May 2017 Portland Housing Market Report – Detached SFR
The real estate numbers are out for May 2017! So where are we with the Portland housing market? To summarize, things are still hot. It’s slightly cooler than 2016 in terms of average days on the market and supply vs. demand. Not much though. In 2016, the average days on the market was 19 days whereas 2017 May is 21 days. There are slightly more supplies this May compared to last year and less sold listings. There are about 19 more pending listings this May and so these numbers may not say much. It probably means that people waited to buy homes in 2017 a little later than in 2016 largely due to the wet weather this past winter.
Where are we currently with interest rates? It’s a little over 4% close to about 4.15% as of today. Economic experts predict that rates will be closer to 5% next year. Waiting to buy a home next year is not a good idea, which was the same advice for people who has been waiting another year to buy a home since 2013.
The median sold price for May 2017 is $440,000 up by 5.7% from the previous year. The real estate forecast for 2017 is between 5-11% increase from last year. Since this year had a late start, it is possible that June and July will have a greater market increase. If things stay at 5-6% increase this summer, then we will know whether the market has cooled down in comparison to last year, which will be the new trend in the Portland real estate market. Experts forecast that the market will continue to increase in the Pacific Northwest at a slower rate for the next few years until supplies catch up.