Real Estate; Portland area housing market: Pending sales, new listings surged in May, paving the way for a June boom. If you have questions regarding any of the topics below, don’t be afraid to contact our team! Based on that definition, it seems unlikely that the real estate market in Portland, Oregon will crash in 2019 or 2020.
70th Terrace in Portland is listed at $424,900 by Peggy Hoag of Hoag Real Estate.The roller-coaster effect of national spending, Oregon’s unemployment rate and conflicting economic forecasts are reflected in Portland’s residential real estate market.The number of new listings of Portland area homes in May – 3,419 – skyrocketed 20.1% compared to the previous month (2,847), but was a staggering 30.3% drop compared to May 2019 (4,902), according to the local listing service RMLS.Contracts for home sales in May (3,112) soared 52.5% from April 2020 (2,041), but were 5.5% less than the 3,292 offers pending in May 2019.The number of closed sales – 1,963 – in May decreased 2.6% from the 2,015 transactions recorded in April 2020 and there was a 33.9% drop from the 2,969 closings in May 2019.This graph shows the closed sales over the past five calendar years in the greater Portland, Oregon metropolitan area, as reported by RMLS.The best indicator of June’s outcome: May’s huge jump in pending sales.These contracts, which typically close four to six weeks later, means June will enjoy a spike, but it will not match last June’s sales, said Kurt Misar, a broker with NW Property Advisors who issues insightful newsletters to clients based on a variety of data.Other factors are also influencing the home market.Miller also thinks Portland’s protests will impact buyer interest. The Portland housing market underwent something of a cooling-off period during the majority of 2018 and 2019. Again, these rates paint a good picture for buyers who plan to obtain a mortgage loan for a Portland home acquisition. If we consider the things which this city has to offer, Portland’s growth in the real estate sector shouldn’t surprise us. But that trend could start to change, as we move further into 2020. For 30 year fixed-rate VA mortgage loans, the interest rate is 3.13% and the APR is 3.25%.The rates for jumbo (i.e. The market has become more pricy than before, but buyers aren’t likely to encounter a bidding war. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.Registration on or use of this site constitutes acceptance of our As recently as 2012, the median home value in Portland was as low as $264,000. Not too many other markets in the country can compare in terms of growth.If we look at the rates for government loans, the picture becomes even better. The three-bedroom house at 409 S.W. This means that neither buyers not sellers can expect to have the upper hand in the buying process. But when we compare to where the Portland market was not too long ago, we can get a new sense of its significance. This means that buyers shouldn’t expect to pay much more than the original asking price, and may even be able to bid prices downward. Of course, a bidding war is still possible, and so future buyers should still be prepared for this to happen. For 30 year fixed-rate FHA mortgage loans, Oregon has a current interest rate of 2.81% and an APR of 3.66%. But the probability of dealing with a competing offer isn’t too high.This value ($452,000) may not seem too impressive, especially if it were to be compared with certain markets, such as Seattle or San Francisco. According to the real estate information company Zillow, the median home … All this information we’ve cited here pointed to a situation in Portland which is pretty favorable for buyers. For those who are going to need financing, which is the majority of home buyers, interest rates in the Portland area aren’t prohibitively high or unreasonable. Homes in Portland receive 4 offers on average and sell in around 12 days. Updated Jun 18, 2020; Posted Jun 18, 2020 … The average sale price per square foot in Portland is $264, up 7.8% since last year. The average sale price of a home in Portland was $485K last month, up 9.0% since last year. We will do this from two different angles: home values and mortgage rates. Specifically, experts predict that the Portland market will grow by about 2.7% over the next year. He writes for Real Estate Guide 2020. Portland Housing Market Could Rise in 2020 – 2021. This value of $452,000 represents a modest increase of approximately 0.7% from where home values were 1 year ago. Although many people throughout the country have some sense of Portland’s growth in the real estate sector, few people have a sense of what this means in terms of numbers.In this post, we’re going to examine the current state of the Portland real estate market, as of January, 2020.