move made them believe they can go up.
Historically speaking, the average interest rate is around 6%. We are far from that and it will be a shock to the system if it goes up too fast.
How can we help you achieve your real estate plans this year? Email Jaimy at Jaimy.Beltran@gmail.com