By Jon Bell, Portland Business Journal
If it seems like Portland's residential real estate market just keeps getting hotter, that's because that's exactly what it's doing.
According to the latest Market Action report from the Regional Multiple Listing Service, the metro region's residential real estate market was up across the board in February. Closed sales last month, which hit 1,648, topped last year's numbers by more than 12 percent and were the best February for closed sales since 2007.
In February of that year, closed sales hit 1,899.
Pending sales (2,534) rose vastly — by 37 percent — over the same month last year and, again, were the strongest they've been in February since 2007. Also on the up: new listings, by 22 percent; average sales price, up 6 percent up to $314,000; and median price, which has risen nearly 7 percent from $269,500 to $287,600.
The only area to decline in February was inventory, which fell to three months, with total market time dropping by one day to 81 days.
"The Portland metro real estate market continues to improve," said Brian Allen, president and co-owner of Windermere Stellar.
"Demand is very strong and interest rates continue to remain historically low. The biggest challenge a buyer faces today is low inventory. Multiple offers are commonplace for well-priced homes in good condition at below $600,000 in the metro area."