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PORTLAND REAL ESTATE MARKET UPDATE
The Portland real estate market is poised to accelerate into the spring selling season. January and February brought a slight uptick in residential inventory from the end of December, 2017. Our inventory dropped back down to 1.6 months by the end of March, up from the same time last year. The median sale price for a Portland-area home was $395,000 in March, 2018. This is 6.8% higher than a year ago. Houses are also moving just a little faster, with the median number of days on the market dropping to 55 – 5% lower than a year ago.
I expect to see more houses listed for sale in the coming months, typical for the spring month. I also expect the number of active buyers will increase, maintaining pressure on inventory levels and prices generally. For more information about your current neighborhood market, the market in the neighborhood where you’d like to move, or any of your real estate needs, please do not hesitate to contact me at Jon@JonCohenRealty.com or 503-497-2980, and look for your neighborhood information on my website – JonCohenRealty.com.
Oregon Has a Trade Surplus
In all but 7 states, Oregon imports more people than it exports, creating a population trade surplus.
The Portland Business Journal recently published this great infographic (click on the photo to go to the interactive map) showing that Oregon has a trade surplus will all but seven of the United States. The commodity creating this surplus? People! State by state, more people are moving to Oregon than are moving from Oregon to those states. As a result, Oregon’s population continues to rise. So when you learn that a friend or colleague is moving to Oregon form California, Colorado, Texas, or any of the other 43 states with a population trade deficit with Oregon, kindly tell them that you know a great Realtor in Portland who would love to introduce them to his great city.
