Portland Real Estate Market Report – March 2018
Housing market report is out for 2018 March real estate sales in Portland. The Portland real estate market in March was hot again! Median sold home price is now $425,000 as of March 2018. That number includes all types of inventories including detached single family homes, townhouses, and condos. The median sold price is up by $10,000 from February 2018 and $25,550 from March 2017. What happened to the predicted slowdown? It’s just not happening yet. Demand for housing is still very strong in Portland. Median value for detached single family homes has reached the highest it has ever been in Portland in March at $441,500. That is higher than the May 2017 figure, which was $440,000. In 2017, median sold prices for detached single family homes increased $31,000 from March to May. May is the highest selling month with the highest median home value. So in 2018, if we have another 30K jump from our March figure, the median may become $471K in May.
On the other side, condos and townhouses haven’t experienced such bullish trends. For condos and town homes, the median sold price in March decreased about $20K from February. The total sold units for these homes account for 308 in the month of March so there could be some volatility when dealing with smaller samples of data. Compared to 2017, the condo and townhouse market hasn’t gone up much and it has been staying at a similar level so far. Maybe it’s due to the increased supply of multi-family homes, which in turn increased the demand for detached single family homes.
Average days on the market in March 2018 is 40 days. Median days on the market is 13 days. There are some homes still on the market since the winter time that missed the selling opportunity by being over priced in the first place. On the other hand, homes priced reasonably on par with the market value are selling very fast. I’ve seen homes that sell within the first 3 days recently. Detached single family homes east of 82nd under 350K sell very quickly these days so long as the house itself is desirable. Clean and updated homes sell very fast in today’s market even though the home’s square footage and overall conditions are within the normal range of comparables in the neighborhood. Buyers are looking for move-in ready homes. If you are thinking about selling your home, you may want to spend some time to make it desirable especially if you need to sell it fast to buy a home at the same time.
Portland real estate market is so far surprising me by surpassing last year’s expert forecast on the housing market. It’s still very much hot despite the interest rise and slowdown in population growth.