The real estate market, including Portland, is fairly unique as far as physical items a person can buy. Real estate has always been something that remains firmly planted in two worlds. On one hand, it is a purchase that by and large people make on an emotional level. Do you love the house? Does it fit your needs and the needs of your family? Does it reflect you as a person and your values? On the other hand, real estate is highly susceptible to regional, national, and global market forces. What are the unemployment levels? How many people are moving to your state? Is the local economy strong?
I thought it would be fun to look at some graphs showing trends in the Portland real estate market going back three years. Sometimes it is helpful to take a step back and look at data points going back over a long period of time. I mean, hey, we're geeks. We like graphs!
All of the data on this post was compiled from sources including Zillow, Realtor.com, and the local Portland RMLS. As always, if you have any questions about the Portland Real Estate market don't hesitate to contact a member of the PDX Urban Team directly!
1. Days On The Market
This one is pretty self explanatory and follows one of the most predictable patterns in real estate. Every year, the amount of time a home stays on the market goes up in the winter, and falls dramatically in the spring and summer. Why is that? Well, because people tend to move in the spring and summer and they often stay put in the colder winter months. It is really that simple.
Now does this mean that one should stay away from the real estate market in the winter? Absolutely not! Sometimes there are advantages to putting your home up for sale in the winter time, or shopping to buy one. Winter can mean less competition on both sides of the fence. If you find a house you love, chances are you won't be competing with other buyers. If you are selling a home it will be seen by more potential buyers because inventory is lower.
2. Median List Price
It should come as no surprise to anyone who has even a passing interest or knowledge in the Portland real estate market that prices have been trending upward for quite some time. Looking at the median list price over the past three years we also are seeing a fairly predictable pattern. Prices spike, relax a little, and then spike again, usually at the beginning of the year. Prices relax a little around the spring of every year simply because the available houses on the market see a rise with nicer weather. However, the overall trend is an increase in the median list price.
3. Median Price Per Square Foot
Not surprisingly, the median price per square foot in the Portland metro area is on the rise as well. This correlates pretty closely with the median list price of the same period of time (see the previous graph).
Do you have questions? Contact PDX Urban today and we are happy to talk!